According to a new research report by Global Market Insights Inc., the Contact Lenses Market size is set to exceed a market value of USD 14 billion by 2025 with shipped volume of around 1,300 million units. The increase in the number of visual alignment and chronic eye diseases is enabling consumers to shift toward contact lenses and changing consumer lifestyles coupled with the ongoing fashion trend will drive the business growth.
The emergence of innovative products along with technological advancements will boost the product market. Raw material prices including hydrogel and polymers are the key factors affecting the lenses market price trend. However, the increasing acceptance of corrective procedures, such as LASIK and Photorefractive Keratectomy (PRK) and ophthalmology devices, may hamper the market growth. Further, risks of infection & corneal ulcers will lead to dryness of eyes and poor fitting, demotivating people from continuous lenses usage.
The soft contact lens segment is expected to grow at a CAGR of over 9% through 2025 due to oxygen permeability and adaptability. Soft contact is manufactured from soft and flexible plastics, such as silicone hydrogel, providing improved comfort to eyes and easy adaptability. These lenses are less sensitive to light as compared to hard and RGP lenses. As these lenses comfortably fit into the eyes and rarely fall out of the eyes, they are ideal for sports. The ability of soft lenses to minimize the adjustment period and improve comfort has made them a preferred choice for first-time users.
Hydrogel material is expected to hold the market share of over 80% by 2025 due to its permeability for Oxygen permeability. Growing concerns to reduce hypoxia-related problems and growing consumer consciousness regarding the safety of extended wear and daily wear will drive material demand. The contact lens manufacturers are focusing on enhancing their product portfolio by introducing new products. This new launch helped the company to expand its robust contact lens portfolio.
Browse key industry insights spread across 553 pages with 1317 market data tables & 29 figures & charts from the report, “Contact Lenses Market By Type (RGP, Soft Contact, Hybrid Contact), By Material (Hydrogel, Polymers), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores), By Design (Spherical, Toric, Bifocal And Multifocal), By Product (Corrective, Therapeutic, Cosmetic [Colored, Circle], Prosthetic), By Usage (Daily Disposable, Weekly Disposable, Monthly Disposable, Annual) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Independent brand showroom distribution channel held the contact lenses market share over 25% in 2018 due to the ease of choosing from a wide range of products under the brand name. These independent brand stores allow consumers to have all the contact lens and eyewear products at a single place. These showrooms also ensure that the consumer should get the original product of the preferred brand, avoiding the sale of fake products. Superior experience provided to the end customer helps in developing brand loyalty.
The bifocal lenses segment is expected to show a growth rate of over 6% during the forecast period due to the increase in the aging population facing age-related vision decline problems. These lenses involve 2 or more lens powers with each lens power assigned for a specific purpose. These lenses enable consumers to view objects clearly at multiple ranges. These lenses offer clear vision at distances for people experiencing refractive errors and facing age-related vision decline. More oxygen reaching cornea owing to its silicone hydrogel material has positively influenced bifocal and multifocal lens demand.
Therapeutic lenses held the contact lenses market share of over 30% in 2018 due to an increase in chronic defects. Therapeutic lenses are designed to protect and aid the healing of a sick eye. These lenses are large lenses that cover the cornea, retain moisture, and protect the surface of the cornea. These lenses are also called as bandage lenses as they help in healing chronic & corneal ulcers, epithelial defects neuroparalytic keratitis, neurotrophic keratitis, chemical burns, and post-surgical epithelial defects.
The monthly disposable contact lens segment is expected to hold a market share of over 40% by 2025 due to its better lens stability and reduced lid interaction. The better lens stability and reduced lid interaction help in improving the comfort for longer wearing durations. Lower cost as compared to its counterparts is a prominent factor that drives industry growth. These lenses allow five times more oxygen through the lens owing to higher gas permeability and higher water content. More comfort as compared higher comfort level and breathability are the other factors that positively impact product penetration.
Asia Pacific is expected to grow at a growth rate of over 4% during the forecast period due to increase in investments in the healthcare sector including vision care. The major government authorities are partnering with major optical health care companies for investing in research and development activities related to eye health.
This investment helped in an increase in research in eye health in the country. The increase in the aging population in countries, such as China and Japan, is another factor contributing significantly to the contact lenses market growth. The surging demand for altering the appearance, growing entertainment sector, and constant innovations in the product nature & comfort are supporting the adoption of cosmetic lenses in the region.
The companies operating in the contact lenses industry are focusing on enhancing their capabilities in lens technology by introducing new products. This new product helped the company to provide innovative contact lens that can adapt to changing light and help users to recover from the bright light up to five seconds faster. The major companies operating in the market are Bausch Health Companies Inc., Blanchard Contact Lenses, Carl Zeiss Beteiligungs-GmbH, Hoya Corporation, Contamac, CooperVision, Conforma Laboratories, Inc., ESSILORLUXOTTICA, Johnson & Johnson, Menicon, Novartis AG, SynergEyes, Inc., and UltraVision CLPL.