Global Contact Lenses Market by Material (Silicon Hydrogel, Gas Permeable) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global contact lenses market was valued at USD 12.79 million in 2019. It is expected to grow at a 5.0% CAGR between 2020 and 2027. A corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies, such as myopia hypermetropia/hyperopia, presbyopia, and astigmatism. Market growth is expected to be driven by an increase in visual inaccuracies. In the coming years, outdoor activities are expected to increase product demand.

The market has seen a significant increase in R&D in optics and optometry. Contact lenses have seen a surge in demand due to technological advances such as the introduction of soft, dynamic contact lenses that combine advanced technology with them. Innovators such as SEED Co. Ltd and IMEC, an international R&D center, entered into a partnership to create a smart contact lens. The contact lens will include components such as an ultra-thin silicon microchip, a radio-frequency amplifier for wireless energy transfer and LED light. The interconnections are made using a thin stretchable film.

Soft lenses or silicone hydrogel lenses have a broad range of applications, which is why they are a prominent contributor to market share. Flexible, soft plastics like silicone hydrogel are used to make soft contact lenses. This allows for greater adaptability and comfort. It is widely used to correct ametropia. They allow more oxygen to reach the cornea. An increase in oxygen permeability can improve comfort and reduce dryness and itching.

Contact lens sales are growing due to the need to eliminate the use of glasses and the increasing popularity of Plano sunglasses for aesthetic enhancement. Contact lenses are more popular due to the increasing number of product innovations. Alcon Vision LLC launched AcrySof IQ PanOptix trifocal IOL in March 2019. It is a trifocal lenses that can be used to treat cataract surgery patients. The trifocal lenses can be used for near, intermediate and distance vision. Market demand will be driven by the development of contact lenses that deliver drugs. The market is poised to grow with the rising demand for disposable contact lenses.

Material Insights

The market can be divided into three types of materials: gas permeable and silicone hydrogel. Over the forecast period, hybrid lens sales are expected to grow significantly. A hybrid lens is made up of both silicone hydrogel and gas permeable. It has an RGP central area and a soft peripheral skirt of silicone or soft hydrogel material. It offers the wear comfort of a soft lens, but retains the visual clarity of an RGP. Segment growth will be influenced by the increased use of hybrid lenses for people with astigmatism or keratoconus.

Silicone hydrogel lenses have a wider range of benefits than regular gas permeable lenses. They offer greater flexibility and comfort. The risk of infection is lower when gas permeable lenses are less breathable than their counterparts. This segment will continue to lose market share due to the many benefits of soft lenses.

Design Insights

The market can be divided into multifocal, spherical, toric, and other segments based on design. Due to the flexibility of multifocal lenses, there will be moderate demand for them over the forecast period. They are used primarily to treat age-related ophthalmic conditions such as presbyopia. This lens offers many benefits, including improved visual acuity in users who need multiple prescriptions to be incorporated into one lens.

In the coming years, the spherical lenses segment will be a major industry segment. This segment represented more than 60% overall market share in 2019. Toric Lenses can be used to correct astigmatism caused by a deviation in the cornea's curvature. With a CAGR 8.4%, the demand for toric lenses will increase significantly over the forecast period.

Application Insights

The market can be divided into five segments based on its usage: corrective, lifestyle-oriented and cosmetic. In 2019, the corrective lenses segment accounted for the largest share. Over the forecast period, the corrective contact lenses application segment is expected to show the highest CAGR at 5.4%. Contact lenses for therapeutic purposes are used to treat ocular pain, corneal healing and other conditions.

A significant portion of 2019's market share was accounted for by therapeutic applications. This segment will see a decrease in market share during the forecast period, as lenses can be used to deliver drugs directly to the cornea. Due to the growing demand for cosmetic lenses with a better aesthetic appeal, the industry is expected to experience colossal growth. Over 5% CAGR is expected to be achieved by the cosmetic segment during the forecast period.

Distribution Channel Insights

The market can be divided into three categories based on its distribution channel: e-commerce (ECP), Eye-Care Professionals, and retail. Independent eye-care professionals distribute the majority of the lens manufacturing. Online retailing will likely have the lowest market share. ECP channels offer the best opportunity to make profits. Over the forecast period, the e-commerce distribution channel will show the highest CAGR at 6.6%.

Contact lenses used to need to be removed every day and required extensive cleaning. The consumer used to buy eye lenses from an eye practitioner. However, disposable soft contact lenses, which are worn for a short time, and the advent of non-practitioner sellers of contact lenses, such as e-commerce retailers of contact lenses, have changed the market dynamics. E-commerce has made distribution easier and allowed manufacturers to expand their geographic footprint around the world.

Useage Insights

The market can be divided into three segments based on its usage: daily disposable, disposable, often disposable and traditional (reusable). From 2020 to 2027, the daily disposable segment will grow at 6.0%. This segment will also be the most dominant over the forecast period. Daily disposable lenses have been gaining popularity due to their greater comfort. Many players have started to develop daily disposable lenses. Most people consider these lenses to be the best option for contact lenses. Daily disposable lenses are recommended by eye care professionals to avoid the complications that can be associated with long-term lens replacements.

A daily disposable lens is made from a soft, flexible plastic material that is easily manipulated and used by active people. People who participate in sports and other activities prefer to use a daily disposable lens. These contact lenses are also being increasingly popular due to their health benefits. To increase the adoption of disposable lenses, vendors are offering more rebates. The often disposable lens is replaced every two weeks, three months, or quarterly. Traditional (reusable) lenses can last a long time, and are cheaper for full-time wearers.

Regional Insights

Cosmetic lenses are being used in Japan to enhance the eyes. This has led to tremendous growth in the Asia Pacific market. The region's demand will be fueled by the expected increase in the purchasing power of Asian consumers. Due to increased use of contact lenses, the Chinese market will see significant growth in cosmetic lens sales. In the near future, South America is expected to see significant growth.

Soft contact lenses are highly marketed in Europe and North America. Research and development investments are a constant focus of companies and researchers in these countries. Due to the significant demand from media and entertainment, the U.S. has high penetration of this product.

Market Share insights on Contact Lenses

Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc., Bausch & Lomb, Incorporated, ZEISS International, Contamac, Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., and STAAR Surgical Company are the key market players. Market consolidation will be a key factor in the future. This is primarily because of the brand value and customer base that market players have, as well as the establishment of a global presence.

To strengthen their product range and geographic presence, market players enter into long-term relationships with distributors and suppliers. In January 2019, Mark'Ennovy Personalized Care S.L. (MARK'ENNOVY), a European contact lens manufacturer, announced its partnership with Capricornia Contact Lens Pty Ltd., a distributor and manufacturer of contact lenses. Through this collaboration, the former will be able to improve its customer service, distribution and logistics.

The Report Covers Certain Segments

This report provides a forecast of revenue growth at the global, regional and country level and analyzes the most recent industry trends in each sub-segment from 2016 to 2027. Grand View Research segmented the global market for contact lenses based on material and design, application, distribution channels, usage, region, and country.

• Material Outlook (Revenue USD Million, 2016-2027)

  • Gas Permeable

  • Silicone Hydrogel

  • Hybrid

• Design Outlook (Revenue USD Million, 2016-2027)

  • Spherical

  • Toric

  • Multifocal

  • Other

• App Outlook (Revenue USD Million, 2016-2027)

  • Corrective

  • Therapeutic

  • Cosmetic

  • Prosthetic

  • Lifestyle-oriented

• Distribution Channel Outlook (Revenue USD Million, 2016-2027)

  • E-commerce

  • Eye Care Practitioners

  • Retail

• The Usage Outlook (Revenue in USD Millions, 2016-2027)

  • Daily Disposable

  • Disposable

  • Replaced Frequently

  • Traditional

• Regional Outlook (Revenue USD Million, 2016-2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Singapore

    • Australia

    • South Korea

  • South America

    • Brazil

    • Argentina

  • Middle East and Africa

    • UAE

    • Saudi Arabia

These are the most frequently asked questions about this report

b. Global contact lens market was valued at USD 12.8 billion in 2019, and is projected to grow to USD 13.7 billion by 2020.

b. Global contact lenses market will grow at a compound annual rate of 5.0% between 2019 and 2027, to reach USD 19.2 Billion by 2027.

b. With a 39.6% share in 2019, North America was the dominant market for contact lenses. This can be attributed to increasing product innovation and visual inaccuracies.

b. b.

b. b.

Up Market Research published a new report titled “Contact Lenses Market research report which is segmented by Material (Silicon Hydrogel, Gas Permeable), By Players/Companies Essilor International SA; Alcon Vision LLC; Abbott Medical Optics, Inc; CooperVision, Inc; Bausch & Lomb, Incorporated; ZEISS International; Contamac; and Hoya Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Contact Lenses Market Report Segments:

The market is segmented by Material (Silicon Hydrogel, Gas Permeable).

Contact Lenses Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Contact Lenses Market

Overview of the regional outlook of the Contact Lenses Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Contact Lenses Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Contact Lenses Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Silicon Hydrogel

                2. Gas Permeable

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Contact Lenses Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Contact Lenses Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.