Global Contact Lenses Market Size Product (Soft Lenses and Hard Lenses), By Design Type (Spherical, Toric, and Cylindrical), By Usage (Corrective, Therapeutic, Cosmetic, and Prosthetic), By Material (Hydrogel, Silicone Hydrogel and Polymers), and Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), (Trend Analysis, Market Competition Scenario & Outlook, 2016-2026.

Published:
October 2020
Report Code:
bwc20150
Available Format:
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Pages:
170

global contact lenses market bwc20150

Global Contact Lenses Market Size - Industry Trends & Outlook Report 2026

Global Contact Lenses Market is estimated to be USD 18 billion 2026 from USD 12.79 billion in 2019, at a CAGR of 5 % from 2020 to 2026. The rise in the aging population, increasing desire of people to enhance their aesthetic appearance, ophthalmic disorders, and starter of multifocal and other new lenses largely influence the market growth. However, rising acceptance of other ophthalmology devices and corrective actions such as photorefractive keratectomy (PRK) and laser plus increasing side effects of contact lenses such as eye infections and corneal ulcers are some standard restraints in the growth of the market. Reasons such as an increase in the elderly population, improving economy, and rising disposable incomes globally, are essential reasons for the market to increase rapidly and are predictable to provide many opportunities for market growth. North American market recently holds a significant share of the global contact lenses market owing to high attentiveness regarding eye examinations and increasing popularity of daily disposable lenses. However, the Asia Pacific market is predicted to grow at the fastest rate with the most promising and beneficial opportunities present in the players’ market shortly due to increasing awareness among people and well-equipped practitioners in countries in this region.

 






Global Contact Lenses Market: Market Outlook and Trends

 

A contact lens is a lightweight remedial, cosmetic, or therapeutic device placed directly onto the cornea of the eye to progress vision. Using a contact lens avoids the need to use hard to manage large spectacles and offers the further benefit of improving one's aesthetic appeal. Besides, contact lenses are also used to treat common eye disorders such as myopia, astigmatism, hypermetropia, presbyopia, and glaucoma.

 

Global Contact Lenses Market 

 

Growth Drivers

 

Growing number of visual inaccuracies

 

The occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia, is continuously growing. Besides, vitamin A deficit and accident cases are rising profusely over the past few years. The rising occurrence of myopia and increasing spending on ophthalmic products, such as contact lenses, as a remedial measure for refractive errors, are probable to drive the contact lenses market's progress in the future.




Getting popular among youngsters as a fashion accessory

 

Rising approval as a fashion accessory is a major feature boosting global sales of contact lenses. They are predicted to drive the development of the global contact lenses market over the prediction period. Youngsters favor contact lenses for convenience, aesthetics, comfort, and easy obtainability of contact lenses with a variety of colors and have also caused their use as a fashion accessory among the young and middle-aged population.

 

Rise in R&D Activities

 

A noteworthy rise in R&D activities in optics and optometry has been perceived in the market. Progressions such as the launch of dynamic soft contact lenses integrated with advanced technology have pushed contact lenses' request. Like, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered a collective partnership to develop a smart contact lens. This contact lens will have constituents, such as a radio-frequency antenna for wireless energy transfer, an ultra-thin silicon microchip, and LED light.

 

Restraint

 

It is a broadly known fact that napping with the lenses on, or careless handling or storage of contact lenses, can have severe implications such as poor-fitting, eye infections, dryness of eyes, ulcerations, and other eye diseases which is anticipated to limit mass acceptance of contact lenses among doubtful consumers. In certain emerging regions such as the Middle East & Africa, specialists are not well equipped to recommend contact lenses. Increasing acceptance of ophthalmology devices and remedial procedures like LASIK and Photorefractive Keratectomy (PRK) also threatens to limit complete development prospects of the global contact lens market to a definite extent.

 

Impact of COVID-19 in industry

 

Taking care of health is critical, and people may have concerns about eye health as a result of the COVID-19 public health crisis. Doctor of Optometry are recommencing the delivery of comprehensive eye health and vision care and executing new protocols to offer care in a safe and healthy environment. Some of the recent actions patients can anticipate include screening for symptoms of COVID-19 and checking patients' fever upon their entrance at the facility, limiting the number of guests permissible in waiting rooms, and requiring everyone to put on a facemask and gloves before ingoing the office. As optometry practices reopen and operations proceed under a "new normal," the AOA and member Doctor of Optometry are working to certify the sustained safe delivery of essential eye care by Doctor of Optometry during the COVID-19 public health crisis for patients and the public.

 

 

Global Contact Lenses Market: Segmentation

 

The hydrogel section is predictable to grow at a CAGR of over 7% during the prediction period due to the hydrogel material's enhanced oxygen permeability. Less oxygen getting the cornea surface causes hypoxia that may lead to dim vision, loss of graphic clarity, and contamination. Growing worries to decrease hypoxia-related problems and growing consumer consciousness regarding the safety of prolonged wear and daily wear will drive material demand. Silicone hydrogel lenses permit up to five times more oxygen to range the cornea likened to regular hydrogel lenses. These lenses also offer more ease and hydration to the wearer during the day.

Spherical design held over 70% of contact lenses market share in 2018 due to the population's surge suffering from near-sightedness and foresight. The spherical design has the same lens power during the lens's optical part to correct the hyperopia, myopia, and presbyopia. Increasing consumer affordability is the key reason that demands adults and working-class consumers from buying spherical lenses over spectacles. These lenses are majorly suggested for people with low astigmatism level.


 


 

The online store section is expected to grow at a rate of over 7% during the predicted period due to the rise in customer preferences for online shopping. The growing internet penetration is enabling customer’s access to several lenses through smartphones and tablets. Numerous e-commerce platforms are proposing competent and cost-effective solutions for ordering cosmetic lenses online. Changes in customer choices toward online buying and thriving e-commerce will recover product requests.

 

Global Contact Lenses Market: Regional Insights

 

North American market presently grips the largest share of the global contact lenses market due to high alertness concerning eye examinations and growing approval of daily disposable lenses. However, the Asia Pacific market is predictable to cultivate at the firmest rate with the most promising and profitable chances present in the market for the players shortly due to rising consciousness among people and well-equipped practitioners in countries in this region.

 

Competitive landscape

 

The leading players in the Contact Lenses Market include Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and other prominent players.

 

Recent Developments


· September 2020, Alcon Focuses on Presbyopia-Correcting IOL Innovation and the New Normal at the Virtual ESCRS Congress 2020

· September 2020, ZEISS Medical Technology Nominated for Deutscher Zukunftspreis 2020

 

 

Scope of the Report


 

Attribute

Details

Years Considered

Historical data – 2016-2018

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia .

Product/Service Segmentation

By Product, By Design Type, By Usage, By Material, By Distribution Channel and by Regional

Key Players

The leading players considered for market analysis are Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and many others.

 


Ø  By Product

Ø  Soft Lenses

Ø  Hard Lenses

Ø  By Design Type

Ø  Spherical

Ø  Toric

Ø  Cylindrical

Ø  By Usage

Ø  Corrective

Ø  Therapeutic

Ø  Cosmetic

Ø  Prosthetic

Ø  By Material

Ø  Hydrogel

Ø  Silicone Hydrogel

Ø  Polymers

Ø  By Distribution Channel

Ø  Optical Stores

Ø  Independent Brand Showrooms

Ø  Online Stores

Ø  General Retail Stores

Ø  By Region

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  South America

Ø  Middle East & Africa

COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

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