Contact Lenses Market

SKU: DMMD1122 | Last Updated On: Sep 22 2022 | Available Formats

> Contact Lenses Market Expected to reach a high CAGR of 5.70% By 2029

Contact Lenses Market is segmented By Design (Spherical Contact Lenses, Toric Contact Lenses, Multi-focal Contact Lenses), By Usage (Daily-Use, Weekly, Monthly), By Application (Corrective, Therapeutic, Cosmetic), By Distribution Channel (Retail Stores, Hospitals and Clinics, Online Stores), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2022-2029

[150 Pages Report] Contact lenses market size was valued at US$ XX million in 2021 and is estimated to reach US$ XY million by 2029, growing at a CAGR of 4.2% during the forecast period (2022-2029).

Contact lenses market - Strategic Insights

Metrics

Details

Market CAGR

4.2%

Segments Covered

By Design, By Usage , By Form, By Application, By Distribution Channel, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Contact lenses are thin lenses placed directly on the surface of the eye. Contact lenses are considered medical devices and can be worn to correct vision, or for cosmetic or therapeutic reasons. They are used majorly for visual deficiencies treatment, such as myopia, hyperopia, astigmatism, and presbyopia, and can also be used to correct refractive errors.

Market Dynamics

Contact lenses market growth is driven by the high prevalence of refractive vision impairments, the increasing geriatric population, and the growing adoption rate of contact lenses over prescription eyeglasses as they are more convenient.

The rising prevalence of optical disorders is driving the market growth in the forecast period  

The growth of the contact lens market is attributed to the rising prevalence of optical disorders. According to the International Agency for the Prevention of Blindness (IAPB), approximately 28% of the global population was affected by myopia in 2010, and its prevalence is set to reach to almost 50% of the worldwide population by 2050. Moreover, rising popularity to enhance personal aesthetics as they are available in various colors and designs, increasing disposable incomes, and increasing preference for daily disposables as they are easy to use and maintenance-free are further contributing to the market growth. Other factors driving the growth of the global contact lenses market include the increasing R&D on the therapeutic application and increasing consumer awareness of the comprehensive range of options is expected to propel the market growth further. For instance, In March 2019, Johnson & Johnson Vision unveiled positive Phase III data from two clinical studies of its antihistamine-releasing contact lens, showing that it was able to reduce feelings of itchy eyes after exposure to allergens.

The field of optometry and optics has observed a significant increase in research and development activities related to the studied market. Some of the recent advancements pertaining to the studied market such as the development of dynamic soft contact lenses with advanced technology have propelled the growth of contact lenses globally. For instance, in August 2020, Bausch + Lomb launched Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lens. The Infuse lenses feature a next-generation material infused with ProBalance Technology to help reduce symptoms of contact lens dryness and help in maintaining ocular surface homeostasis.

Side effects associated with the usage of contact lenses will hamper the growth of the market in the forecast period

A number of clinical studies indicated that lenses wearers might experience side effects based on the usage pattern. These side effects can range from annoyance to vision disability that results in permanent ocular damage or loss of the eye. The number of side effects such as infection, corneal edema, superficial keratitis, red eye, excess mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization are related to contact lens usage. These side effects are primarily responsible for limiting the adoption of such lenses.

COVID-19 Impact Analysis

The outbreak of COVID-19 had an impact on the corrective lenses segment because eye care services were significantly reduced due to social distancing measures taken by governments across the globe. However, the ophthalmology practices are being continued with preventive measures. In August 2020, in India, the Ministry of Health and Family Welfare proposed guidelines on safe ophthalmology practices during the COVID-19 scenario, such as eye-care facilities should ensure that tele-counseling and teleconsultation should be promoted to reduce patient visits or/and appointment systems can be followed to call patients needing examination/eye procedures/investigations.

Segment Analysis

The corrective contact lenses segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)         

Corrective lenses are lenses made specifically to match the wearer's vision defects. The purpose of the corrective lens is to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), presbyopia, and astigmatism.

The rising product launches have increased the adoption of corrective contact lenses. In November 2019, the United States Food and Drug Administration (USFDA) approved Coopervision Inc.'s Misight 1 day, the first corrective contact lens designed to slow the progression of myopia or near-sightedness in children. The disposable, single-use, soft contact lens is made for children diagnosed with myopia and who begin Misight treatment at an early age.

With available vision correction solutions and rising awareness about vision impairment conditions, the demand for these devices is increasing. Even in the developed regions of the world, the trend seems to be still rising owing to growing vision correction due to factors such as the growing geriatric population. This factor will drive the growth of the market in the forecast period.

Geographical Analysis

North America region holds the largest market share of the global contact lenses market

North America has the largest market share in the forecast period. The United States and Canada have developed well-structured healthcare systems. These systems also encourage research and development. The supportive government policies are encouraging global market players to enter the United States and Canada. As a result, these countries have the presence of many global market players.

Moreover, a rise in the number of visual inaccuracies is expected to drive regional market growth. For instance, as per the statistics published by the National Eye Institute, 2019, around 1.3 million Americans are blind and 2.9 million have low vision and an estimated 2.2 million Americans will be blind and around 5 million Americans will have low vision by 2030. Hence, an increase in eye disorders will lead to a growing demand for contact lenses. In 2020, Alcon Canada strengthened its robust contact lens portfolio in Canada by launching its innovative PRECISION1 daily disposable, silicone hydrogel (SiHy) contact lenses. Thus, with several developments by companies and demand by customers, the North American region is a highly attractive and stable region for the growth of companies and consumers in the contact lenses market.

Competitive Landscape

The contact lenses market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Abbott Medical Optics Inc., Bausch Health Companies Inc., Contamac, Essilor International SA, Haohai Biological Technology, Hoya Corporation, Johnson & Johnson, Polylite Sofclear, Scrivens House, Alcon Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Contact Lenses Market globally. For instance, in January 2021, Alcon, the global leader in eye care dedicated to helping people see brilliantly, announced today the launch of DAILIES TOTAL for Astigmatism, the first and only Water Gradient contact lens for patients with astigmatism.

Alcon Inc.

Overview:

Alcon Inc. manufactures eye care products. The Company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products. Alcon serves the medical industry worldwide.     

Product Portfolio:

DAILIES TOTAL1:  DAILIES TOTAL1 are the first and only daily contact lenses to have Water Gradient Technology, a gentle cushion of moisture that touches the eye for lenses.

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FAQ

What is the Contact lenses market growth?

The market is growing at a CAGR of 4.2%

What is Contact lenses market size in 2021

The Contact lenses market size was valued at USD YY million in 2021

Who are the key players in Contact lenses market?

Bausch Health Companies Inc., Contamac, Essilor International SA

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