Contact Lenses Market

Contact Lenses Market Size, Share (2022 to 2027)

As per our analysis report, the global contact lenses market is expected to reach USD 21.67 billion by 2027 from USD 14.97 billion in 2022, growing at a compound annual growth rate (CAGR) of 7.68 % during the forecast period. The COVID-19 pandemic has significantly affected contact lens instruction, as educational institutions are moving to online distribution worldwide through e-commerce businesses by the healthcare industry. During the COVID-19 pandemic, there is a link between the perceived risk of infection and CL dropout and a tendency to change the wearing frequency of the CL, with a rise in occasional wear of the CL. Therefore, eye care practitioners should strengthen CL patient education during the current pandemic to reduce the risk of SARS-CoV-2 infection and CL-related complications that require clinical care.

Contact lenses are the corrective lens used on the surface of the eyeball, which is used to correct refractive errors and visual deficiencies such as myopia etc. According to WHO, cataract is responsible for world blindness. The U.S. FDA-regulated cosmetics and a prescription for contact lenses require increasing adoption to correct multiple vision defects, including refractive errors such as myopia, hyperopia, etc.  

KEY CONTACT LENSES MARKET SHARE INSIGHTS:

• North America is the largest market for contact lenses. It is predicted to continue its dominating trend in the years to come due to the vibrant health conditions and high-end healthcare facilities.
• The U.S. contact lenses market was worth USD 3.5 billion in 2020 and accounted for 25.4% of the global market in 2020.
• The disposable contact lenses market is expected to see significant growth soon.
• In 2020, the majority share of the global contact lenses market was occupied by the companies such as CooperVision, Bausch & Lomb Incorporated, Alcon Vision LLC, and Johnson & Johnson Inc. These manufacturers are expected to continue their domination in the market during the forecast period.

MARKET DRIVERS:

Y-O-Y growth in the incidence of ocular disorders and an increase in the adoption rate of contact lenses are majorly propelling the development of the global contact lenses market.

Myopia has become a prevalent eye disorder worldwide, and the population affected is growing rapidly each year. According to retinatoday.com, in 2010, 27% of the world's population, i.e., around 1.9 billion, had myopia, and this value is predicted to grow to 52% by 2050.

Other than the above factor, the rise in the geriatric population, growing demand for daily disposable contact lenses, increasing importance for contact lenses over prescription eye lenses, growing disposable income, rising prevalence of eye diseases and injuries, and the high healthcare expenditure are a few of the other key factors boosting the growth of the global contact lenses market.

Furthermore, the increase in the R&D activities happening in the optometry industry and the need to eliminate the usage of spectacles are expected to add fuel to the market's growth rate. In addition, technological advancements in the contact lenses domain are positive and expected to favor market growth during the market period.

MARKET RESTRAINTS:

Compared to spectacles, the shortage of expert ophthalmologists, regulatory obstacles, and the high cost of contact lenses are major restraints to the global contact lenses market. Difficulties associated with the usage of contact lenses with another significant factor restricting the market growth. Lack of knowledge about contact lenses, especially in rural areas, impedes the development of the contact lenses market. In addition, deplorable reimbursement policies from the government and other organizations are hampering the growth rate of the contact lenses market.

COVID-19 impact on the global contact lenses market:

The contact lenses market has been negatively impacted by the emergence of the pandemic, i.e., covid-19. Due to lockdown restrictions and a ban on international flights, there has been a slowdown in the market growth rate during the first half of 2020. However, due to the government's sudden introduction of lockdowns, optometric stores, clinics, and retail stores have closed. The usage of daily disposable contacts was reduced due to the global lockdown restrictions. Moreover, people opt for glasses instead of contact lenses, leading to the market downfall.

Because of the lockdown and closure of production facilities, the COVID-19 pandemic is much strain on the healthcare industry. The increasing incidence of vision impairment and myopic population, particularly during the COVID-19 pandemic, is a positive factor for the market due to the increased use of screens and virtual meetings while working from home. During the lockdown, decreased contact lens wear included concern over infection due to the use of contact lenses; glasses currently offer more comfort, restricting the use of lenses in case of supply issues and allowing eyes a rest about teaching practical skills, student evaluation, and engagement, online contact lens education. Due to E-commerce, through online platforms virtually assisting and providing training and education by a healthcare professional about how to wear and care for the lenses, growing business in a pandemic is expected to boost the growth of contact lenses in the market.

REPORT COVERAGE:

This research report on the global contact lenses market has been segmented & sub-segmented based on the material, application, design, modality, distribution channel, and region.

Contact Lenses Market - By Material:

• Soft Contact Lenses
• Silicone Hydrogel Lenses
• Rigid Gas Permeable (RGP) Contact Lenses
• Hybrid Contact Lenses
• Polymethyl Methacrylate (PMMA) Contact Lenses

Based on material, the soft contact lenses segment is expected to hold the highest shares of the market. In contrast, the Rigid Gas Permeable (RGP) Contact Lenses segment is estimated to showcase the highest growth rate. In addition, it is expected that the increased use of hybrid lenses by people with astigmatism and keratoconus will positively impact growth in the contact lenses market.

Contact Lenses Market - By Application:

• Therapeutic Contact Lenses
• Cosmetic Contact Lenses
• Corrective Contact Lenses
• Prosthetic Contact Lenses

The highest share in 2020 was catered for by the product group of corrective lenses based on application. The corrective contact lens application is expected to show the highest growth, with a 6.0 percent CAGR over the forecast period. Medical contact lenses are designed for medical purpose, which aids in relieving eye pain and healing the cornea. In 2019, therapeutic applications accounted for a significant portion of the overall contact lenses market share. However, as the lenses can also be used to deliver drugs to the cornea, the segment is expected to decrease its market share over the forecast period.

Contact Lenses Market - By Design:

• Spherical
• Bifocal
• Orthokeratology
• Toric     

During the forecast period, the spherical lens segment will occupy over 65% of the market share.

Contact Lenses Market - By Modality:

• Conventional
• Disposable
  • Daily
  • Monthly
  • Other Disposable Modalities

Based on modality, the conventional segment is currently dominating the market. But soon, the disposable segment is forecasted to take over the top spot and grow aggressively during the forecast period. Increasing awareness regarding the benefits associated with disposable contact lenses is expected to drive the growth of this segment.

Contact Lenses Market - By Distribution Channel:

• Eye Hospitals and Spectacle stores
• Online

Based on the distribution channel, the eye hospitals and spectacle stores segment dominates the global contact lenses market. However, the online segment is expected to witness a boom soon and is predicted to display a CAGR of 7.45% between 2021 to 2026.

Contact Lenses Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American contact lenses market is expected to hold the largest share of the global contact lenses market out of these five regions. Common eye diseases related to age, increasing healthcare expenditure, and increasing disposable income are the key factors propelling the market demand in this region. Among all, the United States is ruling with the most significant share of the market.

The European contact lenses market follows North America in holding the highest shares of the market due to adopting the latest technology in the medical sector.

China is expected to grow substantially in the Asia-Pacific contact lenses market due to the increased adoption of contact lenses. To increase the appearance of the eyes, consumers in Japan are importantly adopting contact lenses, which boosted the market's growth rate. In addition, an increase in the purchasing power of consumers in Asia-Pacific is expected to fuel the market.

The Latin American contact lenses market will witness notable growth in the upcoming years. On the other hand, the contact lenses market in the Middle East and Africa has a moderate rate. However, it is estimated to lead the market growth due to increasing agreements to manage contact lenses, develop healthcare facilities, develop medical tourism, improve the healthcare industry, and raise knowledge about contact lenses.

The MEA contact lenses market is expected to gain momentum during the forecast period and register healthy growth by the end of 2025.

KEY MARKET MANUFACTURERS:

A list of crucial market manufacturers in the Global Contact Lenses Market profiled in this report is Johnson & Johnson, Bausch & Lomb, Cooper Vision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International, and Contamac.

Companies such as Johnson & Johnson, Novartis, The Cooper Companies, and Bausch & Lomb occupy most global contact lenses market shares. The key market participants focus on bettering their brand value and customer base to acquire the best possible market share and joining long-term associations with the suppliers and distributors to increase their sustainability and strengthen their regional presence.

NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In June 2020, Bausch& Lomb introduced its early enlarged depth of focus IOL and a new monofocal IOL in Europe for the first time. 'LuxSmart' and 'LuxGood' are new technologies that decrease dysphotopsia, and a common problem occurs in some IOLs and understanding vision.
• In July 2019, Clerio Vision collaborated with Hydrogel Vision Corporation, a producer and dealer of high-performance contact lenses. The lens is made from a restorative material that holds 99% moisture. In addition, Clerio is advancing a multifocal lens product expected to enter the market in 18 months.
• In November 2019, CooperVision announced that it had won FDA approval for MiSight. It is recommended for children of age 8-12 years. 
• In October 2019, Johnson & Johnson Company introduced Acuvue RevitaLens as a multi-purpose decontaminate solution. It is the company's early expansion of contact lenses.