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Contact Lenses - Global Market Trajectory & Analytics

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    Report

  • 528 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338817

Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026


Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Growth in the global market is buoyed by growing awareness of the use of contact lenses to correct vision disorders, growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses. Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Growing demand for cosmetic lenses in emerging countries further aids market growth. Contact lenses reported high uptake amid the COVID-19 pandemic due to the need to avoid bulky glasses with face masks, concerns over lens fogging and focus on new options for virtual meetings. Clinicians witnessed a large number of first-time contact lens fit requests from a diverse spectrum of users, including office workers, medical professionals and company heads. The high uptake among first-time wearers was attributed to the requirement to eliminate reliance on spectacle correction during work-related jobs. At the same time, the market also witnessed a notable jump in contact lens dropout cases due to concerned related to COVID-19 infection risk, the need to avoid touching face with hands, dry eye syndrome and reduced requirement of contact lenses owing to the remote work option.

Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$13 Billion in the year 2022, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Silicone Hydrogel, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$11.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Materials segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 31.1% share of the global Contact Lenses market. While hydrogels lenses continue to maintain their stronghold, prescription of silicone hydrogels is surging due to their improved oxygen transmissibility that allows higher amounts of oxygen to the eye, resulting in better ocular health. Eye-care professionals are prescribing these lenses to patients who fail to comply with routine wearing regimen and often forget to remove them before going to sleep.

The U.S. Market is Estimated at $3.5 Billion in 2022, While China is Forecast to Reach $1.8 Billion by 2026


The Contact Lenses market in the U.S. is estimated at US$3.5 Billion in the year 2022. The country currently accounts for a 27.5% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 8.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR while Rest of European market (as defined in the study) will reach US$2 Billion by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the prime revenues contributors. The robust spending on personal care products including eye care solutions, rise in uptake of daily disposable lenses, and expanding wearer base are the primary factors driving growth in these regions. Shortening replacement cycle in the Asian market due to the rising eye care awareness and the convenience factor, which translates to growing demand for daily, weekly and monthly disposables, is also expected to significantly drive gains in the market.

Direct-to Consumer, Subscription Services & Online Sales Gain Traction


Subscription services comprise an upcoming model in the contact lenses market. The subscription model combines the convenience of delivery and payments by shipping contacts directly to the patient homes at regular intervals for a monthly subscription price. The service includes quarterly, semi-annual, or annual contact lens deliveries and can also be combined with vision insurance benefits. One of the noteworthy trends in the eyewear industry over the recent years has been the rise of Internet and mail order as a highly potential channel for selling eyeglasses and contact lenses. Thanks to the growing popularity of E-commerce and Internet based sales transactions, the revenue inflow for eyeglasses and contact lenses from cyberspace is increasingly on the rise. Internet represents the fastest growing retail channel in the total prescription contact lens market.

This paradigm shift in consumer purchasing habits is buoyed by the ongoing shift to disposable lenses which have a planned replacement regime ranging from daily to quarterly to annually. This factor has played an important role in expanding the market for mail-order and online stores as these providers offer a quick and easy way to order and purchase lenses. Though contact lenses are treated as medical devices, consumers often forego ocular health exams while obtaining replacement lenses from online retailers. Online retailers such as Coastal.com offer customers a range of contact lenses from manufacturers such as Alcon, Bausch and Lomb and Johnson and Johnson and also offer 24/7 call support and also aggressive coupon marketing program. Among the other factors driving the popularity of the Internet based business model in eyewear industry, is the ability of online market to provide best prices to customers. Given the huge variation in prices from one retail outlet to another for a similar pair of lenses, making purchases at a best price in traditional brick and motor retail outlet always becomes an arduous task for prospective buyers. The Internet on the other hand is highly capable of offering best prices to consumers and also the advantage of making product and service comparisons. Faced with too many options, customers often find it difficult to choose from different brands, product varieties, prices and quality levels.

Select Competitors (Total 94 Featured):

  • Bausch & Lomb Incorporated
  • BenQ Materials Corp.
  • HOYA Corporation
  • Johnson & Johnson Vision Care, Inc.
  • Menicon Co. Ltd.
  • SEED Co. Ltd.
  • Shanghai Haohai Biological Technology Co., Ltd.
  • SynergEyes Inc.
  • The Cooper Companies Inc.
  • ZEISS International

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Contact Lenses

What is the estimated value of the Global Market for Contact Lenses?

The Global Market for Contact Lenses was estimated to be valued at $13 Billion in 2022.

What is the growth rate of the Global Market for Contact Lenses?

The growth rate of the Global Market for Contact Lenses is 5.0%, with an estimated value of $15.8 Billion by 2026.

What is the forecasted size of the Global Market for Contact Lenses?

The Global Market for Contact Lenses is estimated to be worth $15.8 Billion by 2026.

Who are the key companies in the Global Market for Contact Lenses?

Key companies in the Global Market for Contact Lenses include Bausch & Lomb Incorporated, BenQ Materials Corp., HOYA Corporation, Johnson & Johnson Vision Care, Inc., Menicon Co. Ltd., SEED Co. Ltd., Shanghai Haohai Biological Technology Co., Ltd., SynergEyes Inc. and ZEISS International.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact of COVID-19 on Eye Care Industry
  • YoY Change in New Patient Bookings at Optometrist Offces in the US: 2020 Vs 2019
  • Contact Lens Sales Slow Down Amid the Pandemic
  • US Contact Lens Purchases % Growth: January 2020- Nov 2020
  • Noteworthy Contact Lens Trends to Watch-for amid COVID-19 Pandemic
  • High Uptake among First-Time Wearers
  • High Dropout Rate for Contact Lenses
  • Specialty Lenses Gain Popularity
  • Industry Witnesses Strong Growth in Online Sales of Contact Lenses
  • Virtual Technology for Eye Care Gains Prominence as Telemedicine Picks up
  • Need for Change in In-Office Settings for Optometry & Contact Lens Business in Post-Pandemic Era
  • Influencer Market Insights
  • World Market Trajectories
  • Contact Lenses and Solutions: A Prelude
  • Developed Regions: Prime Revenue Contributors
  • Asia-Pacific & Other Developing Regions Offer Strong Growth
  • Aesthetics and Improving Functionality Steer Growth Opportunities
  • Vision Correction Market and Role of Contact Lenses
  • Global Vision Correction Market Breakdown (in %) by Category for 2020E
  • Factors with Major Implications for Contact Lens Market, Going Forwards
  • Telemedicine
  • Myopia Control
  • Influx of New Products
  • Changes in Contact Lens Rule
  • Contact Lenses: Actions Needed to Move Past COVID-19 Challenges
  • Direct Delivery of Contact Lenses to Doorstep
  • Focus on Lens Hygiene & Safety
  • Wearer Base for Contact Lenses
  • Breakdown of Contact Lens Users by Gender: 2020E
  • Global Contact Lens Wearers Mean Age and % Female Population by Country: 2019
  • World Population by Age Group
  • Myopia Control Expands Growth Avenues
  • Children: A Potential Wearer Segment
  • Daily Disposables Gains Adoption
  • Global Soft Lenses Market: Percentage Breakdown of Modality by Region for 2020
  • Rigid Gas Permeables Stay Afloat
  • Soft Contacts Drive Overall Growth
  • Torics Records Strong Growth
  • Multifocals Benefit from Demographic Trends
  • Silicone Hydrogels Continue to Drive Gains
  • Recent Market Activity
  • World Brands
  • Contact Lenses - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competition: A Consolidated Marketplace
  • Leading Contact Lens Providers by Region
  • High Entry Barriers Hamper Entry of New Players
  • Differentiated Products Offer an Edge
2. FOCUS ON SELECT PLAYERS
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
3. MARKET TRENDS & DRIVERS
  • As Sustainability Becomes a Global Agenda, Contact Lens Manufacturers Focus on Plastic Free Lenses
  • New Contact Lens Technologies Go Beyond Vision Correction
  • Contact Lenses Enter the Diagnosis Space
  • Johnson & Johnson Vision Develops Contact Lenses to Tackle Eye Allergies
  • Manufacturers Work towards Development of Lenses with Robust Antimicrobial Properties
  • Countering Color Blindness
  • Self powered Lenses for Presbyopia
  • Slower Progression of Myopia
  • High-tech Contact Lenses to Redefine Market Landscape
  • Smart Contact Lenses Emerge as Next Stop for Sophisticated Wearable Technology
  • Potential Applications
  • Lenses to Measure Eyeball Pressure
  • Contact Lenses Worn During Sleep
  • Lenses to Block Harmful UV Ray
  • Telescopic Contact Lenses
  • Advanced Contact Lenses to Monitor Glucose Levels
  • Drug Delivery through Contact Lenses: An Emerging Area of Interest
  • Innovation Trends in Contact Lenses
  • Demand for Multifocal contact lenses on the Rise
  • 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
  • Manufacturers Gear up to Recycle Contact Lenses
  • Market Restraints
  • Safety of Contact Lenses: A Major Concern
  • Competition on Rise from Advanced Vision Correction Technologies
  • Pure-Play Retailers Challenge Independent Optometry Channels
  • Rise in Online Stores
  • Distribution Dynamics
  • Direct-to Consumer and Subscription Services Gain Traction
  • Diversity in Contact Lens Purchasing Patterns
  • Urbanization: A Megatrend with Significant Implications for Contact Lenses Market
  • Total Population Worldwide by Urban and Rural Population in Thousands: 1950-2050
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Overview
  • Covid-19 Impacts Contact Lens Uptake
  • Present & Future Growth Prospects Remain Robust
  • US Eye-Care Market: Key Vision Statistics
  • Daily-Contact Lenses Reports Strong Growth
  • US Soft Contact Lens Market (2021E): Percentage Share Breakdown by Lens Modality
  • Astigmats and Presbyopes Drive Demand for Contact Lenses
  • US Population Distribution by Age Group
  • Surge in Adoption of Silicone Hydrogels Continues
  • Market Structure and Competition
  • US Contact Lenses Market (2021E): Percentage Breakdown of Value Sales by Company
  • Specialty Contacts Drive Market Expansion
  • Scleral GP Lenses Report Growth
  • Smart Contact Lenses Technology on the Rise
  • Distribution Scenario
  • Online Retailing Catches Pace
  • US Contact Lenses Market (2021E): Percentage Share Breakdown of Sales by Distribution Channel
  • Direct-to-Consumer and Subscription Services Gain Traction
  • Regulatory Environment
  • Market Analytics
CANADA
  • Market Overview
  • Leading Players in the Canadian Contact lenses Market (2021E): Percentage Share Breakdown of Sales by Company
  • Market Analytics
JAPAN
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview
  • Competition
  • Market Analytics
CHINA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Competition
  • Chinese Contact Lens Market (2021E): Percentage Breakdown of Share by Company
  • Market Analytics
EUROPE
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • Contact Lens Wearer Base
  • Contact Lens Market in Europe (2019): Percentage Penetration of Contact lens (as % of total population of 15 to 64 years of age) by Country
  • Market Analytics
FRANCE
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
  • Market Overview
  • Leading Players in German Contact Lenses Market (2021E): Percentage Breakdown of Sales by Company
  • Market Analytics
ITALY
  • Daily Disposable Lenses: A Popular Modality
UNITED KINGDOM
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
  • Market Overview
  • Retail Scenario
  • Market Analytics
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Market Overview
AUSTRALIA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Market Overview
  • Competition
  • Leading Players in the Indian Contact Lens Market (2021e): Percentage Share Breakdown of Sales by Company
  • Contact Lens Distribution
  • Market Analytics
SOUTH KOREA
  • Market Overview
REST OF ASIA-PACIFIC
LATIN AMERICA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 94

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Bausch & Lomb Incorporated
  • BenQ Materials Corp.
  • HOYA Corporation
  • Johnson & Johnson Vision Care, Inc.
  • Menicon Co. Ltd.
  • SEED Co. Ltd.
  • Shanghai Haohai Biological Technology Co., Ltd.
  • SynergEyes Inc.
  • The Cooper Companies Inc.
  • ZEISS International