Global Contact Lenses Market Bwc20150
Global Contact Lenses Market Size By 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) , By Distribution Channel: (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) , By Region: (North America, Europe, the Asia-Pacific, South America, and the Middle East & Africa ); Trend Analysis, Competitive Market Share & Forecast, 2021-2027
- Published Date: October 2020
- Report ID: bwc20150
- Available Format: PDF
- Page: 170
Report Overview
Global Contact Lenses Market – Industry Trends & Forecast Report 2027
The global contact lenses market has reached USD 7.59 billion in 2020 and is further projected to reach USD 11.48 billion by 2027, at a CAGR of 5.9% during the forecast period. The increase in the ageing population, increasing desire of people to enhance their aesthetic appearance, ophthalmic disorders, and the growing popularity of multifocal lenses largely influence the market growth. Additionally, an improving economy and rising disposable incomes globally are essential reasons for the growth of the market.
Source: BlueWeave
Consulting
Global Contact Lenses Overview:
Contact lenses
are thin and lightweight curved lenses used for correcting vision. Nowadays,
contact lenses are also used as a fashion accessory by the style-conscious Millennials.
This cosmetic as well as therapeutic device is placed directly onto the cornea
of the eye to progress vision.
Contact lenses
are largely preferred by consumers who do not prefer wearing large spectacles
so as to enhance their aesthetic appeal. Besides, contact lenses are also used
to treat common eye disorders such as myopia, astigmatism, hypermetropia,
presbyopia, and glaucoma. Though contact lenses are transparent, they have a slight
tinge of colour to make them easier for wearers to handle.
Contact lenses are of two types—(i) Hard and (ii) Soft.
Hard contact
lenses are also known as Rigid Gas Permeable Contact Lenses. These eye-friendly
lenses are easy to wear and handle and has the potential to correct refractive
errors.
Soft contact
lenses, on the other hand, are made of flexible hydrophilic plastics, known as hydrogels.
Soft lenses are generally used for correcting nearsightedness, farsightedness,
astigmatism, as well as vision problems in ageing adults.
Currently, soft
contact lenses are in huge demand across the globe.
Global Contact Lenses Forecast and Trend
Growth
Drivers
Growing
Number of Visual Disorders
The occurrence of eyesight disorders,
such as hyperopia, myopia, astigmatism, and presbyopia, is continuously
growing. Besides, Vitamin A deficiency and accident cases are rising profusely
over the past few years. According to the data released by WHOin October 2020, a
minimum of one billion people have a near or distance vision impairment across
the globe. These 1 billion people consist of those with acute or moderate distance
vision impairment or blindness caused by unaddressed refraction error (123.7 billion),
glaucoma (6.9 billion), cataract (65.2 billion), diabetic retinopathy (3 billion),
trachoma (2 billion), corneal opacities (4.2 billion), as well as near vision
impairment caused by unaddressed presbyopia (826 billion).
The rising occurrence of myopia and
increased spending on ophthalmic products, such as contact lenses as a remedial
measure for refractive errors, are likely to drive the contact lenses market's
progress in the coming times.
Driven by a Rise in
R&D Activities
The market has been
witnessing a remarkable rise in R&D activities in optics and optometry.
Moreover, advancements such as the launch of dynamic soft contact lenses
integrated with advanced technology are driving the market growth. For example,
in August 2020,Bausch + Lomb, one of the leading players in the optical lenses
industry, announced the launch of Bausch + Lomb INFUSE silicone hydrogel (SiHy)
daily disposable contact lens— the only SiHy daily disposable contact lenses
designed with a next-generation material infused with Pro Balance Technology to
help maintain ocular surface homeostasis and help reduce symptoms of contact
lens-related dryness, which is experienced by approximately half of the 45 billion
lens wearers in the United States.
Restraints
Side Effects of
contact Lenses
It is a broadly known fact that sleeping with the lenses onor careless
handling or storage of contact lenses can have severe implications such as eye
infections, dryness of eyes, ulcerations, and other eye diseases, which are likely
to restrict mass acceptance of contact lenses among apprehensive consumers.
Additionally, in certain emerging regions such as the Middle East and 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 the complete
development prospects of the global contact lens market.
Impact of COVID-19 in the industry
The World Health Organization (WHO) now considers the novel coronavirus (COVID-19) to be a pandemic. Developing countries are particularly at risk as COVID-19 due to a reduction in labor force, affect economies and livelihoods as well as reduction in production operations. Due to high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade and related services. Considering that most of these industries have been impacted due to the lockdown, it is expected that the demand for would also get impacted going forward.
The global contact lenses market has shown a
sudden decline in demand due to COVID-19.
The pandemic has severely affected
the industry players with regard to business and functional parameters. As soon
as the World Health Organization (WHO) declared the novel coronavirus
(COVID-19) as a pandemic, countries across the globe were compelled to enforce
nationwide lockdown to prevent the spread of the virus. This has severely impacted
manufacturing besides disrupting the supply chains. Production and operation have slowed down owing to the spreading
of coronavirus, which is likely to affect the demand for contact lenses. Moreover,
delay in delivery is also impeding market growth. The Asia-Pacific contact lens
market is anticipated to get highly affected by the spread of COVID-19 due to
the effect of the pandemic in China, Japan, and India.
Eurolens Research (University of Manchester)
in April 2020 found that 75% of contact lens wearers reported reductions in use
after the lockdown was imposed. It has been reported that during the lockdown
phase, a majority of contact lens users wore their lenses less than usual. Since
consumers were going through a phase of social distancing, they did not feel
the urge to use contact lenses.
Global Contact Lenses Market: By Product
Based on segmentation, the global contact lenses
market is grouped as(i) Hard Lenses and (ii)Soft lenses.
Soft contact lenses have a wide range of applications; hence
the segment is one of the prominent contributors to the market share. Soft
contact lenses consist of lightweight, soft plastics such as silicone hydrogel,
offering easy eye adaptability and improved comfort. It is used widely for correcting
ametropia. They also allow more oxygen to reach the cornea—the transparent
surface of the eyes. An increase in oxygen permeability helps enhance comfort besides
reducing dryness and itching.
The benefits offered by soft contact lenses are the key
factors driving the growth of the soft contact lenses market.
Global Contact Lenses Market: By Design Type
Based on design
type, the contact lenses market
is categorized into (i) spherical, (ii) toric and (iii) cylindrical.
The spherical design accounts for the largest share in the market and is likely to dominate the market in the years to come. This growth can be attributed to the rising number of population suffering from near-sightedness and farsightedness. The spherical design has the same lens power during the lens's optical part to correct the hyperopia, myopia, and presbyopia.
Additionally, increasing consumer affordability is the major
reason that motivates adults and working-class consumers to prefer spherical
lenses over spectacles. These lenses are majorly suggested for people with low
astigmatism level. This is yet another factord riving the growth of spherical
design contact lenses.
Global Contact Lenses Market: By Material
The contact lenses market is grouped into(i)
hydrogel, (ii) silicone hydrogel and (iii) polymers. The hydrogel section is likely
to grow at a CAGR of % during the forecast period due to the hydrogel
material's enhanced oxygen permeability.
If the cornea fails to get adequate oxygen,
it causes hypoxia, which leads to dim vision, contamination, and other visual
conditions. Thus, the consumers prefer using contact lenses of superior quality
to ensure the safety of their eyes. Growing awareness about reducing hypoxia-related
problems, along with mounting consumer consciousness regarding the safety of extended
wear/daily wear contact lenses will drive material demand.
Silicone hydrogel lenses allow almost five
times more oxygen to reach the cornea compared to regular hydrogel lenses. Since
these lenses also offer more ease and hydration to the wearer throughout the
day, the rising demand for such contact lenses is further driving the market
growth.
Global Contact
Lenses Market: By Usage
Based on usage, the global contact lenses
market is grouped (i) corrective, (ii) therapeutic, (iii) cosmetic and (iv) prosthetic.
The corrective lenses usage segment catered
to the highest share in 2020. The corrective contact lens application is
anticipated to portray the highest CAGR of % over the forecast period.
Therapeutic contact lenses are equipped with
a therapeutic property, that helps in ocular pain relief, corneal healing, and
much more. The cosmetic lens segment is likely to witness a lucrative growth
opportunity due to the surging demand for an improved aesthetic appeal of eyes.
The cosmetic lens segment is likely to be one of the leading segments with a CAGR
of during the forecast period.
Global Contact
Lenses Market: By Distribution
Channel
Based on the
distribution channel the global contact lenses market is grouped into (i) optical
stores,
(ii) independent brand showrooms, (iii) online stores, and (iv) general retail
stores.
The online store section is
expected to grow at a rate of over % during the forecast period due to the
rise in customer preferences for online shopping. The growing internet
penetration is enabling customers to access countless varieties of lenses via PC,
smartphones, and tablets. Numerous e-commerce platforms are offering discounts,
launching a wide range of innovative products, and cost-effective eye care solutions
to persuade consumers to place orders for cosmetic lenses online. Changes in
customer choices toward online buying are driving the growth of online stores
in the distribution channel segment.
Source: BlueWeave Consulting
Global
Contact Lenses Market: Regional insights
The
global contact lenses market is segmented into five regions—(i) North America, (ii)Europe,
(iii) Asia-Pacific, (iv) Latin America, and (v) the Middle East & Africa.
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 likely to cultivate at the firmest rate with the most promising and profitable chances present in the market for the players due to rising consciousness among people and well-equipped practitioners in countries in this region.
Competitive
landscape
Key players for 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 many others.
The market players compete with each other
based on the quality of products and innovative and cost-effective manufacturing process, which generates
impressive revenue besides optimizing the process for better production.
Recent
Development
·
In January 2021, Alcon Launched PRECISION1
for astigmatism Contact Lenses in the U.S.
· In November2020, Bausch + Lombannounced that the
company’s exclusive ‘ONE by ONE’ recycling program has recycled almost 27 billion
discarded contact lenses, blister packs, and top foils since the launchof the
program in November 2016. This recycling program, made possible through a partnership
with TerraCycle,helped divert over 162,000 pounds of contact lens waste from lakes,
streams, oceans, and landfills.
Scope of the
Report
Attribute |
Details |
Years Considered |
Historical data – 2016-2019 Base Year – 2020 Forecast – 2021 – 2027 |
Facts Covered |
Revenue in USD Billion |
Market Coverage |
U.S, Canada, Germany, UK, France, Italy,
Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina,AUAE,
South Africa, Saudi Arabia |
Product/Service Segmentation |
By product, design, material,
distribution channel and region |
Key Players |
Key players for the Contact LensesMarket
includeBausch + 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.) |
Scope of the
Report
By Product:
Ø Soft Lenses
Ø Hard Lenses
By Design Type:
Ø Spherical
Ø Toric
Ø Cylindrical
By Material:
Ø Hydrogel
Ø Silicone Hydrogel
Ø Polymers
Distribution Channel:
Ø Optical Stores
Ø Independent Brand Showrooms
Ø Online Stores
Ø General Retail Stores
By Region:
Ø Asia-Pacific
Ø North America
Ø Europe
Ø The Middle-East & Africa
Ø Latin America
SCOPE
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)
5.2.1. By Product Type
5.2.1.1. Soft
Lenses
5.2.1.2. Hard Lenses
5.2.2. By Design Type
5.2.2.1. Spherical
5.2.2.2. Toric
5.2.2.3. Cylindrical
5.2.3. By Usage
5.2.3.1. Corrective
5.2.3.2. Therapeutic
5.2.3.3. Cosmetic
5.2.3.4. Prosthetic
5.2.4. By
Material
5.2.4.1. Hydrogel
5.2.4.2. Silicone Hydrogel
5.2.4.3. Polymers
5.2.5. By Distribution Channel
5.2.5.1. Optical Stores
5.2.5.2. Independent Brand Showrooms
5.2.5.3. Online Stores
5.2.5.4. General Retail Stores
5.2.6. By Region
5.2.6.1.
North America
5.2.6.2. Europe
5.2.6.3. Asia Pacific
5.2.6.4. South America
5.2.6.5. 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
6.2.6.1. U.S
6.2.6.2. 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
7.2.6.1. Germany
7.2.6.2. U.K
7.2.6.3. France
7.2.6.4. Italy
7.2.6.5. 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
8.2.6.1. China
8.2.6.2. India
8.2.6.3. Japan
8.2.6.4. South Korea
8.2.6.5 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
9.2.6.1. Brazil
9.2.6.2. Mexico
9.2.6.3. Argentina
9.2.6.4. 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
10.2.6.1. Saudi Arabia
10.2.6.2. UAE
10.2.6.3. South Africa
10.2.6.4. 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
Market Segmentation
Scope of the Report
By Product:
Ø Soft Lenses
Ø Hard Lenses
By Design Type:
Ø Spherical
Ø Toric
Ø Cylindrical
By Material:
Ø Hydrogel
Ø Silicone Hydrogel
Ø Polymers
Distribution Channel:
Ø Optical Stores
Ø Independent Brand Showrooms
Ø Online Stores
Ø General Retail Stores
By Region:
Ø Asia-Pacific
Ø North America
Ø Europe
Ø The Middle-East & Africa
Ø Latin America
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