US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Industry Insights, Market Size, CAGR, High-Level Analysis: Contact Lenses Market The global contact lenses market size was valued at USD 12.79 billion in 2019 and is anticipated to expand at a CAGR of 5.0% from 2020 to 2027. Corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies, such as myopia hypermetropia/hyperopia, presbyopia, and astigmatism. A rise in the number of visual inaccuracies is expected to drive the market growth. Increasing participation in outdoor activities is anticipated to further boost the product demand in the forthcoming years. A significant rise in R&D activities in the field of optics and optometry has been observed in the market. Advancements such as the launch of dynamic soft contact lenses integrated with advanced technology have propelled the demand for contact lenses. For instance, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub entered into a collaborative partnership to develop a smart contact lens. This contact lens will components, such as a radio-frequency antenna for wireless energy transfer, LED light, and an ultra-thin silicon microchip. A thin stretchable film is used for making the interconnections. The soft lens or silicone hydrogel lens find wide range of application hence the segment is one of the prominent contributors to the market share. Soft contact lenses are made up of flexible, soft plastics such as silicone hydrogel, which provides easy adaptability to the eye, as well as enhanced comfort. It is extensively used for correcting ametropia. They also permit more oxygen to pass through to the cornea. Thus, increase in oxygen permeability helps to enhance the comfort by reducing dryness and itching. The need for eliminating the use of spectacles along with rising adoption of Plano sunglasses to enhance aesthetic appearance is driving the growth of the contact lens market. The rising product innovations have increased the adoption of contact lenses. For instance, In March 2019, Alcon Vision LLC announced the launch of AcrySof IQ PanOptix Trifocal IOL in the United States. It is a trifocal lens used for cataract surgery patients. This trifocal lens can be used for distance, intermediate and, near vision. Rising developments in contact lenses with drug-delivering capabilities is further expected to drive the market demand over the forecast period. Increasing demand for daily disposable contact lenses is expected to create potential growth opportunities for the market. Material Insights of Contact Lenses Market On the basis of materials, the market is segmented into gas permeable, silicone hydrogel, and hybrid. The hybrid lens segment is expected to witness significant growth over the forecast period. A hybrid lens is a combination of gas permeable and silicon hydrogel. It consists of an RGP central zone surrounded by a soft peripheral skirt made of soft or silicone hydrogel material. It provides the wearing comfort of a soft lens and visual clarity of an RGP lens. The increased use of hybrid lenses by people with astigmatism and keratoconus is expected to favorably impact the segment growth. Silicon hydrogel lenses offer a wide range of benefits including greater comfort and flexibility than gas permeable lenses. Gas permeable are more breathable as compared to their counterparts, which reduces the risk of infection. However, this segment is expected to continue losing market share on account of considerable benefits associated with soft lenses. Design Insights Based on designs, the market is segmented into multifocal lens, spherical lens, toric lens, and others that include orthokeratology or ortho-k lenses. The multifocal lenses segment is expected to witness moderate demand over the forecast period, due to the ability of lenses to incorporate multiple prescriptions. They are primarily used for treating age-related ophthalmic disorders such as presbyopia. It offers a variety of benefits such as improved visual acuity for users that need to incorporate multiple prescriptions in a single lens. The spherical lens segment is anticipated to be one of the leading industry segments in the forthcoming years. The segment accounted for more than 60% of the overall market share in 2019. Toric Lenses are used for correcting astigmatism problems that arise from a variation in the curvature of the cornea. The demand for toric lenses is expected to increase substantially with a CAGR of 8.4% over the forecast period. Application Insights of Contact Lenses Market Based on usage, the market is segmented into therapeutic, lifestyle-oriented, prosthetic, cosmetic, and corrective. The corrective lenses application segment catered the highest share in 2019. The corrective contact lens application is anticipated to portray the highest CAGR of 5.4% over the forecast period. Therapeutic contact lenses are fitted with a therapeutic goal and help in ocular pain relief, corneal healing, and others. Therapeutic applications accounted for a substantial portion of the total market share in 2019. The segment is expected to witness a reduction in market share over the forecast period as the lenses can also be used to deliver drugs to the cornea. The cosmetic lens industry is anticipated to witness colossal growth opportunities due to the surging demand for an improved aesthetic appeal of eyes. The cosmetic segment is anticipated to be one of the leading segments with over 5% CAGR during the forecast period. Distribution Channel Insights Based on the distribution channel, the market is segmented into e-commerce, Eye-Care Professionals (ECP), and retail. Majority of the lenses manufactured are distributed through independent eye-care professionals. Hence, the online retailing is expected to account for the smallest market share. As a result, market penetration in ECP channel is a key opportunity for gaining profits. The e-commerce distribution channel is anticipated to portray the highest CAGR of 6.6% over the forecast period. In the past, contact lens required daily removal and involved wide cleaning regimens. Besides, the consumer generally purchased eye lenses from eye practitioners; but with the introduction of disposable soft contact lenses that consumers wear for only a few weeks and the advancement of non-practitioner lens sellers, namely e-commerce contact lens retailers, changed the market dynamics. The e-commerce segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe. Usage Insights Based on usage, the market is segmented into daily disposable, disposable, frequently disposable, and traditional (reusable) lens. The daily disposable segment is anticipated to expand at a CAGR of 6.0% from 2020 to 2027. The segment is also expected to remain the dominant segment over the forecast period. The preference for daily disposable lenses has been rising, because a new set of lenses provides greater comfort to the user. Hence, many players have initiated the development of daily disposable lenses. These lenses are considered as the healthiest contact lens option by most users. Eye care professionals are also prescribing daily disposable lenses as they help avoid problems associated with longer lens replacements. The daily disposable lens is made of very soft and flexible plastic material and is widely used in an active lifestyle. The Individuals who are actively involved in sports activities and others prefer using daily disposable lens. Also, the adoption of these contact lens is increasing owing to various health benefits. Vendors in the market are focusing on offering greater rebates on the daily disposable lens to increase its adoption amongst users. The frequently disposable lens is replaced on a planned schedule of two weeks or months or quarterly. The traditional (reusable) lenses are lenses that can be used for a long time and are more economical for full-time wearers. Regional Insights of Contact Lenses Market To enhance the appearance of eyes, the consumers in Japan are significantly adopting cosmetic lenses. This has resulted in immense growth of the market in Asia Pacific. Increasing in purchasing power of consumers in Asia Pacific is anticipated to further fuel the regional demand. The Chinese market is expected to witness significant growth in the cosmetic lens segment due to increased adoption of contact lenses. The South America market is also anticipated to witness significant growth in near future. North America and Europe are highly penetrated markets in terms of soft contact lenses. Thus, researchers and companies in these regions are exploring for innovation through continuous R&D investments. Also, U.S. has high penetration of the product due to significantly high demand from sectors such as media and entertainment. Market Share Insights of Contact Lenses Market The key market players include 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. Growing market consolidations through strategic initiatives such as mergers, collaborations, and acquisitions, primarily due to the brand value and customer base accrued by the market players, along with the establishment of a global footprint is expected to bode well for the market growth. The market participants enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence. For instance, in January 2019 Mark´Ennovy Personalized Care, S.L (MARK´ENNOVY), a contact lens manufacturer in Europe announced its collaboration with Capricornia Contact Lens Pty Ltd, a contact lenses distributor and manufacturer. The former is expected to strengthen its customer care, distribution, and logistics through this collaboration. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Contact Lenses Market Research Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global contact lenses market report based on material, design, application, distribution channel, usage, and region Material Outlook (Revenue, USD Million, 2019 - 2030) Gas Permeable Silicone Hydrogel Hybrid Design Outlook (Revenue, USD Million, 2019 - 2030) Spherical Toric Multifocal Others Application Outlook (Revenue, USD Million, 2019 - 2030) Corrective Therapeutic Cosmetic Prosthetic Lifestyle-oriented Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030) E-commerce Eye Care Practitioners Retail Usage Outlook (Revenue, USD Million, 2019 - 2030) Daily Disposable Disposable Frequently Replacement Traditional
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.2 Market Definition 1.3 Information Procurement 1.4 Information Analysis 1.5 Market formulation & data visualization 1.5.1 Secondary sources & third-party perspectives 1.5.2 Primary research 1.6 Research Scope & AssumptionsChapter 2 Executive Summary 2.1 Market Outlook 2.2 Segmental Outlook 2.2 | read more...