The worldwide Contact Lenses market size is estimated to be USD 11.1 billion in 2017 and is estimated to grow at a CAGR of 5.8% during the forecast period. With the increase of ageing population particularly, in developed countries, more and more people are switching to lenses from their corrective spectacles. Further, for the enhancement of aesthetic appearance, the demand for cosmetic contact lenses among the youths is one of the major factor propelling the market growth. Also, there is noticeable growth in the incidences of optical disorders all across the globe, which is further bolstering the growth of corrective and therapeutic contact lenses worldwide. The increasing awareness and rising affordability of people in developing countries is further helping the market to grow at a high pace. However, increasing acceptance for corrective procedures and ophthalmology devices such as Photorefractive Keratectomy and LASIK, is hindering the growth of the market to some extent. Also, some of the contact lenses users’ face corneal ulcers and eye infections, as well as contact lenses sometimes also creates complications such as dryness of eyes and improper fitting. These factors are another key hurdles restricting the market growth.
National Eye Institute has estimated that more than 2.9 million American residents were detected with low vision in 2014. The number is anticipated to increase to reach around 5 million by 2030. Also, as per a report by the US Centre of Disease Control & Prevention, it is estimated that the country has more than 40.9 million wearers of contact lenses, aged 18 or older, which accounted for approximately 16.7% of the adult population in US in 2015. Such increase is anticipated to accelerate the growth of contact lenses wearers in the country during the near future.
The global Contact Lenses market is segmented on the basis of type, design and by usage. The type segment is further bifurcated into Rigid Gas Permeable Lens, Hybrid Lens, and Soft Lens. The soft lens segment by type is estimated to be the major contributor owing to its various applications. Also, with emerging technological advancements such as drug deliveries, the usage of contact lenses is further anticipated to experience a high growth during the forecast period.
On the basis of design, the market is bifurcated into spherical, toric, multifocal, and others. The multifocal lens design segment of contact lenses market is anticipated to experience a high growth with its ability to incorporate several treatments. These lenses are majorly used for the treatment of age-related ophthalmic conditions. Spherical lens segment, on the other hand, is the dominant segment and holds the largest share throughout the forecast period.
The contact lenses market of North America currently holds the largest market share with rising awareness for eye care and increasing elderly population. however, with increasing awareness among people regarding the advantages of contact lenses, Asia Pacific region will experience the highest growth. Major industry players include Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Bausch + Lomb, Incorporated, Carl Zeiss AG, CooperVision, Inc., Contamac U.S., Inc., Hoya Corporation, Essilor International S.A., Medennium and Johnson & Johnson Vision Care, Inc. among others.