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CONTACT LENSES MARKET SIZE TO CROSS $12 BILLION BY 2024, GROWING AT A CAGR OF AROUND 6% DURING THE FORECAST PERIOD
Contact Lenses Market Size, Share, Trends, Analysis Report by Material Type (Silicone Hydrogel Lens, Hydrogel Lens, RGP, and Others), Design (Spherical, Toric, and Multi-Focal), Usage (Daily Disposable and Replacement Lens), Application (Corrective, Therapeutic, and Cosmetic), End-Users (Optic Retail Sales, Hospitals & Eye Clinics, and Online), and Geography (North America, Europe, APAC, Latin America, And Middle East & Africa) Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Share & Forecast, 2019–2024
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. 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 increasing prevalence of visual dysfunctions and growing eye ailments in both developed and developing countries will drive the demand for the vision care products. The adoption of these products to improve looks will lead to the launch of new variants.
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.
GLOBAL CONTACT LENSES MARKET REPORT SCOPE
|MARKET SIZE (REVENUE)||
Revenue (2024): $12 Billion
Compound Annual Growth Rate (CAGR): Over 6%
North America, Europe, APAC, Latin America, and Middle East & Africa
US, Canada, Japan, China, India, Germany, France, UK, Spain, Italy, Brazil, and Mexico
Contact Lenses Market Segmentation
This research report includes a detailed segmentation by design, usage, application, distribution channels, and geography.
Insights by Material Type
Silicone hydrogel materials allow 5xmore oxygen to reach the cornea, thereby driving its popularity in the global contact lenses market
Silicone hydrogel lens dominated more than half of the total 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. 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 larger shares.
The top vendors are focusing on innovations in material technology to introduce and offer an advanced hydrogel lens. RPG companies are offering custom products after receiving orders from eye care professionals as per end-user requirement to sustain the competition. PMMA and hybrid lens comprise of the other material segment.
Insights by Application
Use of colored cosmetic lens across the entertainment and fashion industries will drive the global contact lenses market
The cosmetic application is the fastest growing segment, 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. 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 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 contact lenses market growth.
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.
Insights by Design
The availability of both rigid and soft forms of the spherical lens will boost adoption in the global contact lenses market
Spherical segment occupied more than 50% of the total contact lenses 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). 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 the top vendors.
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.
Insights by Usage
Introduction of the daily disposable lens with new features will boost profitability in the global market
Daily disposable lens is the fastest growing segment, 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. 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. 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 market in the foreseeable future.
Insights by End-users
Services such as comprehensive vision checks are attracting maximum consumers to optical retail stores in the global market
Optical retail stores dominated the largest 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. Eye care clinics are the healthcare facilities that exclusively focus on the treatment of eye ailments and offer specialized treatment. The use of virtual reality and 3D mapping to create a personalized experience for consumers is the new future of online contact lenses market.
Insights by Geography
The advancements in healthcare infrastructure across the APAC region will fuel the growth of the global contact lenses market
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 region. 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 contact lenses market in India.
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.
Key Vendor Analysis
The global 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. 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 shares.
- Johnson & Johnson
- The Cooper Companies
- Bausch & Lomb
The global contact lenses market report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Material Type
- Silicone Hydrogel Lens
- Hydrogel Lens
- Daily Disposable
- Replacement Lens
- Optic Retail Stores
- Hospitals & Eye Clinics
- Online Stores
- North America
- Latin America
- Middle-East & Africa
KEY QUESTIONS ANSWERED
- What is the contact lenses market size and growth rate during the forecast period?
- What are the factors impacting the growth of the U.S. contact lenses market shares?
- Which material type/end-users/region is generating the largest revenue in the North America region?
- Who are the leading vendors in the contact lenses market, and what are their market shares?
- How is the growth of the hospital & eye clinics segment influencing the growth of the contact lenses market?
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