Contact Lenses Market

Contact Lenses Market Overview

[300 Pages Report] As per newly released data by Future Market Insights (FMI), the contact lenses market is estimated at USD 9.1 billion in 2022 and is projected to reach USD 12.5 billion by 2029, at a CAGR of 3.8% from 2014 to 2021. Share of contact lenses market in its parent market (eyewear market) is approximately ~5%-7%.

Key Points Covered in Contact Lenses Market Survey

• Market estimates and forecast 2014-2029
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Global Contact Lenses Market and How to Navigate
• Recommendation on Key Winning Strategies

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2014-2021 Global Contact Lenses Market Outlook Compared to 2022-2029 Forecast

One of the most well-known divisions of the eye care industry is contact lenses. The rise in incidences of myopia and astigmatism around the world, as well as the increased usage of contact lenses in developing nations, are driving market expansion over the projection period.

Furthermore, market leaders in contact lenses have stated that research is underway to unlock the true potential of contact lens technology, which might potentially deliver eyesight beyond human capabilities. The competition for wearable electronics is gaining traction, and the contact lens business is forging ahead.

Preference for Branded and Affordable Contact Lenses to Boost Market Growth

Patients seek expert advice and advanced care while purchasing contact lenses worldwide. In developed countries, consumers show preference towards using insurance policies and are willing to spend more on vision care products. Additionally, consumers show brand loyalty and are less likely to switch to competitor’s products due to product affordability and comfort offered by their regular brand. 

High risk of infection involved with usage of contact lenses that do not suit the patient properly influences consumers to choose popular brands available in the market. Most consumers obtain their contact lenses directly from optometrists or optical outlets. Easy access to optical shops allows wearers to purchase lenses conveniently and immediately without the wait required for online purchases.

Introduction of Innovative and Novel Features to Vision Care Products

Manufacturers and retailers of glasses, frames, lenses and other vision devices function in an extremely competitive and international market. Demand for vision care products will increase as manufacturers offering a wide range of innovative and novel features in their products. Over the past few years, companies are manufacturing modern & innovative vision care products such as soft contact lenses with advanced technologies to increase their demand in the market.

For instance, Johnson & Johnson vision received FDA-approved for the contact lens which automatically darkens when exposed to bright light. The lens has a photochromic additive which protects eyes from UV lights and protection against exposure to blue and also controls the visible light entering the eye.

Increasing Vision-related Disorders in Elderly Patient to Drive Market Growth

Globally, an older population that is still growing at a high rate is causing increasing vision issues. Retinal loss is a major health concern among the elderly. The most common causes of vision loss are age-related cataracts, macular degeneration, glaucoma, and diabetic retinopathy. The demand for visual health services and products among the elderly is increasing as the prevalence of eye-related illnesses rises.

Another cause of visual deterioration in the elderly is refractive errors (nearsightedness and farsightedness). The majority of illnesses and conditions that cause vision impairment and blindness may be prevented or treated using proven and cost-effective interventions, and normal vision can be restored with eyeglasses, contact lenses, or refractive surgery.

Restraints to Stunt Market Growth

Despite the fact that contact lenses are required for vision correction and provide a higher quality of life than spectacles, contact lens utilization in poor countries is lower than in industrialized countries. Because there is a lack of awareness about contact lenses among spectacle wearers. Contact lens education and demonstrations of visual performance via trial contact lens fittings on potential applicants may assist overcome contact lens wear hurdles.

Country-wise Insights

Will Rising Vision Correction in US boost the Demand for Contact Lenses?

US is considered as a lucrative market for contact lenses and is expected to register a significant CAGR of 3.2%. The increased demand for contact lenses in the United States is attributable to a rise in contact lens usage among people of all ages. According to the Centers for Disease Control and Prevention, around 45 million people in the United States utilize contact lenses, with 8% of contact lens wearers under the age of 18, 17% between the ages of 18 and 24, and 75% of adults aged 25 and older wearing contacts.

How will the Contact Lenses Business Expand across India?

Indian contact lenses business is expected to rise at an impressive CAGR of 6.8%. Globally, myopia is the most common cause of distance refractive error affecting around 23 percent of the world’s population. Prevalence of myopia increases with age. Myopia among the global population is anticipated to grow at a significant rate during the forecast period.

Many children in India are at high risk for myopia. Over the last few years, there was a significant increase in the prevalence of high myopia among high school students in India, which may become a severe public health problem for foreseeable future. Thus, companies are introducing novel contact lenses to slow progression of myopia in children which expected to help the players in the market to expand their business across the country.

Will Increasing Eyesight Problems Boost Demand for Contact Lenses across Germany?  

The market of contact lenses in Germany is expected to grow at CAGR of 6.1%. The most common cause of sight loss in Europe, according to the European Blind Union, is age-related eye conditions, which are caused by an increase in the senior population with a variety of vision problems, rising disposable incomes, as well as an increase in eye injuries and vision-related illness.

Furthermore, contact lens demand in the country is also being driven by consumer desire for contact lenses with appealing colors, tints, and textures for enhancing eye look.

Category-wise Insights

Will Toric Contact Lenses Drive the Market Sales?

According to the analysis, in terms of design type the toric segment is predicted to grow at a considerable CAGR of 4.8% from 2022 to 2029, due to the increasing prevalence of astigmatism and new product launches in the toric lenses segment. For instance, in 2021 CooperVision had planned to launch new Biofinity toric multifocal contact lenses in the UK and Ireland.

Which Wear Type Holds a Lucrative Avenues for Contact Lenses?

In terms of wear type, disposable segment is expected to register the significant CAGR of 5.5% from 2022 to 2029 and is expected to remain dominant over the forecast period.

It is due to the population's growing preference for daily disposable contact lenses, which decreases wearing issues. This, together with major manufacturers' development of innovative disposable contact lenses, is propelling the category forward in the global market.

Will Online Retailing become the Most Prominent Sales Channel for Contact Lenses?

According to the analysis, online retailing is predicted to dominate over the forecast period, with a CAGR of 4.8%. As a result of the epidemic, customer preferences have shifted as a result of the range of products available through the internet channel, such as free gifts and deep discounts. Furthermore, shifting regulatory rules for online sales in developed nations, as well as the arrival of significant E-pharmacy businesses into the industry, are attributable to the increased growth of the online channel.

Competitive Landscape

Leading players operating globally in the market are focusing on expansion, development, and new product launches in order to expand their business globally.

For instance:

• In 2017, Bausch+Lomb introduced contact lenses for astigmatism with extended parameters.
• In 2018, CooperVision, Inc. introduced a new MyDay toric in plus powers in the market.
• In 2018, ZEISS International expanded its production facility in China for medical technology and vision care business unit.

Scope of Report

Global Contact Lenses Market by Category

By Product Type :

• Soft Lenses
• Daily wear
• Extended Wear
• Gas Permeable

By Design Type :

• Spherical Contact Lenses
• Toric Contact Lenses
• Multifocal Contact Lenses
• Others

By Wear Type :

• Disposable Contact Lenses
• Reusable Contact Lenses

By Sales Channel :

• Online
  • E-commerce Portal
  • Company Owned Portal
• Offline
  • Exclusive Stores
  • Multi-brand Stores

By Region :

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA