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The soft contact lens market size is estimated to grow at a CAGR of 5.66% from 2022 to 2027. The market size is forecast to increase by USD 2,511.35 million. The growth of the market depends on several factors including the growing popularity of contact lenses over eyeglasses, the rise in the number of people with eye disorders, and the popularity of silicone hydrogel contact lenses.
This soft contact lens market report extensively covers market segmentation by product (daily soft contact lens, weekly replacement lens, monthly replacement lens, and others), application (corrective lens, therapeutic lens, and cosmetic lens), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 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, along with 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 popularity of contact lenses over eyeglasses is a major factor driving the market growth. Contact lenses offer numerous advantages compared to eyeglasses. Some of the key advantages of contact lenses include better all-around vision, ensuring clear peripheral vision in addition to objects in front.
Additionally, contact lenses eliminate glare and offer enhanced comfort and portability. There is an increasing preference for contact lenses among athletes and sportspersons as they stay securely in place during activities and are less susceptible to breakages. The launch of progressive contact lenses has opened new growth opportunities for the market. Soft contact lenses, particularly disposable ones, are in high demand due to their convenience in use, storage, and cleaning, along with their ability to avoid trapping dust. These advantages have driven a steady increase in demand for contact lenses, especially soft contact lenses, driving the growth of the market during the forecast period.
Focus on drug delivery through contact lenses is an emerging trend shaping the market growth. The main delivery mechanism of ophthalmic drugs is through eye drops despite many deficiencies such as low bioavailability and poor compliance. Contact lenses offer an ideal channel for drug delivery to the anterior chamber due to their direct placement on the cornea, leading to a high bioavailability of at least 50%, significantly higher than the 1-5% achieved by eye drops.
However, this ten-fold increase in bioavailability reduces drug loss during delivery and potential side effects. Additionally, contact lenses offer a uniform release profile compared to the pulsatile delivery seen with eye drops, leading to improved therapeutic outcomes. Furthermore, extended-wear contact lenses can enhance patient compliance. Although early lens designs were not optimized for drug delivery, the growing interest in developing contact lenses for this purpose has led to the introduction of new manufacturing techniques. Hence, such factors are expected to drive the global soft contact lens market growth during the forecast period.
The availability of counterfeit contact lenses is a major challenge for market growth. There is a growing concern among consumers and regulatory authorities worldwide regarding the increasing availability of counterfeit contact lenses in the market. Some of the key countries with several counterfeit products include the US and Southeast Asian markets.
Additionally, there is an increasing concern regarding the use of these counterfeit lenses as they can lead to severe eye infections and even permanent eye damage. The main distribution channel for the majority of these counterfeit products includes novelty stores, beauty salons, and Halloween shops which are often sold under the colored or cosmetic lens segments. Several initiatives are being undertaken by organizations such as the FDA, Homeland Security Investigations, and US Customs like Operation Double Vision to seize shipments and apprehend sellers of these counterfeit lenses. Hence, the presence of such products in the market may undermine consumer confidence in the safety of soft contact lenses, potentially hindering the market's 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 Soft Contact Lens Market Customer Landscape
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.
CAMAX OPTICAL CORP. - The company offers soft contact lenses under the brand Naturalens.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The daily soft contact lens segment is estimated to witness significant growth during the forecast period. There is a growing popularity for daily soft contact lenses among consumers due to its numerous advantages such as no day-to-day accumulation of lens deposits and no requirement for cleaning. As a result, there is an increasing shift in focus of manufacturers from hard contact lenses to comfortable soft contact lenses.
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The daily soft contact lens segment was the largest segment and was valued at USD 2,352.95 million in 2017. For instance, in January 2020, Bausch + Lomb, a leading business unit of Bausch Health Companies Inc., launched expanded parameters for Biotrue ONEday for Astigmatism daily disposable contact lenses. One of the main features of Biotrue ONEday for Astigmatism lenses is that formulated with a patented dehydration barrier, which enables the lens to maintain nearly 100% of its moisture for a full 16 hours. Additionally, it also provides an evolved peri-ballast design, featuring a tapered edge to limit lid interaction and spherical aberration control to help minimize halos and glare, especially in low light conditions. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the global soft contact lens market growth 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. The leading causes of vision impairment in the US are attributed to increased screen time among teenagers and adults due to the growing use of digital screens, as well as genetic factors. The rising number of myopic cases has increased the demand for vision correction through contact lenses.
According to the Association for Research in Vision and Ophthalmology (ARVO), the total number of children with myopia in the US was approximately 19.5 million in 2020, with a prevalence rate of 36.1%. The prevalence of myopia among children is expected to continue growing, driving the demand for soft contact lenses in the region. This unmet demand for vision care products has motivated companies to expand their offerings, leading to the establishment of new firms, and further fueling market growth. Notably, the launch of products like Alcon's Precision1, a daily disposable hydrogel contact lens, in Canada showcases the industry's continuous efforts to meet consumer needs. Hence, such factors are expected to drive the global soft contact lens market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global soft contact lens market witnessed a significant slowdown due to the closure of stand-alone ophthalmic stores, as well as eye care units in malls in North America. As a result, there was a decline in demand for vision care products such as soft contact lenses. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in stand-alone ophthalmic stores, as well as eye care units in malls. Such factors are expected to drive the market during the forecast period.
The soft contact lens 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.
Soft Contact Lens Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.66% |
Market growth 2023-2027 |
USD 2,511.35 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.31 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bausch Health Companies Inc., CAMAX OPTICAL CORP., Carl Zeiss AG, Contamac Ltd., EssilorLuxottica, Groupe Limagrain Holding, HOYA CORP., Johnson and Johnson Services Inc., MARK ENNOVY PERSONALIZED CARE S.L., Menicon Co. Ltd., Metro Optics of Austin Inc., MPG and E Handel und Service GmbH, Neovision Co. Ltd., Novartis AG, Orion Vision Group , PRECILENS, St.Shine Optical Co. Ltd., The Cooper Companies Inc., ABB Optical Group LLC, and Advanced Vision Technologies |
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, 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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