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contact lenses market

Contact Lenses Market Share, Size, Trends, Industry Analysis Report By Design (Spherical, Toric, Multifocal, Others); By Material (Gas Permeable, Silicone Hydrogel, Hybrid); By Usage; By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM1085
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global contact lenses market was valued at USD 14.55 billion in 2021 and is expected to grow at a CAGR of 4.5% during the forecast period. The market growth is driven by the increasing universality of myopia, the growing inclination for contact lenses over prescription eyeglasses, and the rising geriatric population globally. The rising number of outdoor exercises is additionally pushing the contact lenses market growth.

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Contact lenses are thin lenses deliberated to be placed on the eyes' surface for correction of the vision. These are either hard or soft, relying on their comfort, nature, and reusability of the lenses. Also, in developed countries, consumers prefer using insurance policies and are inclined to spend more on vision care products. Further, consumers display brand loyalty and do not want to switch to competitors' products because of product affordability and relief provided by their regular brands.

The emergence of covid-19 outstandingly hampered the market demand for these products globally. Prominent players functioning in the contact lenses market registered a decline in their revenues from the lens sales because of the covid-19 pandemic. The decrease in revenues was credited to the leaning of the general population from these devices to eyeglasses in the course of the lockdown period. However, an increase in patient volumes began escalating as the restrictions imposed by various governments were relaxed after the first wave. The higher vaccination coverage, implementation of robust guidelines, and covid-19 protocol in public spaces increased demand for these devices. 

Industry Dynamics

Growth Drivers
Manufacturers of contact lenses are consistently trying out new technologies in order to make the eventual pair of contacts that fits all the customer's requirements at an affordable price. They are also seeking to make their new designs more beautiful and comfortable for consumers who wear them regularly. Thus the growth of the contact lenses market is fuelled. Contact lenses have become popular in recent years as they offer a variety of advantages beyond vision repair. Contact lenses are nowadays being used for cosmetic purposes such as enhancing color and reducing wrinkles and age spots. People with near-sightedness, farsightedness, and astigmatism have plenty of choices.

Report Segmentation

The market is primarily segmented based on material, design, application, distribution channel, usage, and region.

By Material

By Design

By Application

By Distribution Channel

By Usage

By Region

  • Silicone Hydrogel
  • Gas Permeable
  • Hybrid

 

  • Toric
  • Spherical
  • Multifocal
  • Others

·          

  • Corrective
  • Cosmetic
  • Therapeutic
  • Prosthetic
  • Lifestyle-oriented

·          

  • Eye Care Practitioners
  • E-commerce
  • Retail     
  • Disposable
  • Daily Disposable
  • Frequently Replacement
  • Traditional

·          

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Distribution Channel

The retail distribution segment is expected to hold the majority of shares in the global market due to the broader availability of products compared to others. Furthermore, retail merchants' attractive discounts with affordable prices are expected to increase the demand from retail stores. The e-commerce segment is expected to grow at a considerable pace throughout the forecast period due to increasing trends toward online purchasing in developed and emerging nations coupled with the rising entry of leading e-pharma companies in the market.

Insight by Design

The multifocal design segment is expected to grow at a considerable pace throughout the projected period due to its capacity to encompass several treatments. These lenses are primarily employed to treat age-related ocular problems. Additionally, increased government efforts and licenses are projected to increase the upward trend. For example, CooperVision Biofinity toric Multifocal Contact Lenses were recently authorized by the FDA. The gadget broadens the Biofinity toric lens spectrum for presbyopia patients.

Geographic Overview

North America dominated the global contact lenses market in 2021 and is anticipated to maintain its dominance throughout the forecast period due to the increasing population suffering from visual ailments. Furthermore, rising awareness regarding vision correction solutions among people is expected to increase the market demand in the coming years. Moreover, as per the Centers for Disease Control and Prevention (CDC), around 45 million people in the U.S. wear contact lenses. The vast population wearing contact lenses and the increasing prevalence of vision-related diseases are expected to increase the market demand throughout the forecast period.

Asia Pacific contact lenses market is anticipated to grow at a considerable pace throughout the forecast period due to the increasing geriatric population in countries like China and Japan coupled with increasing technology innovation. Furthermore, rising cases of visually related diseases are also expected to contribute the regional growth.

Competitive Insight

Major market players operating in the global contact lenses market include Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Alcon Vision LLC, Bausch + Lomb, Carl Zeiss AG, Contamac U.S., Inc., CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts.

The market is highly fragmented due to the presence of numerous regional and global players. These players are adopting marketing strategies such as long-term agreements, product launches, up-gradation, along with mergers & acquisitions in order to increase their market presence. For instance, in January 2022, Alcon, the worldwide pioneer in eye care devoted to enabling people to see brilliantly, launched the release of DAILIES TOTAL1® for Astigmatism, the first Water Gradient contact lens for astigmatic patients. The lenses will be accessible in the United States starting in March.

Contact Lenses Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 14.55 Billion

Revenue forecast in 2030

USD 21.28 Billion

CAGR

6.8% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Material, By Design, By Application, By Distribution Channel, By Usage By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Alcon Vision LLC, Bausch + Lomb, Carl Zeiss AG, Contamac U.S., Inc., CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts.

Key Take-Away
Polaris Market Research
Contact Lenses Market Size Report, 2022 - 2030