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The ophthalmic lens market size is estimated to grow at a CAGR of 4.85% between 2022 and 2027. The ophthalmic lens market size is forecast to increase by USD 14.3 billion. The growth of the market depends on several factors, including the increasing prevalence of refractive errors, technological advances in ophthalmic lenses, and initiatives to create awareness about benefits and advances in ophthalmic lenses.
This market report extensively covers market segmentation by end-user (consumers, hospitals and clinics, and ambulatory surgery centers), product (spectacle lens, contact lens, and IOLs), and geography (North America, Europe, Asia, and Rest of World (ROW)). 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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The increasing prevalence of refractive errors is notably driving the market growth, although factors such as the high cost of ophthalmic lenses may impede the market growth. 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 increasing prevalence of refractive errors is notably driving market growth. Myopia is the most common refractive error, which first manifests in children of school-going age and typically progresses until about age 20 as the eyes continue to grow during childhood. Hyperopia, also known as hypermetropia, can affect both children and adults, it is one of the leading causes of visual impairment. Astigmatism is caused by an irregular curvature of the eye's cornea or lens. Presbyopia is an age-related refractive error. A cataract is an ophthalmic disorder that causes clouding of the eye lens. The aging population has a high risk of presbyopia and cataract. Hence, there is an increasing demand for ophthalmic lenses for vision correction with the growing prevalence of refractive errors and cataracts.
The global aging population is growing rapidly due to the rise in average life expectancy. The aging population has a high risk of presbyopia and cataract. A cataract is very common in the elderly; as a person ages, some of the protein may clump together and start to cloud a small area of the lens. As the clouding increases, visualization becomes distorted and ultimately leads to loss of vision. In 2020, approximately 722 million people were aged 65 years and above globally. This number is expected to increase to approximately 810 million by 2025. Hence, there is an increasing demand for ophthalmic lenses for vision correction with the growing prevalence of refractive errors and cataracts.
An increase in acquisitions and partnerships is the key trend in the market. The competition among existing vendors in the global contact lens market is intense. Hence, they are opting for strategic partnerships and acquisitions with market participants such as product providers, technology providers, and platform providers. Through acquisitions and strategic partnerships, vendors have strengthened their technological competence, product portfolio, and geographic reach. Such collaborations also enable vendors to explore new opportunities for their products and services and generate revenue through the sales of their products and services to a wide customer base.
For instance, in April 2021, CooperVision acquired No7 Contact Lenses, a designer and manufacturer of Specialty EyeCare, to expand its business in specialty eye care. Similarly, in February 2020, two major manufacturers in the optical industry, namely EssilorLuxottica, and GrandVision, decided to merge their operations. The growing number of strategic partnerships and acquisitions between vendors and market participants will drive the growth of the market during the forecast period.
One of the key challenges affecting the market growth is the high cost of ophthalmic lenses. The cost of ophthalmic lenses has significantly increased with advances in technology. The cost varies depending on the type of lens. For instance, the cost of HD spectacle glass lenses is 25%-30% more than traditional spectacle glass lenses. The annual cost of daily disposable soft contact lenses, toric contact lenses, and bifocal contact lenses is 2-3 times higher than the annual cost of normal disposable soft contact lenses that are to be replaced every two weeks.
The cost burden further increases with the cost of contact lens solutions. Premium IOLs have a greater success rate and provide better visual function and greater spectacle independence than standard mono-focal lenses. However, the adoption of premium IOLs is low due to the high cost of such implants. Hence, the high cost of lenses will restrict the growth of the market.
The market 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 Ophthalmic Lens 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.
Johnson and Johnson - The company offers ophthalmic lenses through its brands such as JNJVISIONPRO. They also provide a broad range of products used in the orthopedic, surgery, interventional solutions, diabetes care, and eye health fields. Additionally, the company caters to pharmaceutical, women's health, and wound care markets under the consumer segment.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 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.
Based on end-user, the market is segmented into consumers, hospitals and clinics, and ambulatory surgery centres. The market share growth by the consumer segment will be significant during the forecast period. The consumer segment holds the largest share of the ophthalmic lens market in 2022. As the awareness of vision-impairing conditions and the available corrective solutions will increase, the demand for ophthalmic lenses will also increase, stimulating market growth.
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The consumer segment shows a gradual increase in the market share of USD 22.49 billion in 2017 and continue to grow by 2021. In this segment, the adoption of digital technologies such as smartphones, laptops, and computers is constantly expanding as they have become part of the world. Due to the increased use of digital devices, many people suffer from digital eye strain, which includes redness, eye strain, and dryness that cause vision problems. Such factors will increase segment growth during the forecast period.
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North America is projected to account for 45% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America accounts for the largest revenue share of the global ophthalmic lens market. The US is the largest revenue contributor in this region, followed by Canada. The market growth in North America can be attributed to the increasing prevalence of refractive errors, the growing aging population, increasing healthcare expenditure, the high demand for advanced ophthalmic lenses, advanced healthcare infrastructure, and the strong market presence of leading vendors.
The COVID-19 pandemic led to a decline in the growth rate of the 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 led to an increase in the number of people visiting diagnostic centers, ASCs, and hospitals for eye tests and cataract surgeries. Additionally, the reopening of the supply chain and rescheduling of postponed eye treatment led to an increase in demand for ophthalmic lenses. Thus, due to all such factors, the regional market is expected to witness significant growth during the forecast period.
The reports categorize the global ophthalmic lenses market as a part of the global healthcare equipment market. The parent global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The ophthalmic 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.
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Ophthalmic Lens 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 4.85% |
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Market growth 2023-2027 |
USD 14.3 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.45 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Germany, France, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aksh Optifibre, Alcon Inc., Alpine Research Optics, Bausch Health Co. Inc., Bod Lenses, Camax Optical Corp., Carl Zeiss AG, Corning Inc., EssilorLuxottica, EssilorLuxottica SA, Halma Plc, HOYA Corp., Jiangsu Hongchen Group Co. Ltd., Johnson and Johnson, Mitsui Chemicals Inc, Nikon Corp., Privo, Rodenstock GmBH, Shamir Ltd., SynergEyes Inc., The Cooper Companies Inc., The Walman Optical Co., and VISION EASE |
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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, and market condition analysis for the 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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
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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