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This market research report on the global contact lenses market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by material type (silicone hydrogel lens, hydrogel lens, RGP, and others), by design (spherical, toric, and multi-focal), by usage (daily disposable and replacement lens), by application (corrective, therapeutic, and cosmetic), by end-users (optic retail sales, hospitals & eye clinics, and online), and by geography (North America, Europe, APAC, Latin America, and MEA).

Contact Lenses Market - Overview

The increasing focus on alternative treatment options for the management of various visual impairment disorders is driving the demand in the global contact lenses market. Diseases such as macular degeneration, cataract, glaucoma, and diabetic retinopathy are the primary cause for visual impairment and blindness in the market. The incidence of refractory disorders is estimated to have doubled compared to past generations, driven by rapid changes in lifestyles, genetic implications, and lack of adequate nutrition. Eyeglasses and contact lens are the commonly used OTC products that are prescribed for the treatment of these disorders, while LASIK is the most widely adopted operative procedure for permanent correction of these disorders.  The introduction of extended wear contact lens enabled people to wear them overnight will revolutionize the global market. The introduction of a wide range of medical devices that offer various medical and lifestyle-related benefits is driving the growth of the market. The use of vision care products for refractive errors such as myopia, hyperopia, astigmatism, and presbyopia will augment the development of the market. The various therapeutic benefits associated with the devices include corneal protection corneal pain relief and healing in the global market. Colored lens used across the fashion accessory will create lucrative opportunities for the leading vendors in the market. The increasing prevalence of visual dysfunctions and growing eye ailments in both developed and developing countries will drive the demand for the vision care products in the market. The adoption of these products to improve looks will lead to the launch of new variants in the global contact lenses market.

The advent of low-cost manufacturing techniques and the invention of new silicone hydrogel-based polymers will boost the demand for daily use, the disposable lens in the market. The leading vendors are launching new variants with advanced features, which include advanced technologies providing the best visual acuity and ocular comfort to consumers in the market. The global contact lenses market is estimated to reach revenues of more than $12 billion by 2024, growing at CAGR of around 6% during 2018-2024.

Contact Lenses Market – Dynamics

The rising number of strategic acquisitions and partnerships among players to further consolidate their positions will intensify the competition in the global contact lenses market. Mergers and acquisitions will allow vendors to gain a competitive advantage with a broad product portfolio and vast geographical reach, thereby driving the growth and profitability in the global market. These strategic partnerships help companies to reduce their R&D expenses and offer scope for easy market access for products into broader geographies. The leading vendors are pursuing inorganic growth strategies to expand their presence, enhance product portfolio, and improve expertise in the global market. For instance, the acquisition of Blanchard Contact Lenses will help The Cooper Companies to expand its specialty of the portfolio, especially scleral lenses. Also, this acquisition will help The Cooper Companies to enhance its brand image in the North American region. These alliances will help players improve the penetration in existing areas and widen distribution networks to new nations across the global contact lenses market.

Contact Lenses Market – Segmentation

This market research report includes a detailed segmentation of the market by design, usage, application, distribution channels, and geography.

Contact Lenses Market – By Material Type

Silicone hydrogel materials allow 5xmore oxygen to reach the cornea, thereby driving its popularity in the global contact lenses market

The global contact lenses market by material type is segmented into the silicone hydrogel lens, hydrogel lens, RGP, and others. Silicone hydrogel lens dominated more than half of the total market share in 2018, growing at a CAGR of approximately 6% during the forecast period. Silicone hydrogel is an advanced type of material, and these allow five times more oxygen to reach the cornea than any other products that are available in the global market. This material is mostly recommended for people who have dry eyes and relatively more eye irritation in the market. The high-quality and exceptional comfort of these products is encouraging eye care professionals to suggest these to end-users in the market. The leading vendors are offering a board range of silicone hydrogel lenses for long-sightedness, short-sightedness, toric lenses for astigmatism, and multifocal to gain a larger global contact lenses market.

The top vendors are focusing on innovations in material technology to introduce and offer an advanced hydrogel lens in the global market. RPG companies are offering custom products after receiving orders from eye care professionals as per end-user requirement to sustain the competition in the market. PMMA and hybrid lens comprise of the other material segment in the global contact lenses market.

Contact Lenses Market – By Application

Use of colored cosmetic lens across the entertainment and fashion industries will drive the global contact lenses market

The application segment in the worldwide contact lenses market is divided into corrective, therapeutic, and cosmetic. The cosmetic application is the fastest growing segment in the global market, at a CAGR of more than 7% during the forecast period. The increase in disposable income and high demand for the colored and special-effect cosmetic lens is fueling the growth of this segment in the global market. These products are available in both prescription and plan versions in the market. The launch of a specialty or custom lens for improving appearance will drive the demand for new products in this market segment over the next few years. For instance, a reconstructive custom-made cosmetic lens is essential for diabetic patients that host several complications of diabetic eye disease. The growing need for refractive correction, light control, and cosmetic improvement due to whitened or opaque corneas will impact the growth of this segment in the global contact lenses market.

Corrective lenses in addition to vision correction, also offer protection from pollutants, microbial repulsion, digital eye strain protection, and high ocular comfort with high oxygen permeability and moisture retention in the market. The therapeutic lens is used for surgical healing and protection by end-users in the global contact lenses market.

Contact Lenses Market – By Design

The availability of both rigid and soft forms of the spherical lens will boost adoption in the global contact lenses market

The global contact lenses market by design is classified into spherical, toric, and multi-focal. Spherical segment occupied more than 50% of the total market share in 2018, growing at a CAGR of over 4% during the forecast period. These products are typically fabricated as rounded design lenses, which are used to correct myopia (nearsightedness) or hyperopia (farsightedness) in the market. A spherical lens has uniform power in all meridians and has an even curvature throughout the surface. Leading manufacturers are offering both rigid and soft forms that are widely used by consumers across the global market. The introduction of a wide range of lens which features specialized technologies that improve optical comfort along with the provision of vision correction will create lucrative opportunities for top vendors operating in the global contact lenses market.

The superior efficacy of toric lenses compared to other lenses for treating certain visual impairment disorders will drive the demand in the market. The continual innovations in product designs and the increasing presbyopic population will fuel the requirement for the multifocal lens in the global contact lenses market.

Contact Lenses Market – By Usage

Introduction of the daily disposable lens with new features will boost profitability in the global contact lenses market

The usage segment in the worldwide contact lenses market is categorized into the daily disposable and replacement lens. Daily disposable lens is the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The extensive use of daily disposable products for aesthetic purposes or people with allergies or dry eyes is driving the growth of this segment in the global market. The leading manufacturers are introducing new product variants with a host of new features such as blink-activated moisture technology, high definition optics, and HydraClear technology to attract the maximum number of consumers in the market. The growing demand for these products as cosmetic and fashion accessories will contribute to the increased revenues in the global market. Johnson & Johnson, Novartis, and The Cooper Companies are some of the leading vendors in this category.

The emergence of new generation extended wear contact lenses with features such as high oxygen permeability, and high ocular comfortability is expected to drive the global contact lenses market in the foreseeable future.

Contact Lenses Market – By End-users

Services such as comprehensive vision checks are attracting maximum consumers to optical retail stores in the global contact lenses market

The global contact lenses market by end-users is segmented into optic retail sales, hospitals & eye clinics, and online. Optical retail stores dominated the largest market share in 2018, growing at a CAGR of more than 5% during the forecast period. The easy access to a broad customer base and the availability of personalized attention to each of the consumer’s needs is fueling the growth of the optical retail stores in the global market. The increasing number of retail outlets with additional services such as comprehensive vision checks will lead to an increase in the number of consumers using this distribution network in the global market. The recent trend observed in this segment is a large number of stores are increasingly getting integrated with online retail stores with retail chains either having their standalone web channels or participating through marketplaces. Such collaborations will lead to an increase in last-minute fulfillment of orders in the global contact lenses market.

Eye care clinics are the healthcare facilities that exclusively focus on the treatment of eye ailments and offer specialized treatment in the market. The use of virtual reality and 3D mapping to create a personalized experience for consumers is the new future of online stores in the global market.

Contact Lenses Market – By Geography

The advancements in healthcare infrastructure across the APAC region will fuel the growth of the global contact lenses market

The geographical segment in the worldwide contact lenses market is classified into North America, Europe, APAC, Latin America, and MEA. APAC is the fastest growing region in the global market, at a CAGR of over 6% during the forecast period. The increasing investment in R&D across the healthcare sector including vision care, free trade economics across the region supported with progressive government policies, and availability and access to pharmaceutical and medical device products are some of the factors contributing to the growth of the APAC market. The growing dominance of e-commerce distribution channels will encourage leading vendors to invest in the development of the APAC region. The rapid advancements in healthcare infrastructure, the rise in healthcare expenditure, and favorable public and private initiatives will contribute to the growing revenues across the APAC region and the global contact lenses market.

The rise of refractive vision disorders, ocular ailments, and a high preference for cosmetic lenses with better access to eye care services is driving the market in North America. The UK, Germany, France, Spain, and Italy accounted for nearly 80% of the European region in the global market.

Key countries profiled in the report are:

• US
• Canada
• Japan
• China
• India
• Germany
• France
• UK
• Spain
• Italy
• Brazil
• Mexico

Key Vendor Analysis

The global contact lenses market is witnessing intense competition and is subjected to continual technological changes and evolving vision correction requirements. The leading vendors are competing by product variety, pricing, quality, technical leadership and innovation, and efficacy. The increasing number of partnerships between healthcare providers and eye care professionals will intensify the competition in the market. Top players are focusing on implementing various strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their global contact lenses market share.

The major vendors in the global market are:

• Johnson & Johnson
• Novartis
• The Cooper Companies
• Bausch & Lomb

Other prominent vendors include CARL ZEISS, Essilor International, Hoya, Menicon, Sensimed AG, SynergEyes, UltraVisionCLPL, Ginko International, St. Shine Optical, and Visioneering Technologies.

Key market insights include

1. The analysis of global contact lenses market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global contact lenses market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global contact lenses market
5. The report provides a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage.