Contact Lenses Market Size, Share, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Contact Lenses Market


The global Contact Lenses market size is projected to reach US$ 18.34 billion by 2026, from US$ 13.23 billion in 2020, at a CAGR of 5.6% during 2021-2026. Major applications of corrective contact lenses are in the treatment of visual deficiencies, such as hypermetropia/hyperopia, myopia, astigmatism, and presbyopia, and for the correction of refractive errors. Thus, rising cases of visual inaccuracies is expected to drive the global market over the forecast period.

Technological advancements in the field of optometry and optics have resulted in R&D and advent of dynamic soft contact lenses with advanced technologies. For instance, in November 2018, SEED Co. Ltd. and IMEC, an international R&D hub, have collaboratively developed a contact lens that includes an ultra-thin silicon microchip, LED light, a radio-frequency antenna that would suffice the wireless energy transfer. Moreover, the interconnections are also made with thin stretchable film.

The soft lens or silicone hydrogel material is widely used in the manufacturing of contact lenses; thus, this raw material segment is one of the prominent contributors in the global market. Advancements in the contact lens technology, such as drug delivering lenses, and increasing product adoption across the globe are expected to drive the market over the forecast period.

Companies in this market 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 European contact lens manufacturer, announced its collaboration with Capricornia Contact Lens Pty. Ltd., a contact lenses distributor and manufacturer. This collaboration is expected to strengthen MARK´ENNOVYs customer care service and distribution channel.

Market Segmentation, Outlook & Viewpoint: Global Contact Lenses Market

Material Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Gas Permeable
  
Silicone Hydrogel
  
Hybrid

Design Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Spherical
  
Toric
  
Multifocal
  
Others

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Corrective
  
Therapeutic
  
Cosmetic
  
Prosthetic
  
Lifestyle-oriented

Distribution Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
E-commerce
  
Eye Care Practitioners
  
Retail

Usage Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Daily Disposable
  
Disposable
  
Frequently Replacement
  
Traditional

Key Players, Recent Developments & Regional Insights: Global Contact Lenses Market

Based on application, the market is segmented into therapeutic, cosmetic, prosthetic, lifestyle-oriented, and corrective. The corrective application segment had the maximum market share in 2018 and is anticipated to register the highest growth over the forecast period. Therapeutic applications also accounted for a major portion of the market share in 2018. However, the segment is expected to lose its share in future. The cosmetic segment is anticipated to witness rapid growth due to rising awareness regarding the overall aesthetic appeal.

Distribution Channel Insights

Based on distribution channel, the market is segmented into e-commerce, eye-care professionals, and retail. Majority of the products manufactured are distributed through independent Eye-Care Professionals (ECPs). The e-commerce distribution channel is anticipated to witness the highest CAGR of 7.2% over the forecast period. This segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe.

Usage Type Insights

Based on usage type, the market is divided into daily disposable, disposable, frequently disposable, and traditional (reusable) lens. The daily disposable segment is anticipated to expand at the maximum CAGR of 6.8% from 2019 to 2025.

Major factors driving the segment growth include rising preference for daily disposable lenses and extensive R&D by key companies for the development of innovative products. In addition, many eye care professionals prescribe these products as they avoid problems associated with longer lens replacements. This is also likely to contribute to the segment expansion.

Regional Insights

Asia Pacific regional market is expected to witness the maximum growth over the forecast period. It is also expected to be the largest regional market in future on account escalating product demand as a result of growing population base and disposable income levels. Rising popularity of cosmetic lenses is estimated to contribute to the market growth in the years to come. China, in particular, is expected to witness a significant growth in the APAC region due to increased product adoption.

Contact Lenses Market Share Insights

Key industry participants in the market include Johnson & Johnson Services, Inc.; CIBA Vision (Alcon); Cooper Vision, Inc.; and Bausch & Lomb Incorporated. The industry is perceiving growing market consolidations through strategic initiatives, such as alliances, mergers, and acquisitions. This is primarily due to the brand value and loyalty base accrued by the market players, along with the establishment of a global footprint.

Key Insights Covered: Global Contact Lenses Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Contact Lenses industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Contact Lenses industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Contact Lenses industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Contact Lenses industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Contact Lenses industry.

Research Methodology: Global Contact Lenses Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other