Contact Lenses Market size was estimated at $13,429.5 Million in 2019 and is expected to reach $18,896.7 Million by 2027, growing at a CAGR of 5% during the forecast period of 2020 to 2027.
A Contact Lens is a vision-correction optical product that is placed on the surface of the eye. It is a direct competitor of spectacles and is preferred by a section of the society as it doesn’t need any hardware. Growth drivers include consumer awareness regarding eye-health and government initiatives issued in public interest. The fashion industry is also likely to collaborate with contact lens manufacturers. One of the restraints includes exponential price increase with moderate to complex lens design and shapes.
Analysis by Type
According to the type, the three main segments are Soft Contact, RGP, and Hybrid Contact. The Contact Lens market report suggests the dominance of Hybrid Contacts as it is better suited for patients with Presbyopia and Astigmatism. The Contact Lens market research has robust data to state the demand surge that this segment is likely to experience. This is because of its larger diameter and its ability to collect less debris under the eye.
Analysis by Material
The Materials are segmented into Polymers and Hydrogel. The Contact Lens market share is led by Hydrogels as they are permeable to oxygen, which is essential for the health of the eyes. The Contact Lens market size is also likely to be augmented because of growing consumer awareness regarding eye health and hygiene with the use of Contacts.
Analysis by Distribution Channel
The Distribution Channels are segmented into Independent Brand Showrooms, Optical Stores, Retail Stores, and Online Stores. The Contact Lens market estimation looks very promising for Online Stores as a result of the general prevalence of Online shopping. Smartphone penetration coupled with easy access to high-speed internet is enabling consumers to explore a wide variety of Optical products from the comfort of their personal spaces.
Analysis by Design
According to Design, the segments are Toric, Spherical, and Bifocal & Multifocal. The Contact Lens market forecast is significantly skewed in favor of large demands for Spherical designs. It currently holds around 60% of market share with research indicating room for more. This type has the same lens power throughout the surface of the lens.
Analysis by Product
The Product is segmented into Therapeutic, Corrective, Cosmetic, and Prosthetic. The Cosmetic segment is further classified into Colored and Circle. The corrective lens segment is likely to dominate with over 35% of the market share. Close to 180 million suffer from a mild distance vision while approximately 200 million have moderate and severe vision impairments.
Analysis by Usage
According to Usage, the segments are Daily Disposable, Weekly Disposable, Monthly Disposable, and Annual. The Daily Disposable Lens segment is expected to gain popularity due to its non-existent maintenance clause. The Contact Lens price trend is another factor that will result in creating a demand-pull for it. These lenses don’t aggregate much dirt either due to their short life.
Analysis by Region
The North American market is likely to maintain its pole position of nearly 30% of the market share. This is due to rising consumer awareness about buying contact lenses at just the onset of vision defects.
Analysis by Leading Manufacturers
The eminent Contact Lenses companies are Bausch Health Companies Inc., Blanchard Contact Lenses, Carl Zeiss Beteiligungs-GmbH, Conforma Laboratories, Inc., and Contamac. Forward integration is expected to play out in the forecasted period. This is likely to happen with Contact Lens manufacturers inking strategic tie-ups with Online retailers to gain an edge over others in terms of product visibility. Other industries in this domain that are growing at a high CAGR include Camera Module Lens Market and Aircraft Light Lenses Market.
● Market Revenue Estimation and Forecast (2019 – 2026)
● Market Production Estimation and Forecast (2019 – 2026)
● Market Sales/Consumption Volume Estimation and Forecast (2019 – 2026)
● Breakdown of Revenue by Segments (2019 – 2026)
● Breakdown of Production by Segments (2019 – 2026)
● Breakdown of Sales Volume by Segments (2019 – 2026)
● Gross Margin and Profitability Analysis of Companies
● Business Trend and Expansion Analysis
● Import and Export Analysis
● Regional Analysis and Market Data Breakdown
By Type Outlook ($Revenue and Unit Sales, 2019-2026)
• Soft Contact
• Hybrid Contact
By Material Outlook ($Revenue and Unit Sales, 2019-2026)
By Distribution Channel Outlook ($Revenue and Unit Sales, 2019-2026)
• Independent Brand Showrooms
• Optical Stores
• Retail Stores
• Online Stores
By Design Outlook ($Revenue and Unit Sales, 2019-2026)
• Bifocal & Multifocal
By Product Outlook ($Revenue and Unit Sales, 2019-2026)
By Usage Outlook ($Revenue and Unit Sales, 2019-2026)
• Daily Disposable
• Weekly Disposable
• Monthly Disposable
By Regional Outlook ($Revenue and Unit Sales, 2019-2026)
• Nordic Countries
• South Korea
• Saudi Arabia
• South Africa
• Bausch Health Companies Inc (Bausch + Lomb, Inc.)
• Blanchard Contact Lenses
• Carl Zeiss Beteiligungs-GmbH
• Conforma Laboratories, Inc.
• ESSILORLUXOTTICA (Essilor International S.A.
• Hoya Corporation
• Johnson & Johnson (Johnson and Johnson Vision Care)
• Novartis AG
• SynergEyes, Inc.
• UltraVision CLPL