Soft Contact Lens Market by Product, Application and Geography - Forecast and Analysis 2023-2027

Soft Contact Lens Market Forecast 2023-2027

• The global soft contact lens market size is estimated to grow by USD 2.51 billion  between  2023 and 2027
• The market is accelerating at a  compound annual growth rate of 5.66% 

The surge in demand for contact lenses over traditional eyeglasses is a significant driver of market expansion. Contact lenses offer numerous benefits compared to eyeglasses. Notably, they provide better all-around vision, ensuring clear peripheral vision alongside objects in front. Moreover, contact lenses eliminate glare and offer improved comfort and portability. They are increasingly favored by athletes and sports enthusiasts due to their secure fit during activities and reduced risk of breakage. The introduction of progressive contact lenses has created new avenues for market growth. Soft contact lenses, especially disposable ones, are experiencing high demand due to their convenience in usage, storage, and maintenance, as well as their ability to prevent dust accumulation. These advantages have led to a consistent rise in demand for contact lenses, particularly soft variants, fueling market growth in the foreseeable future.

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Market Segmentation

This market report extensively covers market segmentation by Product as daily soft contact lenses, weekly replacement lenses, monthly replacement lenses, and others. The Application segment such as corrective lenses, therapeutic lenses, and cosmetic lenses. The Geography consists of North America, Europe, APAC, South America, and the Middle East and Africa.  It also includes an in-depth analysis of drivers (factors influencing market growth), trends (emerging patterns or shifts in consumer behavior), and challenges (barriers or obstacles faced by the industry).

Market Major 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. Some of the major companies in the market include:

CAMAX OPTICAL CORP. - The company offers soft contact lenses under the brand Naturalens. Zeiss Company - The company offers soft contact lens such as Ultra Toric Contact Lens.

The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

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

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. Furthermore, it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Size And Market Dynamic

The market is driven by the increasing prevalence of refractive errors such as myopia, presbyopia, and astigmatism among the aging population. Trends include the rise of technological advancements in lens design, especially toric lenses for astigmatism correction. Challenges include addressing the specific needs of individuals with ocular diseases and ensuring vision impairment solutions for the geriatric population. The Canadian Ophthalmological Society (COS) and Vision Health Month play pivotal roles in raising awareness, yet technological innovation remains crucial for meeting evolving demands. 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 Market Driver

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 eyeglasses include better all-around vision, ensuring clear peripheral vision in addition to objects in front.

Additionally, eyeglasses eliminate glare and offer enhanced comfort and portability. There is an increasing preference for eyeglasses 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.

Significant Market Trends

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.  Eyeglasses 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,  eyeglasses offer a uniform release profile compared to the pulsatile delivery seen with eye drops, leading to improved therapeutic outcomes. Furthermore, extended-wear eyeglasses can enhance patient compliance. Although early lens designs were not optimized for drug delivery, the growing interest in developing eyeglasses for this purpose has led to the introduction of new manufacturing techniques. Hence, such factors are expected to drive the global market growth during the forecast period.

Major Market Challenge

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 eyeglasses 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 eyeglasses, potentially hindering the market's growth during the forecast period.

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Market Segmentation And Region

The market is a vital segment within the field of vision health, addressing a wide array of eye-related concerns such as refractive errors, ocular diseases, and vision impairment. These lenses cater to various conditions like myopia, presbyopia, and astigmatism, offering individuals a comfortable and effective solution for vision correction. One of the key drivers of the Market is the aging population, which experiences a higher prevalence of vision issues. Additionally, technological advancements have led to the development of innovative toric lenses that can correct astigmatism and other refractive errors with precision. As individuals increasingly rely on electronic gadgets, television, and computers, the demand for prescription eyeglasses and eyeglasses has surged. This trend is particularly noticeable among the geriatric population and those affected by hyperopia. Organizations like the Canadian Ophthalmological Society (COS) and initiatives such as Vision Health Month play crucial roles in raising awareness about optics, optometry, and the importance of regular eye check-ups. They also contribute significantly to advancing ophthalmology devices and promoting optimal eye care practices.

By Product 

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 eyeglasses to comfortable soft eyeglasses.

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The daily soft contact lens segment was the largest segment and was valued at USD 2.35 billion 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 eyeglasses. 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 market growth during the forecast period.

By Application 

The Market is segmented is categories as Corrective lens, Therapeutic lens, and Cosmetic lens.

Geographical Analysis

North America is estimated to contribute 34% during the forecast period.

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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 eyeglasses 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 market growth in the region during the forecast period.

Market Analyst Overview

The market is experiencing significant growth, driven by factors such as the aging population and increasing cases of refractive errors like hyperopia and presbyopia. Advancements in technological innovations, including augmented reality (AR) and virtual reality (VR), are also contributing to market expansion. The market encompasses various types of lenses, including hybrid lenses, toric lenses, and silicone hydrogel lenses, catering to diverse needs. Eye disorders such as corneal edema and ulcers highlight the importance of ophthalmology devices and eye-care professionals in the market. Additionally, the rising demand for cosmetic and colored lenses reflects changing consumer preferences and fashion trends.

However, challenges like infections and superficial keratitis underscore the need for stringent trade regulations and value chain optimization to ensure product safety and quality. Moreover, technological advancements in laser vision correction procedures such as LASIK surgery and photorefractive keratectomy (PRK) are influencing the market landscape, offering alternatives to traditional prescription eyeglasses. As the market continues to expand, strategic decisions by key players and geographic expansions will play a crucial role in capitalizing on revenue pockets and sustaining growth amidst evolving vision health needs and global healthcare trends.

The market offers a wide range of options, including disposable lenses, gas-permeable lenses, silicone hydrogel lenses, and toric lenses, catering to different vision correction needs. Moreover, advancements in plasticizer technology have improved lens comfort and wearability, enhancing the overall vision correction experience. The geriatric population is a significant driver of the global market, as age-related vision issues necessitate corrective measures like LVC procedures and spherical lenses. Additionally, initiatives like Vision Health Month promote awareness about eye health and encourage regular optometry check-ups.

However, challenges such as infections and corneal ulcers underscore the importance of adhering to proper hygiene and contact lens care practices. Healthcare organizations like the Canadian Ophthalmological Society and the Centers for Disease Control and Prevention play crucial roles in setting guidelines and standards for safe contact lens usage. As the demand for eyeglasses continues to grow globally, the market's future relies on ongoing innovations and technological advancements that ensure optimal vision correction and eye health for individuals using these essential optical devices. The market is a critical segment of the vision health industry, addressing various eye-related concerns such as blindness, ocular diseases, and red eye. With the prevalence of digital devices and electronic gadgets, individuals are exposed to blue light and ultraviolet sun rays, leading to increased demand for eyeglasses.

Market Scope
Report Coverage	Details
Page number	120
Base year	2022
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.66%
Market growth 2023-2027	USD 2.51 billion
Market structure	Fragmented
YoY growth (%)	5.31
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 34%
Key consumer countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
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 research and growth, 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 Market Research Report?

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information on companies
• Comprehensive market growth analysis details of factors that will challenge the growth of market companies

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