Taiwan-based optical material manufacturer BenQ Materials, which has introduced its Miacare contact lens, is aiming to corner up to 5 per cent share of the Indian market in next 2-3 years.
The company also has plans to launch coloured lenses here within a year as BenQ is aiming to tap the vision correction segment as well as the fashion wearable segment.
"The Indian market is around Rs 5.3 billion and we are targeting to have 5 per cent in 2-3 years time," BenQ Materials Chairman & CEO Z C Chen told PTI.
The company is confident to create its space in the contact lens market in India, which is largely dominated by companies like Johnson & Johnson, Bausch & Lomb and Acqualens.
"There is plenty of room to grow in India. The market size is much bigger here. Our products are much better than the others in terms of wearing comfort," he added.
Citing Assocham data, Ben said that size of the Indian optical market was USD around 3.5 billion in 2014 and is estimated to be around USD 7.2 billion by 2018.
The Indian optical market is estimated to growing with a CAGR (compound annual growth rate) of 30 per cent, while the contact lens is growing with a CAGR of 25 per cent.
"35 per cent of the population requires some sort of vision correction/specticals," the company said, adding "386 million individuals using spectacles every year".
BenQ will target the premium segment of the market here.
The company has already launched its contact lens brand called Miacare, which literally means 'My Care' in markets as Singapore, China, Taiwan and Malaysia.
The company is shipping its range of contact lenses here from its Malaysia-based factory.
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