Contact Lenses Market Report

Contact Lenses Market Analysis, By Product Type, By Design Type (Spherical, Toric, Multifocal), By Usage Type (Corrective, Therapeutic, Cosmetic, Prosthetic), By Regions, And Segment Forecasts, 2014 - 2025

Published: August 2017  |  100 Pages  |  Format: PDF  |  Report ID: 978-1-68038-094-1

Industry Insights

The global contact lenses market size was valued at USD 9.91 billion in 2016 and is expected to sustain its growth pace over the forecast period. The major applications of corrective contact lenses are correction of refractive errors and treatment of visual deficiencies such as hypermetropia/hyperopia, myopia, astigmatism, and presbyopia. The rising number of visual inaccuracies is expected to further drive the global market over the forecast period.

The soft lens segment provides various applications to the contact lenses market and thus is one of the prominent contributors to the market share. Advancements, such as drug delivering lenses, in the contact lens technology and increasing adoption trends in various regional markets are expected to drive the market demand over the forecast period.

U.S. contact lenses market by usage type, 2014 - 2024 (USD Million)

U.S. contact lense market

Industry participants enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence. For instance, in February 2016, Essilor International S.A. acquired Vision Direct Group Ltd., one of Europe’s prime online retailers, to strengthen its online optical products and retailing business.

Design Insights

Based on designs, the contact lenses industry is segmented into toric lens, spherical lens multifocal lens, and others that include orthokeratology or ortho-k lenses. The multifocal lenses segment is expected to witness increased demand due to the ability of these lenses to incorporate multiple prescriptions. They are primarily used for treating age-related ophthalmic disorders such as presbyopia.

The spherical lens segment is anticipated to be one of the leading industry segments over the forecast period. The segment accounted for 73.9% of the overall industry share in 2014.

Toric Lenses are used for correcting astigmatism problems that arise from a variation in the curvature of the cornea. The demand for toric lenses is expected to increase substantially with a CAGR of 6.8% over the forecast period.

Usage Insights

Based on usage, the market is segmented into therapeutic, cosmetic, prosthetic, lifestyle-oriented, and corrective. The corrective lenses application segment had the maximum market share in 2016 of the contact lens market. The corrective contact lens application is anticipated to portray the highest growth with a CAGR of 9.8% over the forecast period.

Therapeutic applications accounted for a major portion of the total market share in 2016 and are expected to witness a reduction in market share over the forecast period as these lenses can also be used to deliver drugs to the cornea. The cosmetic lens industry is anticipated to witness colossal growth opportunities due to the surging demand for improved aesthetic appeal of eyes. The cosmetic segment is anticipated to be one of the leading industry segments with over the forecast period.

Product Insights

The hybrid lens segment is expected to witness significant growth over the forecast period. A hybrid lens is a combination of Rigid Gas Permeable (RGP) and soft lenses. It consists of an RGP central zone surrounded by a soft peripheral skirt made of soft or silicone hydrogel material.

It provides the wearing comfort of a soft lens and visual clarity of an RGP lens. The increased use of hybrid lenses by people with astigmatism and keratoconus is expected to favorably impact the segment growth.

Contact lenses market by product type, 2016 (%)

contact lense market

Soft contact lenses offer numerous advantages, such as greater flexibility and comfort, as compared to RGP lenses. They are extensively used for ametropia correction as they permit extra oxygen to pass through to the wearer’s cornea.

Regional Insights

The Japanese regional market is expected to witness immense growth prospects in the cosmetic lenses segment, owing to circle lenses that are specifically designed to enhance the appearance of eyes. The circle lenses conceal the white part of eyes along with the iris.

Mainstream contact lens manufacturing is undertaken in the Asia regions. Also, alongside these products have made inroads in the U.S. regions as well. The trend of cosmetic lenses, stimulated by increasing usage of cosmetic lenses in the media and entertainment sector, is expected to continue over the forecast period.

The South American and Asia Pacific markets are expected to portray high growth rates over the forecast period. The Chinese regional market is expected to witness significant growth in the cosmetic lens segment due to increased adoption of contact lenses.

Competitive Insights

The key industry participants in the market include Johnson & Johnson Services, Inc., CIBA Vision (Alcon), CooperVision, Inc., and Bausch & Lomb Incorporated. The industry is perceiving growing market consolidations through strategic initiatives such as alliances, mergers, and acquisitions. This is primarily due to the brand value and loyalty base accrued by the market players, along with the establishment of a global footprint.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, South America, and MEA

Country scope

U.S., Canada, Mexico, UK, Germany, France, China, Japan, India, and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the contact lenses market based on products, design types, usage types, and regions:

  • Product Outlook (Revenue, USD Million; 2014 - 2024)

    • RPG lens

    • Soft lens

    • Hybrid lens

  • Design Outlook (Revenue, USD Million; 2014 - 2024)

    • Spherical

    • Toric

    • Multifocal

    • Others

  • Usage Outlook (Revenue, USD Million; 2014 - 2024)

    • Corrective

    • Therapeutic

    • Cosmetic

    • Prosthetic

    • Lifestyle-oriented

  • Regional Outlook (Revenue, USD Million; 2014 - 2024)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • South America

      • Brazil

    • Middle East and Africa

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