The global contact lenses market size was valued at USD 11.86 billion in 2018 and is anticipated to expand at a CAGR of 5.6% from 2019 to 2025. Major applications of corrective contact lenses are in the treatment of visual deficiencies, such as hypermetropia/hyperopia, myopia, astigmatism, and presbyopia, and for the correction of refractive errors. Thus, rising cases of visual inaccuracies is expected to drive the global market over the forecast period.
Technological advancements in the field of optometry and optics have resulted in R&D and advent of dynamic soft contact lenses with advanced technologies. For instance, in November 2018, SEED Co. Ltd. and IMEC, an international R&D hub, have collaboratively developed a contact lens that includes an ultra-thin silicon microchip, LED light, a radio-frequency antenna that would suffice the wireless energy transfer. Moreover, the interconnections are also made with thin stretchable film.
The soft lens or silicone hydrogel material is widely used in the manufacturing of contact lenses; thus, this raw material segment is one of the prominent contributors in the global market. Advancements in the contact lens technology, such as drug delivering lenses, and increasing product adoption across the globe are expected to drive the market over the forecast period.
Companies in this market enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence. For instance, in January 2019 Mark´Ennovy Personalized Care, S.L (MARK´ENNOVY), a European contact lens manufacturer, announced its collaboration with Capricornia Contact Lens Pty. Ltd., a contact lenses distributor and manufacturer. This collaboration is expected to strengthen MARK´ENNOVY’s customer care service and distribution channel.
The hybrid lens segment is expected to witness the maximum growth over the forecast period. Hybrid lens is a combination of gas permeable and silicon hydrogel. It consists of an RGP central zone surrounded by a soft peripheral skirt made of soft or silicone hydrogel material. It offers enhanced comfort and visual clarity of an RGP lens.
Increased use of hybrid lenses by people suffering from astigmatism and keratoconus is expected to favorably impact the segment growth. Silicon hydrogel lenses offer numerous advantages, such as greater flexibility and comfort, as compared to gas permeable lenses. They are also used for ametropia correction as they permit extra oxygen to pass through to the wearer’s cornea. This has augmented their demand.
Based on designs, the industry is segmented into toric, spherical, multifocal, and other products that include orthokeratology or ortho-k lenses. The multifocal 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.
Spherical lens is anticipated to be one of the leading industry segments over the forecast period. Toric Lenses are used for correcting astigmatism problems that arise from a variation in the curvature of the cornea. Thus, the demand for these products is expected to increase substantially over the forecast period.
Based on application, the market is segmented into therapeutic, cosmetic, prosthetic, lifestyle-oriented, and corrective. The corrective application segment had the maximum market share in 2018 and is anticipated to register the highest growth over the forecast period. Therapeutic applications also accounted for a major portion of the market share in 2018. However, the segment is expected to lose its share in future. The cosmetic segment is anticipated to witness rapid growth due to rising awareness regarding the overall aesthetic appeal.
Based on distribution channel, the market is segmented into e-commerce, eye-care professionals, and retail. Majority of the products manufactured are distributed through independent Eye-Care Professionals (ECPs). The e-commerce distribution channel is anticipated to witness the highest CAGR of 7.2% over the forecast period. This segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe.
Based on usage type, the market is divided into daily disposable, disposable, frequently disposable, and traditional (reusable) lens. The daily disposable segment is anticipated to expand at the maximum CAGR of 6.8% from 2019 to 2025.
Major factors driving the segment growth include rising preference for daily disposable lenses and extensive R&D by key companies for the development of innovative products. In addition, many eye care professionals prescribe these products as they avoid problems associated with longer lens replacements. This is also likely to contribute to the segment expansion.
Asia Pacific regional market is expected to witness the maximum growth over the forecast period. It is also expected to be the largest regional market in future on account escalating product demand as a result of growing population base and disposable income levels. Rising popularity of cosmetic lenses is estimated to contribute to the market growth in the years to come. China, in particular, is expected to witness a significant growth in the APAC region due to increased product adoption.
Key industry participants in the market include Johnson & Johnson Services, Inc.; CIBA Vision (Alcon); Cooper Vision, 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.
Base year for estimation
Actual estimates/Historical data
2014 - 2017
2019 - 2025
Revenue in USD Million and CAGR from 2019 to 2025
North America, Europe, Asia Pacific, South America, and MEA
U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy China, Japan, India, Singapore, Australia, South Korea, Brazil, Argentina, UAE, and Saudi Arabia
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global contact lenses market report on the basis of material, design, application, distribution channel, usage, and region:
Material Outlook (Revenue, USD Million, 2014 - 2025)
Design Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Eye Care Practitioners
Usage Channel Outlook (Revenue, USD Million, 2014 - 2025)
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa
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