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Contact Lens Market

Contact Lens Market

Contact Lens Market Size, Trend Analysis & Competition Tracking By Material (Gas Permeable, Silicone Hydrogel, Hybrid), By Design (Spherical, Toric, Multifocal), By Application (Corrective, Therapeutic, Cosmetic), By Distribution Channel, By Usage - Global Insights 2021 to 2031

Contact Lens Market
FACT4536MR
  • Sep-2021
  • List of Tables : 117
  • List of Figures : 209
  • 170 Pages
  • Consumer Goods

Market Outlook for Contact Lens

According to Fact.MR, the contact lens market surpassed US$ 9 Bn in 2020. According to the report, the sales for contact lenses are projected to surpass US$ 15.3 Bn by 2031.

Growing geriatric population and the consequent deterioration in vision quality and the advent of colourful contact lenses to enhance aesthetic appeal are increasing the demand. Thus, the contact lenses industry is expected to surpass a CAGR of 5% in the forecast period.

Key Points Covered in Contact Lens Industry Analysis

  • Market estimates and forecast 2016-2031
  • Key drivers and restraints impacting market growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Contact Lens Market and How to Navigate
  • Recommendation on Key Winning Strategies

Contact Lens Historical Trends 2016-2020 in Comparison to Future Outlook 2021-2031

According to Fact.MR, market research and competitive intelligence provider, the market for contact lens gained a market value that surpassed nearly US$ 9 Bn between 2016 and 2020.

Increase in urbanization and sedentary lifestyles have pushed people to use smart devices such as laptops and smartphones. In addition, the number of people suffering from myopia has surged. Thus, the contact lenses industry is expected to surpass a market value of US$ 12 Bn by surpassing a CAGR of 5% in the forecast period.  

Contact Lens Market to Witness 1.7x Growth?

According to WHO, around 2.2 billion people suffer from vision impairment. This includes people suffering from near or far visual impairment. In addition, growing awareness of eye health is pushing people to undergo eye check-ups.

Contact lenses companies are focusing on providing better eye comfort and visual access. Thus, contact lenses are also made of hybrid material that are a combination of hard and soft lenses. Not only are they easy to wear, but also provide a wider range of visual diameter. This, in turn, has boosted the sales of contact lenses by 1.7x.

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What is Boosting the Demand for Contact Lenses?

Cases of visual defects such as myopia, presbyopia, astigmatism, and an ever-increasing geriatric population that needs vision correction will drive the global contact lenses market in the projected forecast period.

Shortage of trained professionals such as ophthalmologists emerges as a key challenge for market growth. However, disruptive automation in the manufacturing processes and innovative colors facilitate growth prospects in developing economies.

Mass-adoption of contact lenses over traditional prescription glasses will continue to propel the contact lens market growth.

How are Increasing Cases of Myopia Catalysing Contact Lens Sales?

Use of gadgets such as laptops and smartphones for work purposes has multiplied. The age of digitalization has created more opportunities that require people to work on computers and laptops. Thus, long hours of using technological devices that emit light has caused myopia.

Singapore and China are two countries reporting highest cases of myopia. Thus, for vision correction, contact lenses are used by people from the aforementioned countries. Not only is the geriatric population facing myopia but school and college going students as well. This, in turn, is expected to increase the demand for contact lenses.

An Adaptive Approach to Modern-day Research Needs

Smart Contact Lenses to Pave Way for New Era of Innovation?

Market players are increasingly expanding their offerings apart from the competition by bringing innovative products such as toric lenses, daily disposables, and lenses with attractive color tints in addition to corrective lenses.

Smart technologies are rapidly transforming consumer products and contact lenses are no exception. For instance, IMEC and SEED Co. Ltd. have produced a smart contact lens that is integrated with radio-frequency antennas, LED light, and an ultra-thin silicon microchip.

Country-wise Analysis

What Growth Prospects Abound across the U.S Market?

According to Centres for Disease Control and Prevention, more than 4.2 million people suffer from eye-related problems. This is due to cataracts, glaucoma and diabetic retinopathy. 

Thus, the U.S. exhibits a strong demand outlook for contact lenses, exhibiting a market share of 36%. High per capita healthcare expenditure coupled with early adoption of advanced technologies positions North America as the market leader.

How is Contact Lens Usage Rising across India, China and Japan?

The Japanese and Chinese contact lens industry is expected to experience a boom in sales due to high emphasis on aesthetic value. Especially in China, the millennials and generation Z are expected to show an inclination towards adapting to contact lenses.

In addition, an expanding geriatric population pool in India along with constant research and development is anticipated to propel the demand of contact lenses.

Remunerative growth opportunities are forecast in the Asian region, expected to grow at a robust CAGR of 7% through 2031. Prevalence of e-commerce platforms in developing countries is further driving future growth prospects of the regional market.

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Category-wise Insights

Why is Hybrid Material for Contact Lenses Gaining Popularity?

Hybrid material consists of silicone hydrogel and gas permeable. The combination of these materials provides comfort for a longer period of time. People who use lenses on a regular basis prefer lenses made of hybrid materials.

In addition, people suffering from astigmatism have shown an inclination towards using contact lenses made of hybrid materials. Thus, the sales of hybrid-based contact lenses is expected to increase, expanding at 4% CAGR.

How are Offline Distribution Channels Influencing Growth of Contact Lenses Industry?

Sales of contact lens through offline distribution channels accounts for 3/4th of the total revenue. This can be attributed to established behaviour patterns of geriatrics who prefer buying contact lenses from physical stores.

However, emerging millennial consumers are directing their sales towards online channels, further amplified by the presence of e-commerce platforms that deploy advanced virtualization techniques to enhance buying experiences. Online distribution of contact lenses is expected to grow at a dexterous CAGR of over 6%.

Competitive Landscape

Prominent contact lens manufacturers are capitalizing on introducing new product lines, as well as securing regulatory approvals from government authorities to market their business.

  • CooperVision recently received FDA approval for its product called CooperVision Biofinity® toric multifocal Contact Lenses. The product extends the applications of Biofinity® toric lenses to presbyopia patients.
  • In Aug, 2019, Alcon launched PRECISION1, the first mainstream contact lens to employ SMARTSURFACE® technology that delivers precision with long lasting comfort.

Report Scope

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania 
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Germany
  • UK
  • Spain
  • France
  • Italy
  • Russia
  • India
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • GCC
  • South Africa

Key Market Segments Covered

  • Material
  • Design
  • Application
  • Distribution Channel
  • Usage
  • Region

Key Companies Profiled

  • Johnson & Johnson
  • Alcon Vision LLC
  • Bausch & Lomb
  • Incorporated
  • EISS International (Stiftung)
  • Contamac
  • CooperVision Inc
  • Essilor International S.A
  • Hoya Corporation
  • Medennium
  • Seed Co. Ltd
  • STAAR Surgical Company
  • SynergEyes Inc
  • X-Cel Specialty Contacts
Customization & Pricing

Available upon Request

Key Segments Covered

  • Material

    • Gas Permeable Contact Lenses
    • Silicone Hydrogel Contact Lenses
    • Hybrid Contact Lenses
  • Design

    • Spherical Contact Lenses
    • Toric Contact Lenses
    • Multifocal Contact Lenses
    • Other Contact Lenses
  • Application

    • Corrective Contact Lenses
    • Therapeutic Contact Lenses
    • Cosmetic Contact Lenses
    • Prosthetic Contact Lenses
    • Lifestyle-oriented Contact Lenses
  • Distribution Channel

    • Online Contact Lens Distribution
    • Offline Contact Lens Distribution
  • Usage

    • Daily Disposable Contact Lenses
    • Disposable Contact Lenses
    • Frequent Replacement Contact Lenses
    • Traditional Contact Lenses

- FAQs -

As of 2020, the market for contact lens reached nearly US$ 9 Bn.

The contact lens industry is expected to surpass a CAGR of 5% from 2021-2031.

The contact lens market is expected to reach nearly US$ 12 Bn by 2031.

Increase in cases of myopia and the use of screens are the key trends driving the sales of contact lens.

Asia is the most lucrative region for contact lens sales, expanding at 7% CAGR.

Johnson & Johnson Alcon Vision LLC, Bausch & Lomb, Incorporated, EISS International (Stiftung), Contamac, CooperVision Inc, Essilor International S.A, Hoya Corporation, Medennium, Seed Co. Ltd, STAAR Surgical Company, SynergEyes Inc, X-Cel Spec

China, India and Japan are driving demand for contact lenses

Hybrid Material is expected to hold the highest share for sales, expanding at 4% CAGR

Offline distribution will account for bulk of contact lens demand, capturing 75% of overall sales

The offline distribution channel is expected to grow at a CAGR of 6% in the forecast period.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

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