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Global Contact Lenses Market Size Product, By Design Type, By Usage, By Material, and Distribution Channel, By Region, 2016-2026.

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  • 170 Pages
  • November 2020
  • Region: Global
  • Blueweave Consulting & Research Pvt Ltd
  • ID: 5229991
Global Contact Lenses Market to witness a surge in its evaluation with a 5 % CAGR by 2026

According to the publisher, Global Contact Lenses Market is approximated to be USD 18 billion in 2026 from USD 12.79 billion in 2019, at a CAGR of 5 % from 2020 to 2026. A contact lens is used to correct refractive imprecision and compensate for visual deficits, such as myopia, hypermetropia/hyperopia, presbyopia, and astigmatism. An increase in the number of visual inaccuracies is predictable to drive market growth. Growing participation in outdoor activities is expected to praise product demand in the upcoming years.

Some of the significant reasons identifying market development are the growing occurrence of visual damages and eye disorders, and technological advancements in ophthalmology. Consumers’ fondness for high-quality products is also certifying companies to invest in the research & development of innovative smart lenses. Growing disposable income and a surge in the standard of living encourage the young population to wear cosmetic lenses. Growing savings in logistics & warehouse facilities coupled with the expansion in the overall e-commerce business also helps increase product demand over the forecast timespan. However, the side effects of contact lenses are expected to limit market development over the anticipated period.

“Online store dominates the Distribution Segment”

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

Growth Drivers

Growing number of visual inaccuracies

The occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia, is repeatedly 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 credible 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 element 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 marked their use as a fashion accessory among the young and middle-aged population.

Rise in R&D Activities

An evident 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 accelerated contact lenses' request. Like, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered a cumulative 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.

“North America dominates the Global Contact Lenses Market”

North American market presently clenches the largest share of the global contact lenses market due to high alertness concerning eye examinations and the growing appreciation 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.

Global Contact Lenses Market: Competitive Landscape

Some of the leading players operating in the Global Contact Lenses Market 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), Essilor Luxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co., Ltd. (Japan) and other noted players.

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The detailed analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Contact Lenses Market size & forecast. The report promises to provide state-of-the-art technology of Global Contact Lenses Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.

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Table of Contents

1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Breakdown of Primary Research Respondents, By Region
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents
2.5. Market Size Estimation
2.6. Assumption For The Study
2.7. Market Breakdown & Data Triangulation
3. Executive Summary
4. Global Contact Lenses Market Insights
4.1. Industry Value Chain Analysis
4.2. DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Regulatory Framework
4.5. Company Market Share Analysis,2019
4.6. Porter’s Five forces analysis
4.6.1. Bargaining Power of Suppliers
4.6.2. Bargaining Power of Buyers
4.6.3. Threat of New Entrants
4.6.4. Threat of Substitutes
4.6.5. Intensity of Rivalry
4.7. Strategic Outlook
5. Global Contact Lenses Market Overview
5.1. Market Estimates & Forecast By Value, 2016-2026
5.1.1. By Value (USD)
5.2. Market Share & Forecast
5.2.1. By Product Type Soft Lenses Hard Lenses
5.2.2. By Design Type Spherical Toric Cylindrical
5.2.3. By Usage Corrective Therapeutic Cosmetic Prosthetic
5.2.4. By Material Hydrogel Silicone Hydrogel Polymers
5.2.5. By Distribution Channel Optical Stores Independent Brand Showrooms Online Stores General Retail Stores
5.2.6. By Region North America Europe Asia Pacific South America Middle East & Africa
6. North America Contact Lenses Market
6.1. Market Estimates & Forecast By Value, 2016-2026
6.1.1. By Value (USD)
6.2. Market Share & Forecast
6.2.1. By Product
6.2.2. By Design Type
6.2.3. By Usage
6.2.4. By Material
6.2.5. By Distribution channel
6.2.6. By Country U.S Canada
7. Europe Contact Lenses Market
7.1. Market Estimates & Forecast By Value, 2016-2026
7.1.1. By Value (USD)
7.2. Market Share & Forecast
7.2.1. By Product
7.2.2. By Design Type
7.2.3. By Usage
7.2.4. By Material
7.2.5. By Distribution channel
7.2.6. By Country Germany U.K France Italy Rest of Europe
8. Asia Pacific Contact Lenses Market
8.1. Market Estimates & Forecast By Value, 2016-2026
8.1.1. By Value (USD)
8.2. Market Share & Forecast
8.2.1. By Product
8.2.2. By Design Type
8.2.3. By Usage
8.2.4. By Material
8.2.5. By Distribution channel
8.2.6. By Country China India Japan South Korea Rest of APAC
9. South America Contact Lenses Market
9.1. Market Estimates & Forecast By Value, 2016-2026
9.1.1. By Value (USD)
9.2. Market Share & Forecast
9.2.1. By Product
9.2.2. By Design Type
9.2.3. By Usage
9.2.4. By Material
9.2.5. By Distribution channel
9.2.6. By Country Brazil Mexico Argentina Rest of Latin America
10. Middle East & Africa Contact Lenses Market
10.1. Market Estimates & Forecast By Value, 2016-2026
10.1.1. By Value (USD)
10.2. Market Share & Forecast
10.2.1. By Product
10.2.2. By Design Type
10.2.3. By Usage
10.2.4. By Material
10.2.5. By Distribution channel
10.2.6. By Country Saudi Arabia UAE South Africa Rest of MEA
11. Company Profile (Company Overview, Financial Matrix, Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)*
  • 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)

12. Strategic Recommendation
*Financial Details Not Be Captured in Case of Unlisted Companies
**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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)