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Contact Lenses - Global Market Trajectory & Analytics

  • ID: 338817
  • Report
  • July 2020
  • Region: Global
  • 350 Pages
  • Global Industry Analysts, Inc
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Myopia Becomes a Global Epidemic. Global Contact Lenses Market to Reach US$15.7Billion by 2027

The global contact lenses market is projected to reach US$15.7 billion by the year 2027, trailing a CAGR of 5.1% over the analysis period 2020 through 2027. Incidence of refractive errors is on the rise globally among both men and women. Increasing digital screen time accompanying the increased use of computers, smart phones & tablets is playing a key role in myopia development. Women represent the largest user base for contact lenses largely due to the aesthetic benefits offered. Colored contact lenses in green, blue, brown, grey & turquoise are especially growing in popularity among women in the younger age groups of 18 to 28 years. Soft contact lens is the most preferred type of contact lens by women. The market also stands to benefit from the growing focus of contact lenses manufacturers on identifying and fulfilling unmet needs in patients with ocular diseases like glaucoma, age related macular degeneration (AMD), dry eyes, mixed astigmatism and presbyopia. Few of the benefits of contact lenses as against eyeglasses include aesthetic and cosmetic benefits; improved functionality and visual correction outcomes; unobstructed vision; short adaptation period; suitability for active lifestyles; reduced cleaning and maintenance burden; and slows down the progression of myopia. Innovations ranks supreme in its ability to drive new growth in the market.

Few of the noteworthy innovations include silicone hydro gel lenses engineered to lower the risk of hypoxia-related eye problems; development of Toric contact lenses for never before achieved effectiveness in treating mixed astigmatism; Water Gradient contact lenses for offering 100% lubricity to the eyes to alleviate problems related to dry eye syndrome; Telescopic contact lenses for AMD and glaucoma patients with significant visual field loss; therapeutic contact lenses for ocular drug delivery; and smart contact lenses to monitor intraocular pressure. Custom contact lenses and made-to-measure contact lenses are growing in popularity, encouraging its use among the younger population. China and Rest of Asia-Pacific rank as major markets led by the unprecedented rise in myopia in the younger generation; implementation of programs for free contact lens counseling in schools and colleges; expanding and developing ophthalmic care infrastructure; easy access to affordable vision evaluation and counseling services; growing preference for the glasses-free look; rising awareness over the importance of contact lens compliance; and increased spending on daily disposable lenses by the growing base of affluent middle class population.

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of Covid-19 and a Looming Global Recession

Recent Market Activity

Contact Lenses: Outlook

Aesthetics and Improving Functionality Steer Growth Opportunities

Vision Correction Market and Role of Contact Lenses

Wearer Base for Contact Lenses

Daily Disposables Gains Adoption

Rigid Gas Permeables Stay Afloat

Soft Contacts Drive Overall Growth

Multifocals Benefit from Demographic Trends

Silicone Hydrogels Continue to Drive Gains

Competition

Global Competitor Market Shares

Contact Lenses Competitor Market Share Scenario Worldwide (in %): 2018E

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

New Contact Lens Technologies Offer Benefits Extending Beyond Vision Correction

High-tech Contact Lenses to Redefine Market Landscape

Online Exams for Vision: A New Route to Widen Reach

Contact Lens with Switchable Capability to Address AMD

Contact Lenses to Address Concerns over Excess Digital Device Usage

Water Gradient Contact Lenses: A Novel Development

Addressing the Contact Lens Discomfort

Scleral GP Lenses Continue to Draw Opportunities led by Material Design

Presbyopes:Another Opportunity Market for Scleral Contact Lenses

Craze for Tints Opens New Avenues

Recycling of Contact Lenses: A New Trend

Market Restraints

Regulatory Standards

Distribution Dynamics

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES

Market Facts & Figures

US Contact Lenses Market Share (in %) by Company: 2018 & 2027

Market Analytics

CANADA

JAPAN

CHINA

EUROPE

Market Facts & Figures

European Contact Lenses Market: Competitor Market Share Scenario (in %) for 2018 & 2027

Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC

AUSTRALIA

INDIA

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

ARGENTINA

BRAZIL

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

IRAN

ISRAEL

SAUDI ARABIA

UNITED ARAB EMIRATES

REST OF MIDDLE EAST

AFRICA

IV. COMPETITION

Total Companies Profiled: 96

Note: Product cover images may vary from those shown
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