Contact Lenses Market Size, Share and Trends Report

Contact Lenses Market Size, Share and Trends Analysis Report By Material (Gas Permeable, Silicone Hydrogel), By Design, By Application, By Distribution Channel, By Usage, By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Nov, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-094-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 100

Industry Insights

The global contact lenses market size was valued at USD 11.9 billion in 2018 and is anticipated to witness a CAGR of 5.6% from 2019 to 2025. Corrective lens are preferably used to correct refractive errors and compensate for visual deficiencies such as myopia hypermetropia/hyperopia, presbyopia, and astigmatism. Thus, a rise in the number of visual inaccuracies is expected to drive the global market over the forecast period. Increasing number of outdoor activities is further boosting the market growth.

A significant number of research and development activities have been used in the field of optics and optometry in order to advance the technology. Advances such as the launch of dynamic soft contact lenses integrated with advanced technology have propelled market growth. For instance, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub entered into a collaborative partnership in order to develop a smart contact lens. This contact lens will include various component such as a radio-frequency antenna that would suffice the wireless energy transfer, a LED light, and an ultra-thin silicon microchip. Moreover, a thin stretchable film is used to make the interconnections.

North America contact lenses Market

The soft lens or silicone hydrogel segment has wide range of applications in the contact lenses market and is one of the prominent contributors to the market share.Soft contact lenses are made up of flexible and soft plastics such as silicone hydrogel, which provides easy adaptability to the eye as well as enhanced comfort. It is extensively used for correcting ametropia. They also permit more oxygen to pass through to the wearer’s cornea.

The need for elimination of spectacles and adoption of ‘Plano’ sunglasses to enhance aesthetic appearance is driving market growth. The growing innovations in contact lenses have increased the adoption of contact lenses. Rising developments in contact lenses with drug-delivering capabilities is further expected to drive the market over the forecast period. Increasing demand for daily disposable contact lenses is expected to create potential growth opportunities for the market.

Material Insights

On the basis of materials, the market is segmented into gas permeable, silicone hydrogel, and hybrid. The hybrid lens segment is expected to witness significant growth over the forecast period. A 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 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.

Silicon hydrogel lenses offer a wide range of benefits that include greater comfort and flexibility, as compared to gas permeable lenses. Therefore, it is more preferred by the users as compared to other lenses. Gas Permeable are more breathable as compared to their counterparts, which reduces the risk of infection. However, this segment is expected to continue losing market share on account of considerable benefits associated with soft lenses.

Design Insights

Based on designs, the contact lenses industry is segmented into multifocal lens, spherical lens, toric lens, and others that include orthokeratology or ortho-k lenses. The multifocal lenses segment is expected to witness moderate 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. It offers a variety of benefits such as improved visual acuity for users that need to incorporate multiple prescriptions in a single lens.

The spherical lens segment is anticipated to be one of the leading industry segments over the forecast period. The segment accounted for more than 60% of the overall market share in 2018. Toric lenses are used for correcting astigmatism problems that arise from a variation in the curvature of the cornea. The demand for toric contacts is expected to increase substantially with a CAGR of 8.9% over the forecast period.

Application Insights

Based on application, the market is segmented into therapeutic, lifestyle-oriented, prosthetic, cosmetic, and corrective. The corrective lenses application segment catered the highest share in 2018. The corrective contact lens application is anticipated to portray the highest growth, with a CAGR of 6.0% over the forecast period. Therapeutic contact lenses are fitted with a therapeutic goal and help in ocular pain relief and corneal healing.

Therapeutic applications accounted for a substantial portion of the total market share in 2018. The segment is expected to witness a reduction in market share over the forecast period as the 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 an improved aesthetic appeal of eyes. The cosmetic segment is anticipated to be one of the leading industry segments with over 6.0% CAGR the forecast period.

Distribution Channel Insights

Based on the distribution channel, the market is segmented into e-commerce, eye-care professionals (ECP), and retail. Majority of the lenses manufactured are distributed through independent eye-care professionals. Due to this, the online retailing account for the smallest share. As a result, market penetration in ECP channel is a key opportunity for gaining profits. The e-commerce distribution channel is anticipated to portray the highest growth, with a CAGR of 7.2% over the forecast period.

In the past, contact lens required daily removal and involved wide cleaning regimens. Besides, the consumer generally purchased lenses from eye practitioners; but with the introduction of disposable soft contacts that consumers wear for only a few weeks and the advancement of non-practitioner lens sellers, namely e-commerce contact lens retailers, changed the market dynamics. The e-commerce segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe.

Usage Insights

Based on usage, the market is segmented into daily disposable, disposable, frequently disposable, and traditional (reusable) lens. The daily disposable segment is anticipated to witness a CAGR of 6.6% from 2019 to 2025. Further, the segment is also expected to remain the dominant usage segment over the forecast period. The preference for daily disposable lenses has been rising, because a new set provides greater comfort to the user. Hence, many players have initiated the development of daily disposable lenses. These are considered as the healthiest contact lenses by most users. Eye care professionals are also prescribing daily disposable lenses as they avoid problems associated with longer lens replacements.

Global contact lenses Market

The daily disposable lens is made of very soft and flexible plastic material and is widely used in an active lifestyle. The Individuals who are actively involved in sports activities and others prefer using daily disposable lens. Also, the adoption of this contact lens is increasing owing to various health benefits. Vendors in the market are focusing on offering greater rebates on the daily disposable lens to increase its adoption amongst users. The frequently used disposable lens is replaced on a planned schedule of two weeks or months or quarterly. The traditional (reusable) lenses can be used for a long time and are more economical for full-time wearers.

Regional Insights

To enhance the appearance of eyes, the consumers in Japan are significantly adopting cosmetic lenses. This has resulted in immense growth of the market in the region. North America and Europe are highly penetrated market in terms of soft contact lenses. Thus, researchers and companies in these regions are exploring diverse use of contact lenses through continuous research and development of innovative products.

Increasing purchasing power of consumers in Asia Pacific is driving the market in the region. Also, the product has high penetration in the U.S. as well. Sectors such as media and entertainment are substantially using cosmetic lenses, which result in increased in adoption of cosmetic lens. The South America and Asia Pacific markets are expected to portray high growth rates over the forecast period. The Chinese market is expected to witness significant growth in the cosmetic lens segment due to increased adoption of contact lenses.

Contact Lenses Market Share Insights

The key industry participants in the market include Essilor International S.A.; Alcon Vision LLC; Abbott Medical Optics, Inc.; CooperVision, Inc.; Bausch and Lomb, Incorporated; ZEISS International; Contamac; Hoya Corporation; SynergEyes, Inc.; X-Cel Specialty Contacts; Johnson and Johnson Vision Care, Inc.; Medennium; Seed Co., Ltd.; and STAAR Surgical Company. The industry is perceiving growing market consolidations through strategic initiatives such as mergers, collaborations, and acquisitions. This is primarily due to the brand value and consumer base accrued by the market players, along with the establishment of a global footprint.

Industry participants 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 contact lens manufacturer in Europe announced its collaboration with Capricornia Contact Lens Pty. Ltd, a contact lenses distributor and manufacturer. With this collaboration MARK´ENNOVY is expected to strengthen its customer care, distribution, and logistics.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

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

Country scope

U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Argentina, Brazil, UAE, and Saudi Arabia.

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 global, regional, and country level 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 based on material, design, application, distribution channel, usage, and region:

  • Material Outlook (Revenue, USD Million, 2014 - 2025)

    • Gas Permeable

    • Silicone Hydrogel

    • Hybrid Lens

  • Design Outlook (Revenue, USD Million, 2014 - 2025)

    • Spherical Lens

    • Toric Lens

    • Multifocal Lens

    • Other Lens

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Corrective

    • Therapeutic

    • Cosmetic

    • Prosthetic

    • Lifestyle-oriented

  • Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)

    • E-commerce

    • Eye Care Professionals

    • Retail

  • Usage Outlook (Revenue, USD Million, 2014 - 2025)

    • Daily Disposable

    • Disposable

    • Frequently Disposable

    • Traditional (Reusable) Lenses

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Singapore

      • Australia

      • South Korea

    • South America

      • Brazil

      • Argentina

    • Middle East and Africa

      • UAE

      • Saudi Arabia

Key questions answered by the report
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