Contact Lenses Market

Industry Analysis

As per our report, the global contact lenses market size is expected to reach USD 20.2 billion by 2024 from USD 13.9 billion in 2019, growing at a CAGR of 7.68 % during the forecast period. North America is the largest market for contact lenses and predicted to continue its dominating trend during the years to come due to the vibrant health conditions and high-end healthcare facilities.

Contact lenses are the corrective lens that is 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. Also, the U.S. FDA regulated cosmetic, and a prescription for contact lenses require increasing adoption of contact lenses for the correction of multiple vision defects, including refractive errors such as myopia, hyperopia, etc.  

To develop a smart contact lens, IMEC and SEED Co., a global R&D centre entered into a mutual relationship, in November 2018. This contact lens will also have different components, including a wireless energy transfer antenna, an LED light, and an ultra-thin silicon microchip.

Soft lens finds a wide range of applications in contact lenses which are remained as the significant and essential contributors to the global contact lenses market. These soft lenses are made up of flexible, easily bent and soft plastics such as silicone hydrogel that provide ease of adjustment to the eye and increase comfort. It is used for the correction of ametropia. They permit more oxygen to pass through the cornea present in the eye. An increase in oxygen permeability helps to increase comfort by reducing dryness and itching in the eye.

MARKET DRIVERS

Increase incidences of myopia are one of the primary factor driving the growth of the global contact lenses market

Nowadays, myopia has turned as a prevalent eye disorder at a worldwide level, 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 few of the other key factors boosting the growth of the global contact lenses market.

MARKET RESTRAINTS

The shortage of expert ophthalmologists, regulatory obstacles and high cost of the contact lenses, when 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 market growth. Lack of knowledge over the usage of contact lenses, especially in rural areas, is impeding the demand of the market. Deplorable reimbursement policies from the government and other organizations are hampering the growth rate of the contact lenses market.

REPORT COVERAGE

This research report on the Global Contact Lenses Market has been segmented & sub-segmented into the following categories and analyzed market size & forecast for each segment until 2024.

Contact Lenses Market Analysis - 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 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 Analysis - By Application

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

Based on application, the highest share in 2018 was catered for by the product group of corrective lenses. The application of the corrective contact lens is expected to show the highest growth, with a 6.0 per cent 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 2018, 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 witness a decrease in market share over the forecast period.

Contact Lenses Market Analysis - By Design

• Spherical
• Bifocal
• Orthokeratology
• Toric     

Based on the design, due to the ability of these lenses 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 a variety of 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% share the market.

Contact Lenses Market Analysis - By Modality

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

Contact Lenses Market Analysis - By Distribution Channel

• Eye Hospitals and Spectacle stores
• Online

Regional Analysis

Out of these five regions, North America is expected to hold the largest share of the global contact lenses market. Common eye diseases related to age, increasing healthcare expenditure and increasing disposable income are the key factors propelling the demand of the market 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 by owing to the adoption of the latest technology in the medical sector.

In Asia-Pacific, China is expected to have 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 is also expected to witness notable growth in upcoming years.

The contact lenses market of contact lenses in the Middle East and Africa is expected 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.

Contact Lens Market Share by Company

Companies like Johnson & Johnson, Novartis, The Cooper Companies and Bausch & Lomb are occupying the majority of the shares in the Global Contact Lenses Industry.

NOTABLE COMPANIES IN THE MARKET

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.

RECENT MARKET DEVELOPMENTS

• On June 02, 2020, Bausch& Lomb, for the first time, the company has introduced its early enlarged depth of focus IOL and a new monofocal IOL in Europe. ‘LuxSmart’ and ‘LuxGood’ are new technologies that decrease dysphotopsia, and a common problem occurs in some IOLs and understanding vision.
• On July 15, 2019, Clerio Vision collaborated with Hydrogel Vision Corporation, a producer and dealer of high-performance of contact lenses. The lens is made from a restorative material that holds on to 99% of moisture. Clerio is advancing a multifocal lens product that is expected to get into the market by next 18months.
• On November 19, 2019, CooperVision announced that it had won FDA approval for MiSight. It is recommended for the children of age 8-12 years. 
• On October 08, 2019, Johnson & Johnson Company has introduced Acuvue RevitaLens for multi-purpose decontaminates solution. It is the company’s early expansion of contact lenses.