Soft Lenses Remain Bestseller in Contact Lenses Market, Accounting for 80% of Total Sales: FMI

Dec 11,2019 | Retail and Consumer Products

Contact lenses have been popular on the back of their effectiveness in vision correction, in addition to convenience. Predominantly contributed by robust sales of soft contact lenses, the global market for contact lenses is set to reach US$ 8 Bn in terms of revenues by the end of 2019. A new Future Market Insights (FMI) study reveals that the contact lenses market will see a moderate CAGR over 2019 - 2029.

Soft contact lenses are the most prescribed contact lenses, while toric lens designs are significantly gaining popularity over the recent past. The latter are gaining traction attributing to their properties to correct mixed astigmatism. Moreover, these lenses are fashionable, serve various purposes owing to their anti-radiation (block UV rays) properties, and abilities to filter dim lights and work on miniature components. Demand for silicone hydrogel contact lenses is also on a constant rise, as they reduce the risk of hypoxia related eye problems.

Key Takeaways - Contact Lenses Market

  • North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
  • Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
  • Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.

Growing prevalence of myopia among young children and elderly demographic will continue to create significant opportunities for prominent players in the contact lenses market. Daily wear soft contact lenses made of flexible plastic that enables oxygen to pass through the eyes are gathering traction in market. Besides such innovations, online sales will help manufacturers reap sizeable profits in the global market.

global contact lenses market share by region 2018 a

Smart Contact Lenses Gaining Traction

Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.

For More Detailed Insights on Contact Lenses Market

Contact Lenses Market: Competitive Landscape

Prominent players in the global contact lenses market are CooperVision, Inc., Johnson & Johnson Vision Care, Inc., Hoya Vision Care Company, Alcon (Division of Novartis AG), Bausch & Lomb Incorporated, BenQ Materials Corporation, ZEISS International, SEED Co. Ltd., Essilor International S.A., and Menicon Co. Ltd. These market players primarily focus on product innovation, particularly on product design.

In 2018, SEED Co. Ltd. launched "JILLSTUART 1day UV”, a daily disposable color contact lens for consumers to obtain maximum benefits from usage of disposable lenses.

Know More About Contact Lenses Market Report

Future Market Insights, in its new offering, provides an analysis of the global contact lenses market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The report on the global contact lenses market reveals compelling insights on the basis of product type (soft lenses [daily wear and extended wear] and gas permeable), design type (spherical, toric, multifocal, and others), wear type (disposable and reusable), and sales channel (online [e-Commerce portal and company owned portal] and offline [exclusive stores and multiband stores]), across seven major regions.

For additional information, write to the analyst at press@futuremarketinsights.com

About Retail & Consumer Products division of FMI

Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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