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The contact lenses market size is estimated to grow at a CAGR of 5.58% between 2022 and 2027. The market size is forecast to increase by USD 4,991.63 million. The growth of the market depends on several factors, including the growing prevalence of myopia, the rising adoption of daily disposable contact lenses, and the increasing focus on enhancing aesthetics
This contact lenses market report extensively covers market segmentation by product (soft lenses, rigid gas permeable lenses, and hybrid lenses), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of myopia is the key driver for the growth of the global contact lenses market. Myopia is also known as nearsightedness, but there is no clear reason for the cause of myopia. However, it is a genetic disorder in many cases or occurs because of straining of eyes due to prolonged exposure to digital screens or owing to several other activities that strain eyes. On average, more than 50% of children have myopia if one of their parents has this condition. Additionally, it is expected that 50%( 5 billion) of the world's population is expected to have myopia by 2050.
With the growing incidences of visual impairment, many initiatives have been started to create awareness among people. For example, Vision 2020: The Right to Sight is an initiative by the international agency for the prevention of blindness. Such initiatives create awareness among people about various visual impairment conditions, such as myopia. With the growing prevalence of myopia, the need for vision correction has risen. Contact lenses are one such solution that can help in correcting vision impairment caused due to myopia. This is expected to boost the demand for the global contact lenses market during the forecast period.
The increasing adoption of advanced technologies in contact lenses is the primary trend in the global contact lenses market. A significant number of research and development activities have been conducted in the vision care industry to advance technology. Advanced factors such as telescopic contact lenses, brightness-controlling lenses, 3D-printed contact lenses, augmented reality contact lenses, health and glucose monitoring lenses, and other custom lenses are expected to rise the growth of the market during the forecast period.
Furthermore, recent innovations in soft lenses, such as the KeraSoft IC, are significant improvements in this industry. For example, KeraSoft IC is a silicone hydrogel lens with an innovative design, which delivers comfort, health, and significant visual vision for people with irregular corneas. Moreover, Luxexcel Technology offers 3D printing technology to manufacture custom contact lenses using 3D technology. Such technological innovations and product developments are expected to drive the growth of the global contact lens market during the forecast period.
Stringent regulations are the key challenge for the global contact lenses market. The global contact lens market has various regulatory barriers. Contact lens sales are regulated by both the US Food and Drug Administration (FDA) and the Federal Trade Commission (FTC). The Opticians Act 1989 Order 2005 covers the legislation for the sales and fitting of both corrective and non-corrective contracts. Vendors are not showing their interest in investing in the global contact lens market due to regulatory uncertainty, complexity, and cost.
Furthermore, In the US, the Federal Food, Drug, and Cosmetic Act has been revised with the inclusion of Section 520, due to which provides information and guidelines on all types of contact lenses. This act also established the need for a valid prescription for all types of contact lenses before they are supplied to consumers. Such regulatory barriers are expected to hinder the contact lens market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Contact Lenses Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alcon Inc.: The company offers contact lenses such as Dailies Total1, Dailies Total1 Multifocal, Dailies Total1 For Astigmatism.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The soft lenses segment is estimated to witness significant growth during the forecast period. Soft lenses are made from hydrogels, which contain gel-like water-containing plastics. These lenses are very thin and flexible. this lens gets fits onto the front surface of the eye. Due to the factors such as being comfortable to wear, easier to adjust, and can stay in place better as compared with hard contact lenses. The hydrogel allows oxygen to pass through the contact lens to the cornea, which increases comfort and maintains eye health.
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The soft lens segment was the largest segment and was valued at USD 6,545.05 million in 2017. The demand for soft lenses is expected to grow at a steady rate during the forecast period, due to features such as greater comfort and flexibility compared with RGP lenses. They are also less susceptible to the other objects under the lens, such as dust, and have less sensitivity to light than hard or rigid gas permeable (RGP) lenses. Therefore, soft lenses are preferred by users when compared with other types of lenses. these factors are expected to hinder the growth of the market in focus during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Refractive errors are the most common eye problem in the US. Furthermore, In the US, the rising cases of vision impairment have also increased the cost associated with vision problems. It was more than USD 60 billion in 2018. It is estimated that in the next 20 years, more than 30% of the population in North America is expected to be myopic.
Moreover, North Americans are estimated to spend over USD 30 billion each year on eyewear. vendors such as Bausch Health, Johnson and Johnson, and The Cooper Companies have a strong presence in North America and are continually launching products to expand their market share. The continuous product launches in North America and increasing vision-related impairments are likely to boost the demand for contact lenses in the region during the forecast period.
The COVID-19 pandemic led to a decline in the growth rate of the contact lens market in North America in 2020. However, in the second half of 2020, due to large-scale vaccination drives, lockdown-related restrictions in various countries were relaxed. to some extent, which allowed the movement of people and thus results in a rising in the number of people visiting diagnostic centers and cataract surgeries. In addition, the reopening of the supply chain and rescheduling of postponed eye treatment led to an increase in demand for contact lenses. Thus, because of this all factors the regional contact lenses market is expected to show significant growth during the forecast period.
The contact lenses market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the Contact Lenses Market as a part of the consumer discretionary market within the global consumer durables and apparel market. The parent global application software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Contact Lenses Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
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Market growth 2023-2027 |
USD 4,991.63 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.22 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, UK, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alcon Inc., Appenzeller Kontaktlinsen AG, Art Optical Contact Lens Inc., Bausch Health Co. Inc., BenQ Materials Corp., Benra Pty Ltd., Carl Zeiss Stiftung, Clearlab SG Pte Ltd., Contamac Ltd., Danaher Corp., EssilorLuxottica SA, HOYA Corp., Johnson and Johnson Services Inc., MARK ENNOVY PERSONALIZED CARE S.L., Menicon Co. Ltd., Metro Optics of Austin Inc., SEED Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., and UltraVision CLPL |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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