Contact Lenses Market - Forecasts from 2022 to 2027

The Contact Lenses Market is evaluated at US$9.522 billion for the year 2020, growing at a CAGR of 6.67%, reaching a market size of US$14.963 billion by the year 2027.

Contact lenses are thin, curved lenses placed directly on the eyes' surface for numerous reasons, such as to offer corrective vision or due to cosmetic and therapeutic reasons, among others. The global contact lenses market is projected to show significant growth over the next five years, which may be attributed to the fact that there has been a growing demand for these lenses over glasses due to several benefits. Moreover, the growing prevalence of common eye diseases also propels the demand for contact lenses, thus, playing a significant role in shaping the market growth during the next five years. Additionally, decent growth is expected because of the growing aging population in many parts of the world since old aged people are more susceptible to vision-related issues. However, there has also been a significant demand for lenses among the millennials for cosmetic contact lenses since these lenses are specially designed to change the appearance of the eyes with vibrant colors. Moreover, the surging investments by the market players in the form of increased investments in R&D for the launch of new products to gain a competitive edge in the market further show the high growth potential of the market.

Covid-19 Impact

During the Covid-19 Pandemic, the market for contact lenses fell due to the high risk of infectious disease. The introduction of Covid-19 significantly hampered the global demand for contact lenses. Because of the disease outbreak, the key market players observed a decline in revenue generation. During the lockdown, consumers shifted to wearing spectacles rather than contact lenses, which contributed to the drop. Because of the risk of Covid-19, medical establishments were also advising people to wear glasses instead of contact lenses. Furthermore, the government enforced a lockdown and business closures, people avoided going to eye clinics, and the number of patients at vision correction centers decreased. Furthermore, raw material supply impacted the market for the contact lenses globally over the forecasted period.

High prevalence of common eye disorders and diseases

The key factor propelling the demand for contact lenses is the globally growing prevalence of common eye diseases and disorders. According to the statistics from the U.S Department of Health and Human Services, approximately 12 million adults of ages 40 and above have vision impairment in the United States, out of which 1 million are blind, 3 million have vision impairment after correction, and 8 million have vision impairment due to uncorrected refractive error. Also, the predicted number of people with uncorrectable vision impairment is projected to reach 8.96 million by 2050, owing to the spreading epidemics of diabetes and other chronic diseases. Similarly, the World Health Organization reports that around 1 billion people globally have a near or distance vision impairment that could have been prevented or has yet to be addressed. Thus, all the factors mentioned above play an integral role in bolstering the demand for contact lenses globally during the next five years.

Segment Overview

The contact lens market has been segmented based on type, design, application, and distribution channel. The market has been segmented into soft, rigid gas permeable, hybrid, and others by type. The classification has been classified into spherical, toric, multifocal, and others based on design. The market is segmented as corrective, therapeutic, cosmetic, and others by application. By distribution channel, the segmentation is done online and offline. The global market for contact lenses has been segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Soft contact lenses are anticipated to witness significant growth.

By type, the soft contact lenses segment is expected to grow at a significant CAGR during the next five years. Soft lenses are made from soft and flexible materials that allow the passage of oxygen through the cornea. These lenses are easy to adjust and are considered more comfortable, thus, expanding their usage for numerous purposes. The rigid gas permeable lenses segment is expected to hold a significant share in the market owing to their rigidness and durability, which offers a clearer, crisper vision. Moreover, these lenses are comparatively less costly since their lifespan is high.

Online sales to witness promising growth.

By distribution channel, the offline segment is anticipated to hold a considerable share in the market since a wide proportion of the population is reluctant to buy these products online due to the risk of counterfeit products. However, the online segment is anticipated to witness promising growth during the next five years due to the booming internet and smartphone penetration, particularly in the world's emerging economies. Also, the growth of new emerging online eye care platforms in both developed and developing economies of the world further supplements the growth of this segment over the forecast period.

North America to hold a considerable market share.

Regionally, North America holds a considerable market share due to a high proportion of the health-savvy population coupled with the higher purchasing power of the people living across the United States and Canada. Moreover, key companies in the region will further supplement their share during the next five years. However, the APAC region will witness promising growth over the next five years.

Development

August 2020

Bausch & Lomb Inc. had launched INFUSE, a new disposable silicone hydrogel soft lens. A lens design with 'High-Resolution Optics' decreases induced image distortion and improved visual performance. It has UV blocking capabilities, including Class 2 UV blocking.

February 2021

PRECISION1, a daily disposable silicone hydrogel contact lens crafted for astigmatic patients, was launched in the United States by Alcon, the leading provider in eye care dedicated to supporting people to see brilliantly. P RECISION1 has become the fastest-growing disposable contact lens brand in the United States, owing to its cutting-edge SMART SURFACE technology.

March 2022

Acuvue Theravision with Ketotifen is a device used as a daily disposable soft contact lens to preclude ocular itch caused by allergic diseases and rectify refractive ametropia. Acuvue Theravision with Ketotifen can be taken alone or with other medications.

Competitive Insights

The players in the contact lens market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players have been covered along with their relative competitive strategies. The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, and the recent deals and investments of these important players in the contact lenses market.

Segmentation

By Type

• Soft
• Rigid Gas Permeable
• Hybrid

By Design

• Spherical
• Toric
• Multifocal

By Life

• Daily disposable
• Monthly
• 6-months
• Yearly

By Application

• Corrective
• Therapeutic
• Cosmetic

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• UK
• Middle East and Africa
• Saudi Arabia
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea
• Thailand
• Indonesia
• Taiwan