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Contact Lenses Market - Global Outlook and Forecast 2020-2025

  • ID: 5145416
  • Report
  • September 2020
  • Region: Global
  • 297 pages
  • Arizton
UP TO OFF
until Aug 15th 2021

FEATURED COMPANIES

  • Alcon
  • CAMAX OPTICAL
  • Contamac
  • Hoya
  • Menicon
  • Sensimed
1h Free Analyst Time

Speak directly to the analyst to clarify any post sales queries you may have.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Contact Lenses Market Report

The contact lenses market by revenue is expected to grow at a CAGR of over 5% during the period 2019-2025.

The global contact lenses market has observed a decline of around $1,409.62 million due to the outbreak of the COVID-19 pandemic, which has accounted for over 10% decrease in the market revenue. The contact lenses segment constitutes an essential component of the global vision care market. The demand for contact lens is continually increasing with the growing prevalence of visual dysfunctions and eye disorders both in developed and developing countries. The adoption of contact lenses to improve looks is also significantly propelling the market. However, due to the COVID-19 impact across the globe, distribution channels have been disturbed and the availability has become reduced for contact lenses. The need to restore multiple vision dysfunctions, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, therapeutic benefits of contact lenses include corneal protection corneal pain relief and healing is expected to drive market growth during the forecast period.

The following factors are likely to contribute to the growth of the contact lenses market during the forecast period:
  • Paradigm Shift toward Premium Priced and Cosmetic Contact Lenses
  • Rise in E-Commerce as a Preferred Distribution Channel
  • Advent of Smart Contact Lenses
  • Increased Target Population Coupled with Aged Patient Demographics
The study considers the present scenario of the contact lenses market and its market dynamics for the period 2019−2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Global Contact Lenses Market Segmentation

The global contact lenses market research report includes a detailed segmentation by material, design, usability, application, distribution, and geography. In 2019, silicone hydrogel contact lenses accounted for a share of over 68% in the global contact lenses market. They are advance soft lens material, which is aimed at increasing oxygen permeability (increased comfort, longer wear and better eye health), wettability (better comfort) and clinical performance of contact lenses. Hence, the presence of these benefits is likely to drive the growth of the segment. With the availability of exceptional health benefits, silicone hydrogel lenses are expected to witness high popularity among wearers, thereby influencing the market growth.

In 2019, the spherical contact lenses segment accounted for a share of over 68% in the global contact lenses market. Increase in the prevalence of vision corrective disorders such as myopia and hyperopia and the high preference for contact lenses for vision correction are driving the segment. Key players are offering a diverse range of spherical design, which feature specialized technology that improves optical comfort along with provision of vision correction.

The corrective segment is expected to reach over $7.2 billion by 2025. Changing lifestyle and increasing environmental pollutions increase the number of eye disorders such as refractive error, cataract, and glaucoma. The increase in the diabetic population contributes to the rise of eye disorders such as glaucoma, retinopathy, cataracts, and temporary blurring of vision. All these factors will propel the demand for corrective contact lenses. In 2019, the therapeutic segment accounted for a share of over 35% in the global market. The increase in the prevalence of ocular disorder is expected to propel the therapeutic contact lenses market during the forecast period. Continuous advances in technology witnessing in the overall vision care industry have led to the development of therapeutic contact lenses with improved features, which have increased the efficiency of ocular surgeries.

Daily disposable contact lenses are becoming a preferred choice among eye care professionals as well as users in several countries. The single use modality offers many advantages over reusable ones, including convenience, which includes no requirement for supplemental care solutions, and has also been reported to be beneficial for patients with seasonal allergies. The usage of daily contact lenses has increased as they are handy to use and comfortable for longer durations and free from maintenance make them an attractive option for consumers in developing and developed countries.

The retail segment dominated the market and accounted for a share of over 65% in 2019. Retail stores have increased in developing regions such as Latin America and Asia. Factors such as market reputation, brand awareness, and customer satisfaction have increased the loyalty of customers, thereby driving the preference for retail stores. In 2019, the hospital and eye clinics distribution segment accounted for a share of over 23%. Hospitals and eye care centers are the point of contact for major patient populations. The presence of eye care specialists in hospitals and eye clinics is increasing the market share of the segment. The increase in the target population, which includes the rise in vision impairment or blindness, is likely to increase the reach of the segment.

Segmentation by Distribution
  • Retail Stores
  • Hospitals & Clinics
  • Online Stores
Segmentation by Material
  • Silicone Hydrogel
  • Hydrogel
  • Gas-permeable
  • Others
Segmentation by Design
  • Spherical
  • Toric
  • Multifocal
Segmentation by Usability
  • Daily Disposable
  • Frequently Replacement
Segmentation by Application
  • Corrective
  • Therapeutic
  • Healthcare
  • Cosmetic
INSIGHTS BY GEOGRAPHY

In 2019, the North America accounted for 35% share of the global contact lenses market. The rise in the target population is one of the driving factors in the market. The economic burden from vision loss and eye disorders in the US is in between $140 and $150 billion annually. The number of baby boomers with vision disorders and blindness is expected to double over the next three decades. By 2050, the highest prevalence of visual impairment among minorities will shift from 15% in 2015 to 16% in 2050. In addition, it is estimated that 2 million US citizens will struggle with blindness; 7 million with glaucoma by 2050. Hence, these factors are expected to play an important role in the driving the market.

Segmentation by Geography
  • North America
  • US
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • APAC
  • China
  • Japan
  • South Korea
  • Australia
  • India
  • Latin America
  • Brazil
  • Mexico
  • Argentina
  • Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Turkey
  • UAE
INSIGHTS BY VENDORS

The revenue of contact lenses vendors has declined since the outbreak of the pandemic. For instance, the net sale reported by Alcon's Vision Care segment was $596 million, which includes the revenue of contact lenses and ocular health segments, in the second quarter of 2020, which was a decrease 27% compared to the same period in 2019. The decline in sales was primarily due to low demand for contact lenses and widespread office closures to contain the spread of the virus. The global contact lenses market is highly consolidated with the four vendors accounting for dominating shares. The market is subjected to constant technological advancements and evolving vision correction requirements and standards. Vendors compete on the basis of product variety, pricing, quality, innovation, and efficacy. Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the leading four players. Large players dominate the market, thereby reducing the scope for new entrants to enter the market. Several leading players are focusing on implementing several strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their market share and presence in the market.

Prominent Vendors
  • Johnson & Johnson
  • Alcon
  • The Cooper Companies
  • Bausch & Lomb
Other Prominent Vendors
  • CARL ZEISS
  • Essilor International
  • Hoya
  • Menicon
  • SynergEyes
  • UltraVision CLPL
  • Ginko International
  • Shine Optical
  • Visioneering Technologies
  • Sensimed
  • BenQ Materials
  • Contamac
  • Clerio Vision
  • NeoVision
  • CAMAX OPTICAL
  • SEED
  • INTEROJO
  • ZEISS
KEY QUESTIONS ANSWERED

1. What is the contact lenses market size and growth rate during the forecast period?
2. What are the factors impacting the growth of the contact lenses market share?
3. What are the drivers, trends, and restraints in the contact lenses market?
4. Who are the leading vendors in the contact lenses market, and what is the growth of Coopervision market share?
5. What is the impact of the COVID-19 pandemic on the contact lenses market share?
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Alcon
  • CAMAX OPTICAL
  • Contamac
  • Hoya
  • Menicon
  • Sensimed
1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview

8 Impact Of COVID-19 Pandemic On The Contact Lenses Market
8.1 Overview
8.2 Impact of COVID-19 on Global Supply Chain

9 Market Opportunities & Trends
9.1 Paradigm Shift Towards Premium Priced And Cosmetic Contact Lenses
9.2 Rise In E-Commerce As A Preferred Distribution Channel
9.3 Advent Of Smart Contact Lenses
9.4 New Product Approvals And Launches

10 Market Growth Enablers
10.1 Increased Target Population With Aged Patient Demographics
10.2 Increasing Demand For Contact Lenses In Emerging Markets
10.3 High Acceptance Of Daily Disposable Silicone Hydrogel Contact Lenses
10.4 Product Innovations & Technological Advancements

11 Market Restraints
11.1 Complications Associated With The Usage Of Contact Lenses
11.2 Increased Availability Of Wide Range Of Eyeglasses Coupled With Lasik
11.3 Low Accessibility, Affordability, & Financial Exclusion For Large Patient Pool

12 Value Chain Analysis
12.1 Value Chain Overview

13 Supply Chain Analysis
13.1 Supply Chain Overview

14 Market Landscape
14.1 Market Overview
14.2 Market Size & Forecast
14.3 Five Forces Analysis

15 Material
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Silicone Hydrogel Contact Lenses
15.4 Hydrogel Contact Lenses
15.5 GP/RGP Contact Lenses
15.6 Others

16 Application
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Corrective Contact Lenses
16.4 Therapeutic Contact Lenses
16.5 Cosmetic Contact Lenses

17 Design
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
17.3 Spherical Contact Lenses
17.4 Toric Contact Lenses
17.5 Multifocal Contact Lenses

18 Usage
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.3 Daily Disposable Contact Lenses
18.4 Frequent Replacement Contact Lenses
18.5 Product Segmentation
18.6 Monthly Use Contact Lenses
18.7 Weekly Use Contact Lenses
18.8 Other Frequent Replacement Contact Lenses

19 Distribution Channel
19.1 Market Snapshot & Growth Engine
19.2 Market Overview
19.3 Retail Stores
19.4 Hospitals And Eye Clinics
19.5 Online Stores

20 Geography
20.1 Market Snapshot & Growth Engine
20.2 Geographic Overview

21 North America
21.1 Market Overview
21.2 Market Size & Forecast
21.3 Key Countries

22 APAC
22.1 Market Overview
22.2 Market Size & Forecast
22.3 Key Countries

23 Europe
23.1 Market Overview
23.2 Market Size & Forecast
23.3 Key Countries

24 Latin America
24.1 Market Overview
24.2 Market Size & Forecast
24.3 Key Countries

25 Middle East And Africa
25.1 Market Overview
25.2 Market Size & Forecast
25.3 Key Countries

26 Competitive Landscape
26.1 Competition Overview
26.2 Market Share Analysis

27 Key Company Profiles
27.1 Johnson & Johnson
27.2 Alcon
27.3 The Cooper Companies
27.4 Bausch & Lomb

28 Other Prominent Vendors
28.1 CARL ZEISS
28.2 Essilor International
28.3 Hoya
28.4 Menicon
28.5 SynergEyes
28.6 UltraVision CLPL
28.7 Ginko International
28.8 St.Shine Optical
28.9 Visioneering Technologies
28.10 Sensimed
28.11 Ben Q materials
28.12 Contamac
28.13 Clerio
28.14 NEOVISION
28.15 CAMAX OPTICAL
28.16 SEED
28.17 INTEROJO
28.18 Solótica Indústria e Comércio

29 Report Summary
29.1 Key Takeaways
29.2 Strategic Recommendations

30 Quantitative Summary
30.1 Market By Material
30.2 Market By Application
30.3 Market By Design
30.4 Market By Usage
30.5 Market By Distribution Channel
30.6 Market By Geography

31 Appendix
31.1 Abbreviations
Note: Product cover images may vary from those shown
  • Johnson & Johnson
  • Alcon
  • The Cooper Companies
  • Bausch & Lomb
  • CARL ZEISS
  • Essilor International
  • Hoya
  • Menicon
  • SynergEyes
  • UltraVision CLPL
  • Ginko International
  • Shine Optical
  • Visioneering Technologies
  • Sensimed
  • BenQ Materials
  • Contamac
  • Clerio Vision
  • NeoVision
  • CAMAX OPTICAL
  • SEED
  • INTEROJO
  • ZEISS
Note: Product cover images may vary from those shown

Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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