Contact Lenses Market

The global contact lenses market size was valued at USD 12.88 billion in 2020 and is expected to expand at a CAGR of 5.1% during the forecast period, 2021–2028. The growth of the market is attributed to an increase in the number of visual errors.

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A contact lens is a curved-shaped and thin crystalline lens primarily designed to be worn over the slit film that covers your eyes surface. Myopia, hypermetropia/hyperopia, presbyopia, and astigmatism are all eyes-related conditions that need the use of a corrective lens to correct refractive defects and compensate for visual deficits. In the realm of optics and optometry, there has been a tremendous increase in R&D activity. For instance, IMEC and SEED Co. Ltd, an international R&D centre, formed a collaborative agreement to create a smart contact lens in November 2018. A radio-frequency antenna for LED light, wireless energy transfer, and an ultra-thin silicon microchip are among the components of this contact lens. The linkages are made with a thin stretchy sheet. Soft contact lenses are constructed of flexible and soft polymers such as silicone hydrogel, which provide greater comfort and adaptation to the eye. It is frequently used to correct ametropia by allowing for more oxygen to reach the cornea. By decreasing dryness and irritation, an increase in oxygen permeability helps to improve comfort. Moreover, the correction of eyes problems related to distance, intermediate, and close vision may all be achieved using a trifocal lens.

The drop in usage of contact lenses during the COVID-19 emergency shutdown time was due to the large decline in income of majority of the population worldwide. Although there was no proof that contact can efficiently prevent the COVID-19 contact, several healthcare organizations encourage to use spectacles especially among healthcare experts during the patient treatment during the pandemic to prevent infection. Furthermore, medical operations, particularly elective procedures, were delayed or postponed to prevent COVID-19 from spreading.

Market Trends, Drivers, Restraints, and Opportunities

• Rising prevalence of eyes-related diseases and growing number of the ageing population who are highly exposed to the risk of eyes infection are expected to drive the market during the forecast period.
• Introduction of dynamic soft contact lenses with improved technology and rising demand for daily disposable contact lenses are key factors fueling the market. 
• Uneasiness in the usage of eyeglasses as well as the increasing acceptance of Plano sunglasses to improve aesthetic appeal are expected to propel the market in the coming years.
• Availability of refractive surgery, complexity in the use of the lenses, and side-effects of using the lenses are major hurdles that can hinder the market expansion.
• Rising innovations in contact lenses with drug-delivery capabilities presents a key factors that can create lucrative growth opportunities for the market.

Scope of the Report

The report on the global contact lenses market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Daily disposable segment to expand at a considerable CAGR

On the basis of usage, the contact lenses market is segmented into disposable, daily disposable, frequently disposable, and traditional/reusable lenses. The daily disposable segment is projected to expand at a considerable CAGR during the forecast period due to the comfort and suitable of the lenses for daily use. On the other hand, the traditional/reusable lenses segment is anticipated to account for a major market share during the forecast period as it can be worn for an extended period of time and are more cost-effective for full-time wearers.

Eye care professionals segment to hold significant share of the market

In terms of distribution channels, the market is divided into eye care professionals, e-commerce, and retail. The eye care professionals segment is expected to hold a significant share of the market owing to rising need for eye care experts who can give advices for effective treatment or measures to cure several eyes-related diseases. Furthermore, consumers usually tend to purchase eye lenses from eye practitioners on the advice of the experts. However, the e-commerce segment is projected to account for a significant market share owing to the introduction of different types of lenses options such as disposable soft contact lenses in online platforms. Moreover, the advancement of non-practitioner lens sellers such as e-commerce contact lens retailers is likely to push the segment growth further.

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Therapeutic segment to grow at a high rate during the forecast period

Based on applications, the contact lenses market is segregated into therapeutic, cosmetic, prosthetic, corrective, and lifestyle-oriented. The therapeutic segment is expected to grow at a high rate during the projected period as the lenses can be used to deliver medications to the cornea. Moreover, the cosmetic segment is expected to be a fast-growing segment during the forecast period due to the increased need for greater eye visual appeal.

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Multifocal segment to dominate the market

On the basis of designs, the market is fragmented into toric, spherical, multifocal, and others. The multifocal segment is likely to dominate the market during the projected timeline due to the lenses flexibility to accommodate varied prescriptions. They are typically used to treat ocular diseases caused by factors such as presbyopia. It has a number of advantages including better visual acuity for users who need to combine several prescriptions in a single lens. The toric segment, however, is expected to grow rapidly as lenses are used to treat astigmatism issues caused by a difference in the curvature of the cornea.

Hybrid segment is expected to rise significantly

In terms of materials, the contact lenses market is categorized silicon hydrogel, gas permeable, and hybrid. The hybrid lens segment is estimated to increase its share representation of the market significantly in the coming years. A hybrid lens is made up of both gas permeable and silicone hydrogel lenses. It comprises of an RGP center zone surrounded by a soft or silicone hydrogel material peripheral skirt. It combines the softness of a soft lens with the optical clarity of an RGP lens. People with astigmatism and keratoconus generally prefer to utilize hybrid lenses more frequently, which is expected to boost the segment.

North America is anticipated to constitute a key market share

In terms of regions, the contact lenses market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to continual R&D expenditures and adoption of new technology by players for developing cost-effective and extreme comfort lenses. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to wide adoption of the lenses for aesthetic values and large prevalence of eye-related disorders among the youth population in the region.

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Segments

Segments Covered in the Report
The global contact lenses market has been segmented on the basis of
Usages

• Disposable
• Daily Disposable
• Frequently Disposable
• Traditional/Reusable Lenses

Distribution Channels

• Eye Care Professionals
• E-commerce
• Retail

Applications

• Therapeutic
• Cosmetic
• Prosthetic
• Corrective
• Lifestyle-oriented

Designs

• Toric
• Spherical
• Multifocal
• Others

Materials

• Silicon Hydrogel
• Gas Permeable
• Hybrid

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Hoya Corporation
• SynergEyes, Inc.
• X-Cel Specialty Contacts
• Johnson & Johnson Vision Care, Inc.
• Medennium
• Seed Co., Ltd.
• STAAR Surgical Company
• Essilor International S.A.
• Alcon Vision LLC
• Abbott Medical Optics, Inc.
• CooperVision, Inc.
• Bausch & Lomb, Incorporated
• ZEISS International
• Contamac

Competitive Landscape

Key players competing in the global contact lenses market are Hoya Corporation; SynergEyes, Inc.; X-Cel Specialty Contacts; Johnson & Johnson Vision Care, Inc.; Medennium; Seed Co., Ltd.; STAAR Surgical Company; Essilor International S.A.; Alcon Vision LLC; Abbott Medical Optics, Inc.; CooperVision, Inc.; Bausch & Lomb, Incorporated; ZEISS International; and Contamac.

Growing market consolidation using strategic initiatives such as mergers, partnerships, and acquisitions are several business expansion methods adopted by the market participants, Moreover, these players are constantly focusing on expansion of their brand value and customer base to cover more geographical reach. To enhance their product portfolio and geographical reach, market participants are actively linked to form long-term agreements with suppliers and distributors.