Contact Lenses Market to Cross US$ 10 Bn Mark in Five Years
Increasing prevalence of myopia, particularly in the younger population, is creating a significant demand for contact lenses for vision correction. Moreover, breakthrough innovations such as drug-eluting lenses that could potentially address a range of vision and eye defects are creating newer opportunities in the market. On the back of these primary factors, the sales of contact lenses will surpass US$ 10 Bn in next five years. A recent report published by Future Market Insights (FMI) reveals that the overall growth of global contact lenses market will remain moderate during the forecast period (2019 - 2029).
Frequently Asked Questions About contact lenses market
How Smart Lenses Could Totally Change the Future Prospects of the Market?
As scientists are envisioning a new world of contact lenses that can administer medication, record a video after detecting a deliberate blink, or serve as tiny screens for entertainment, manufacturers will need to set their product apart from the competition.
How much will the contact lenses market be worth by the next ten years?
The contact lenses market is expected to be valued at US$ 12.5 Bn by 2029, maintaining an average annual increase of 4.5% during the 10-year forecast period (2019-2029).
Which region is expected to hold the highest share in the contact lenses market?
Growth prospects of the contact lenses market are high in North America, accounting for around 38% of the revenue share. Greater opportunities are also expected in East Asia which is set to exhibit the highest CAGR over the forecast period (2019-2029).
Which segments of the contact lenses market will have the most growth over the next few years?
Soft lenses will continue to stay in demand against gas permeable lenses. In terms of design, toric lenses are witnessing higher demand as compared to multifocal and spherical lenses. By 2024, sales value of disposable lenses will take over that of reusable lens, and account for more than half of the total share.
Which technologies and regional markets will provide the best opportunities?
With Google achieving a patent for solar-powered smart contact lenses, the future of contact lenses is set to provide a range of health and technological benefits. North America and Europe will continue to offer greater opportunities due to easy access to new technologies and strong presence of market players.
Consumers Seek Clarity via Offline Sales
Offline channels including multi-brand stores and exclusive stores account for nearly 75% of the overall sales of contact lenses. Despite E-commerce expansion compelling eyewear companies to sell online, consumers are still inclined towards purchasing contact lenses from brick and mortar stores. They value the expertise and guidance of eye specialists and thus, continue to uphold sales of contact lenses at offline stores. Companies such as Lenskart, Warby Parker, and Mister Spex are experiencing significant sales of contact lenses, both online and offline, the former will however gain pace in the latter half of the forecast period.
Sales of Reusable Lenses to Solidify East Asia’s Market Position
North America currently accounts for nearly 35% of global contact lenses sales. The presence of established companies such as Pure Vision and Bioinfinity, coupled with significant developments in terms of contact lens technology innovation would continue to drive the growth of market in North America. However, East Asia has been projected to emerge lucrative over the following years, reflecting a higher CAGR of around 7% over the forecast period. This growth is attributed to the soaring sales of reusable contact lenses in the region, particularly China and South Korea.
Smart Contact Lenses Hold the Future
Brands leading their way in the contact lenses market have revealed that research activities are in full swing to unlock the true potential of contact lens technology that could possibly provide vision beyond human capacity. The race in the wearable tech space is at its tipping point and the contact lenses market is witnessing a similar trend. Several eye care and tech companies including Google, Apple, Novartis, and Sensimed are engaged in the development of smart contact lenses that already represent a multi-billion-dollar market.
High demand for soft lenses
Adoption of gas permeable lenses declining
Spherical highly preferred
Demand for multifocal on rise
Offline channels set to dominate
Online channels gaining popularity
How Growth will Unfold
With sales surpassing 74 million units by 2019 end, reusable lenses will register a major share of over 50% in the total sales of contact lenses. This demand growth would be sustained by the ascending demand for reusable lenses, especially in developing economies. However, by the end of the forecast period, disposable lenses will take the lead, as this category has been witnessing frequent new launches of innovative and reliable multi-focal daily disposable lenses since the recent past. R&D of advanced disposable contact lenses will further complement the rate of adoption of these lenses in the near future.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
Custom Market Research Services
FMI offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.
Contact Lenses Market Analysis 2019 - 2029
A recent market study published by Future Market Insights on the contact lenses market provides global industry analysis for 2014 - 2018 and forecast for 2019 - 2029. This report offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters of the contact lenses market, the growth prospects of the market are obtained with maximum precision.
Contact Lenses Market Taxonomy
The global contact lenses market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
- Soft Lenses
- Daily Wear
- Extended Wear
- Gas Permeable
- e-Commerce Portals
- Company Owned Portals
- Exclusive Stores
- Multi-brand Stores
- North America
- Latin America
- East Asia
- South Asia
- Middle-East and Africa
The report begins with the executive summary of the contact lenses market, which includes a summary of the key findings and statistics of the market. It includes dominating segments in the global contact lenses market, along-with key facts about contact lenses, and graphical representation of the segments according to market size and growth rate.
Readers can find detailed segmentation and definition of the contact lenses market in this chapter, which will help them to understand the basic information about the contact lenses present in the market. This section also highlights the inclusions and exclusions, which help the reader to understand the scope of the contact lenses market report.
This section explains the global market value & volume analysis and forecast for the contact lenses market between 2019 and 2029. It includes detailed analysis of the historical contact lenses market, along with an opportunity analysis for the future. Readers can also find the absolute $ opportunity for the current year (2019 – 2020), and incremental opportunity for the forecast period (2019 – 2029).
This section highlights the average pricing analysis for various contact lenses in different regions across the globe. The weighted average pricing at the manufacturer-level is analyzed in this section.
This chapter explains the key macro-economic factors that are expected to influence the growth of the contact lenses market over the forecast period. Along with macroeconomic factors, this section also highlights the opportunity analysis for the contact lenses market. This chapter also highlights the key market dynamics of the contact lenses market. Moreover, readers will understand the key trends followed by the leading manufacturers in the contact lenses market. This section also covers supply chain analysis, forecast factors, Porter’s analysis, and PESTLE analysis for the global contact lenses market.
Based on product type, the contact lenses market is segmented into soft lenses and gas permeable. The soft lenses segment is further sub-segmented into daily wear and extended wear. In this chapter, readers can find information about key attractive segments during the forecast period.
Based on design type, the contact lenses market is segmented into spherical, toric, multifocal, and others. In this chapter, readers can find information about key attractive segments during the forecast period.
Based on wear type, the contact lenses market is segmented into disposable and reusable. In this chapter, readers can find information about key attractive segments during the forecast period.
This chapter provides details about the contact lenses market on the basis of sales channel, and has been classified into online and offline. The online sales channel is further sub-segmented into e-Commerce portals and company owned portals. The offline sales channel is sub-segmented into exclusive stores and multi-brand stores. In this chapter, readers can find information about key attractive segments during the forecast period.
This chapter explains how the contact lenses market is expected to grow across various geographical regions, such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North American contact lenses market, along with a country-wise assessment that includes the U.S. and Canada. Readers will also find some of key points on the basis of estimated market size and consumption of contact lenses.
Readers can find detailed information about several factors, such as the pricing analysis and the regional trends, which are impacting the growth of the Latin America contact lenses market. This chapter also includes the growth prospects of the contact lenses market in leading LATAM countries such as Brazil, Mexico, Argentina, and the Rest of Latin America.
Important growth prospects of the contact lenses market based on product type and buyer type in several countries, such as Germany, the UK, France, Spain, Italy, Russia, BENELUX, Nordics, Poland, and the Rest of Europe, are included in this chapter.
India, Indonesia, Thailand, and Malaysia are the leading countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia contact lenses market in this chapter. Readers can find detailed information about the growth parameters of the South Asia contact lenses market during the period 2019-2029.
This chapter highlights the growth of the contact lenses market in East Asia by focusing on China, Japan, and South Korea. The section also highlights data points regarding the growth of the contact lenses market in the East Asia region.
In this chapter, Australia and New Zealand are among the leading countries in the Oceania region, which are the prime subjects of assessment to obtain the growth prospects of the Oceania contact lenses market.
This chapter provides information about how the contact lenses market will grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, Northern Africa, and the rest of MEA, during the forecast period of 2019 - 2029.
In this chapter, separate analysis for emerging countries such as China, India, and Mexico is given. It provides segment level analysis of the contact lenses market for each country mentioned in the section.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the contact lenses market along with their market presence analysis by region and product portfolio.
In this chapter, readers will find a comprehensive list of all leading manufacturers in the contact lenses market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report 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., Menicon Co. Ltd., and others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the contact lenses report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, about the contact lenses market.
How the research was conducted?
Primary research interviews with key opinion leaders and other participants were conducted for data collection and validation of the below information:
- Key Segments in the Contact Lenses Market
- Market Share Analysis
- Average Selling Price (US$) and Market Growth
- Comparative Analysis of Several Contact Lenses Present in the Market
- Market Size
- Key Trends & Developments
- Competition & Key Vendor Strategies
- Industry Journals
- American Optometric Association
- Contact Lens Manufacturers Association (CLMA)
- Import-Export Database
- Annual Reports/SEC filings/Investor Presentations
Primary Interview Splits