Contact Lenses Market Analysis

Contact Lenses Market Analysis

Spherical design held over 70% of the contact lenses market share in 2018 due to the increase in the population suffering from near-sightedness and farsightedness. According to a study by the American Academy of Ophthalmology, in 2016, nearly 10 million adults were suffering from nearsightedness in the U.S.

The spherical design has the same lens power throughout the entire optical part of the lens to correct the hyperopia, myopia, and presbyopia. Rising consumer affordability is the key factor that attracts adults and working-class consumers to purchase spherical lenses over spectacles.

The hybrid lenses segment is expected to hold a market share of over 50% by 2025 due to the increase in the number of astigmatism and presbyopia patients. It tends to center well due to its large diameter, providing a stable vision for wearers with astigmatism and presbyopia. The ability to collect less debris under these lenses makes them safer for the eyes. The oxygen-permeable center helps in improving corneal health and eliminating the problems that cause defective vision.  No risk of dislodging during outdoor or during athletic activities is also favoring contact lenses market growth.

The hydrogel segment is expected to grow at a CAGR of over 7% during the forecast period due to the enhancing oxygen permeability of the hydrogel material. Less oxygen reaching the surface of cornea causes hypoxia that may lead to blurry vision, loss of visual clarity, and infection. Growing concerns to reduce hypoxia-related problems and growing consumer consciousness regarding the safety of extended wear and daily wear will drive contact lenses market segment.  Silicone hydrogel lenses permit up to five times more oxygen to range the cornea compared to regular hydrogel lenses.
 

The online store segment is projected to grow at a CAGR of over 7% through 2025 due to an increase in customer preferences for online shopping. The growing internet penetration is enabling customers to access several lenses through smartphones and tablets. According to the Ecommerce Foundation, an independent non-profit organization working for the growth of the eCommerce industry, 88% of consumers in the U.S. research products online before buying. Numerous eCommerce platforms are offering efficient and cost-effective solutions for ordering cosmetic contact lens online. Changes in consumer choices toward online purchasing and thriving e-commerce will improve the valuation of contact lenses market.
 

The corrective lenses segment is expected to hold a market share of over 40% by 2025 due to the increase in vision-related problems. The corrective lenses are used to improve the vision and treat refractive errors such as myopia, astigmatism, presbyopia, and hypermetropia. Spherical, toric, and bifocal & multifocal are majorly recognized corrective lenses. Product development in terms of the duration in the usage of lenses including disposable lenses has opened new growth opportunities for contact lenses market.
 

Daily disposable lenses are expected to grow at a CAGR of over 7% from 2019 to 2025 due to the provision of benefits such as convenience and hygiene. The daily disposable lenses are more convenient as they do not require cleaning. These lenses do not accumulate the lens deposits as they can be disposed of after using for a day. The major contact lens manufacturers are focusing on introducing innovative daily disposable contact lenses to match the changing customer demands. This new product launch helped the company to provide long-lasting comfort and ease of handling experience for its customers.
 

North America held over 30% share in 2018 due to the increase in awareness regarding eye health. The major pharmaceutical companies are focusing on increasing awareness regarding vision-related diseases. For instance, in July 2017, Allergan, a leading healthcare company, launched an online awareness campaign #EyePic as part of the See America initiative to fight against preventable blindness and visual impairment in the U.S. This social media campaign broadened the awareness of preventable blindness and promoted the discussion around eye health to encourage consumers in the country to consult eye care specialists.