PUBLISHED DATE : Sep 2020 | Pages : 297
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Contact Lenses Market Size, Share, & Trends Analysis Report by Material (Silicone Hydrogel, Hydrogel, Gas-permeable, and Others), Design (Spherical, Toric, and Multifocal Contact Lenses), Usability (Daily Disposable and Frequently Replacement), Application (Corrective, Therapeutic, Healthcare, and Cosmetic), Distribution (Retail Stores, Hospitals & Clinics, and Online Stores), and Geography (Europe, North America, Latin America, Middle East Africa, and APAC) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2025
297 Pages
45 Tables
162 Charts
5 Regions
19 Countries
22 Companies
6 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size (REVENUE) | USD 12 Billion (2025) |
| CAGR | 5% (2020-2025) |
| Historical Year | 2017-2018 |
| Base Year | 2019 |
| Forecast Year | 2020–2025 |
| Market Segments | Material (Silicone Hydrogel, Hydrogel, Gas-permeable, and Others), Design (Spherical, Toric, and Multifocal Contact Lenses), Usability (Daily Disposable and Frequently Replacement), Application (Corrective, Therapeutic, Healthcare, and Cosmetic), Distribution (Retail Stores, Hospitals & Clinics, and Online Stores) |
| Countries Covered | US, Canada, UK, Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, South Africa, UAE, and Turkey |
This research report includes a detailed segmentation by
In 2019, silicone hydrogel contact lenses accounted for a share of over 68% in the global contact lenses market. They are advanced soft contact lens material, which is aimed at increasing oxygen permeability (increased comfort, longer wear, and better eye health), wettability (better comfort) and clinical performance of contact lenses. Hence, the presence of these benefits is likely to drive the growth of the segment. With the availability of exceptional health benefits, silicone hydrogel lenses are expected to witness high popularity among wearers, thereby influencing the market growth.
The standard hydrogels segment is expected to grow at a CAGR of over 5% during the forecast period. Standard hydrogels are soft and made from a flexible plastic. They are used to correct a wide range of vision disorders. They are economical than silicone hydrogel material, however, they are more popular than rigid and gas permeable lenses. As the usage of silicone hydrogel material is increasing, the market for hydrogel is declining. However, affordability is the only differentiating factor, which is holding a market share of the segment.
In 2019, the spherical contact lenses segment accounted for a share of over 68% in the global contact lenses market. An increase in the prevalence of vision corrective disorders such as myopia and hyperopia and the high preference for contact lenses for vision correction are driving the segment. Key players are offering a diverse range of spherical designs, which feature specialized technology that improves optical comfort along with the provision of vision correction.
The toric segment is expected to grow at a CAGR of over 7% during the forecast period. Toric contact lenses are soft ones that are designed to correct astigmatism. The demand for daily disposable toric contact lenses has increased in the market in the last few decades. The high preference of this design by eye care professionals to correct astigmatism is expected to drive the segment growth. They are easy to use and handle, making insertion and removal easy, thereby increasing market growth.
The corrective segment is expected to reach over $7.2 billion by 2025. Changing lifestyle and increasing environmental pollutions increase the number of eye disorders such as refractive error, cataract, and glaucoma. The increase in the diabetic population contributes to the rise of eye disorders such as glaucoma, retinopathy, cataracts, and temporary blurring of vision. All these factors will propel the demand for corrective contact lenses. In 2019, the therapeutic segment accounted for a share of over 35% in the global market. The increase in the prevalence of the ocular disorder is expected to propel the therapeutic segment during the forecast period. Continuous advances in technology witnessed in the overall vision care industry have led to the development of therapeutic contact lenses with improved features, which have increased the efficiency of ocular surgeries.
Daily disposable contact lenses are becoming a preferred choice among eye care professionals as well as users in several countries. The single-use modality offers many advantages over reusable ones, including convenience, which includes no requirement for supplemental care solutions, and has also been reported to be beneficial for patients with seasonal allergies. The usage of daily contact lenses has increased as they are handy to use and comfortable for longer durations and free from maintenance make them an attractive option for consumers in developing and developed countries.
Frequent replacement contact lenses are used for an extended duration. These are comparatively lower in cost than daily usage ones. Disposable or frequent replacement contact lenses offer better eye health as they are replaced on a regular basis, decreasing the probability of deposits and bacterial attachment to the lens. They are often extremely easy to clean. Frequent replacement lenses are available in both nearsighted and farsighted corrections. However, they require high maintenance, need cleaning, and are troublesome for the weaver due to frequent removal and usage. Therefore, these factors are hindering the usage of frequent replacement contact lenses.
The retail segment dominated the market and accounted for a share of over 65% in 2019. Retail stores have increased in developing regions such as Latin America and Asia. Factors such as market reputation, brand awareness, and customer satisfaction have increased the loyalty of customers, thereby driving the preference for retail stores. In 2019, the hospital and eye clinics' distribution segment accounted for a share of over 23%. Hospitals and eye care centers are the point of contact for major patient populations. The presence of eye care specialists in hospitals and eye clinics is increasing the market share of the segment. The increase in the target population, which includes the rise in vision impairment or blindness, is likely to increase the reach of the segment.
While the contact lenses market continues to evolve in terms of distribution and services, the entry of reputed retailers via e-commerce and online sites is witnessed as a major disruption for traditional sale channels. Major vendors intend to continue investing and innovating in digital capabilities to develop new business models in response to channel shifts and the increase in direct-to-consumer influence. The purchase of contact lenses through online distribution channels has increased at a healthy rate during the COVID-19 pandemic due to the closure of retail and eye care clinics across the globe.
In 2019, the North America accounted for 35% share of the global contact lenses market. The rise in the target population is one of the driving factors in the region. The economic burden from vision loss and eye disorders in the United States is in between $140 and $150 billion annually. The number of baby boomers with vision disorders and blindness is expected to double over the next three decades. By 2050, the highest prevalence of visual impairment among minorities will shift from 15% in 2015 to 16% in 2050. In addition, it is estimated that 2 million US citizens will struggle with blindness; 7 million with glaucoma by 2050. Hence, these factors are expected to play an important role in driving the market.
The revenue of contact lenses vendors has declined since the outbreak of the pandemic. For instance, the net sale reported by Alcon's Vision Care segment was $596 million, which includes the revenue of contact lenses and ocular health segments, in the second quarter of 2020, which was a decrease 27% compared to the same period in 2019. The decline in sales was primarily due to the low demand for contact lenses and widespread office closures to contain the spread of the virus. The global contact lenses market is highly consolidated with the four vendors accounting for dominating shares. The market is subjected to constant technological advancements and evolving vision correction requirements and standards. Vendors compete on the basis of product variety, pricing, quality, innovation, and efficacy. Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the leading four players. Large players dominate the market, thereby reducing the scope for new entrants to enter the market. Several leading players are focusing on implementing several strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their market share and presence in the market.
By Distribution
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