As per our report, the global contact lenses market size is expected to reach USD 20.2 billion by 2025 from USD 13.9 billion in 2020, growing at a CAGR of 7.68 % during the forecast period.
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 requires increasing adoption of contact lenses for the correction of multiple vision defects, including refractive errors such as myopia, hyperopia, etc.
Some of the key insights of the report:
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 growth of the global contact lenses market
Nowadays, myopia has turned into a prevalent eye disorder worldwide, and the population affected is growing at a fast pace year by year. In 2010, 27% of the world’s population, i.e., around 1.9 billion were had myopia, and this value is predicted to grow at 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 lens 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 is expected to add fuel to the growth rate of the market. Technological advancements coming in the contact lenses domain are a positive sign and expected to favor the market growth during the market period.
MARKET RESTRAINTS:
The shortage of expert ophthalmologists, regulatory obstacles, and the high cost of the contact lenses, compared to spectacles, are some of the 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 over the usage of contact lenses, especially in rural areas, impedes the market demand. Deplorable reimbursement policies from the government and other organizations are hampering the growth rate of the contact lenses market.
Contact lenses market is negatively impacted by the emergence of the pandemic, i.e., covid-19. Due to lockdown restrictions and a ban on international flights, there is a slowdown in the market growth rate during the first half of 2020. However, due to the governments' sudden introduction of lockdowns, the optometric stores, clinics, and retails stores have been closed. The usage of daily disposable contacts was reduced due to the lockdown restrictions across the world. Moreover, people are opting for glasses instead of contact lenses, which leads to the market downfall. However, by 2021 the market shares are expected to fall into the normal state.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Material, Application, Design, Modality, Distribution Channel and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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:
Based on material, the soft contact lenses segment 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. It is expected that increased use of hybrid lenses by people with astigmatism and keratoconus will have a positive impact on growth in the contact lenses market.
Contact Lenses Market - By Application:
The highest share in 2019 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 with a medical purpose, which aid in relieving eye pain and healing of the cornea. In 2019, therapeutic applications accounted for a significant portion of the overall contact lenses market share. As the lenses can also be used to deliver drugs to the cornea, the segment is expected to decrease market share over the forecast period.
Contact Lenses Market - By Design:
Based on the design, due to these lenses' ability to incorporate multiple prescriptions, the multifocal lenses segment is expected to witness moderate demand. Age-related ophthalmic conditions such as presbyopia are generally treated. It offers various advantages to people who need to integrate multiple medications into a single lens, such as increased visual acuity.
During the forecast period, the spherical lens segment is projected to occupy over 65% of the market share.
Contact Lenses Market - By Modality:
Based on modality, at present, the conventional segment is dominating the market. But soon, the disposable segment is forecasted to take over the leading spot and grow at an aggressive rate during the forecast period. Growing awareness regarding the benefits associated with disposable contact lenses is expected to drive the growth for this segment.
Contact Lenses Market - By Distribution Channel:
Based on the distribution channel, the eye hospitals and spectacle stores segment is currently dominating the global contact lenses market. However, the online segment is expected to witness a boom in the near future and is predicted to display a CAGR of 7.45% between 2020 to 2025.
Contact Lenses Market - By Region:
North America 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 shares of the market.
Europe is following North America in holding the highest shares of the market due to adopting the latest technology in the medical sector.
In Asia-Pacific, China is expected to have a substantial growth due to the increase in the adoption of contact lenses. To increase the appearance of eyes, the consumers are in Japan are importantly adopting contact lenses, which boosted the growth rate of the market. An increase in the purchasing power of consumers in Asia-Pacific is expected to fuel the market.
Latin America to witness notable growth in upcoming years. The contact lenses market of contact lenses in the Middle East and Africa to have a moderate rate. It is estimated to lead the market growth due to factors like increasing agreements to manage contact lenses, developing healthcare facilities, developing medical tourism, improving the healthcare industry, and rising knowledge about contact lenses.
Companies like Johnson & Johnson, Novartis, The Cooper Companies, and Bausch & Lomb are occupying most of the shares in the Global Contact Lenses Industry.
KEY MARKET MANUFACTURERS:
List of crucial market manufacturers in the Global Contact Lenses Market profiled in this report are 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.
NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
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