Contact Lenses Market by Product, Distribution Channel and Geography - Forecast and Analysis 2023-2027

Contact Lenses Market Forecast 2023-2027

The contact lenses market size is estimated to grow by USD 4.99 billion, at a CAGR of 5.58% between 2022 and 2027. The market's growth hinges on several factors, notably the escalating incidence of myopia, driven by lifestyle changes and increased screen time. Furthermore, the rising preference for daily disposable contact lenses, offering convenience and hygiene, fuels market expansion. Moreover, there's a growing emphasis on improving aesthetics, with contact lenses serving as a popular choice for enhancing appearance. These trends underscore the dynamic landscape of the market, driven by both functional and cosmetic considerations. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics

In the market, several factors shape its landscape. The aging population propels demand, particularly with rising optometry practices. Cosmetic and colored lenses cater to aesthetic preferences, alongside functional variants like spherical and toric lenses. Increasing awareness of blue light's impact fuels growth in both the retail and e-commerce segments. Daily disposable lenses gain popularity for convenience, utilizing advanced polymeric materials. Challenges persist in addressing eye disorders like keratoconus and age-related macular degeneration, while innovations in sizes, shapes, and materials aim to enhance comfort and efficacy, requiring collaboration between ophthalmologists and optometrists to ensure optimal patient outcomes. 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.

Key Driver

The growing prevalence of myopia is the key driver for the growth of the global 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.

Moreover, 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. They are one such solution that can help in correcting vision impairment caused due to myopia. This is expected to boost the demand for the market during the forecast period.

Major Trends

The increasing adoption of advanced technologies in contact lenses is the primary trend in the global 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 increase 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 using 3D technology. Such technological innovations and product developments are expected to drive the growth of the market during the forecast period.

Significant Challenge

Stringent regulations are the key challenge for the global 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. This act also established the need for a valid prescription for all types of these before they are supplied to consumers. Such regulatory barriers are expected to hinder the contact lens market growth during the forecast period.

Key Market Customer Landscape

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 Market Customer Landscape

Who are the Major Market Companies?

Companies 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 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 companies, including:

• 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.
• UltraVision CLPL

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.

What is the Largest-Growing Segment in the Market?

The market exhibits diverse segmentation driven by various factors. With an aging population, demand spans optometry services, catering to both corrective and cosmetic needs. The market encompasses a wide range of lenses, including spherical and toric lenses, addressing different vision requirements. Specialized lenses, such as those filtering blue light, appeal to consumers concerned about eye health. The market serves both traditional retail outlets and the burgeoning e-commerce segment, offering convenience and accessibility. Options like daily disposable lenses, crafted from advanced polymeric materials, ensure comfort and hygiene. With support from ophthalmologists and optometrists, individuals with eye disorders like keratoconus or age-related macular degeneration find tailored solutions, including rigid gas permeable (RGP) lenses, available in various sizes and shapes.

The soft lenses segment is estimated to witness significant growth during the forecast period. They are made from hydrogels, which contain gel-like water-containing plastics. These are very thin and flexible. this lens fits onto the front surface of the eye.  Due to 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 was the largest segment and was valued at USD 6.54 billion in 2017. The demand for these is expected to grow at a steady rate during the forecast period, due to features such as greater comfort and flexibility compared with RGP. 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). Therefore, these are preferred by users when compared with other types. these factors are expected to hinder the growth of the market in focus during the forecast period.

Which are the Key Regions for the Market?

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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 in the region during the forecast period.

Segment Overview

The 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. 

• Type Outlook
  • Soft lenses
  • Rigid gas permeable lenses
  • Hybrid lenses

• Distribution Chanel Outlook 
  • Offline
  • Online

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market encompasses a wide array of lenses catering to various needs and conditions. From correcting common issues like hyperopia and presbyopia to addressing specific eye health concerns, such as inflammation and keratitis, these lenses play a crucial role. Innovations like gas-permeable and silicon hydrogel lenses offer enhanced comfort and oxygen flow to the eyes, reducing issues like corneal oedema and swollen eyes. With advancements in augmented reality and virtual reality, coupled with development strategies like product launches and acquisitions, the market continues to evolve. Accessible through various channels, including online stores, retail pharmacy, and hospital stores & pharmacy, it serves a global demographic, aiding in vision impairment treatment and improving patient outcomes.

Soft contact lenses, a staple in the corrective vision aids market, cater to a diverse range of needs and preferences. The colored contact lenses market size continues to expand, driven by factors such as disposable income and celebrity endorsements. However, concerns regarding infection, allergy, and vitamin deficiency underscore the importance of maintaining eye health. Farsightedness, uncorrected nearsightedness, and distance vision impairment are common refractive errors addressed by contact lenses. Global eye health initiatives advocate for accessibility to corrective solutions, prioritizing health and safety. Biodegradable materials and innovations in lens designs aim to enhance sustainability and comfort. Virtual try-on technologies facilitate consumer decision-making, while subscription services offer convenience. Established suppliers like Novartis and Bausch & Lomb dominate the market, offering multipurpose solutions and lens care products. Brands like Clalen, Solotica, and FreshKon lead with wellness packaging and a wide array of lens options, from visibility tint to enhancement tint to opaque tint.

The market value and revenues of the contact lens industry continue to soar, driven by advancements in technology and consumer demand. As the industry evolves, emphasis on eye health, innovation, and sustainability remains paramount.  Vassen, Desio, Barbie Eyesland, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, and Dueba are among the leading brands in the contact lens market. Each brand offers a diverse range of products catering to different consumer preferences and needs. Advancements in genetics have shed light on the genetic basis of various eye conditions and visual impairments. Understanding the genetic predispositions can help in early detection and better management of these conditions. In today's digital age, eye strain due to prolonged digital screen exposure has become a common concern. Contact lens brands are increasingly focusing on developing products that provide comfort and alleviate symptoms associated with digital eye strain. Visual impairments, including nearsightedness, farsightedness, and astigmatism, affect millions worldwide. Contact lenses offer corrective solutions to improve vision and enhance quality of life for individuals with visual impairments.

As consumer preferences evolve and technology advances, contact lens brands continue to innovate to meet the diverse needs of their customers. Whether it's addressing genetic predispositions, alleviating digital eye strain, or providing corrective solutions for visual impairments, these brands play a crucial role in promoting eye health and wellness.

Market Scope
Report Coverage	Details
Page number	166
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.58%
Market growth 2023-2027	USD 4.99 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	5.22
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 34%
Key countries	US, China, UK, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
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
Market dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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