Global Contact Lens Market Size, Share, Growth Analysis, By Modality(Reusable, Disposable), By Design(Toric, Multifocal), By Distribution Channel(Ophthalmologists, Retail Stores), By Usage(Daily Disposable, Disposable) - Industry Forecast 2023-2030

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Global Contact Lens Market Insights

Contact lenses are tiny lenses designed to be applied to the eye's surface to correct eyesight. Depending on the type, comfort, and reusability of the lenses, they are either hard or soft. The primary factors driving the market expansion during the forecast period are the rising acceptance of these devices in developing nations and the global increase in the prevalence of refractive defects. Research conducted recently projected that 116.3 million people worldwide had moderate to severe visual impairment brought on by uncorrected refractive error, according to a BMC Public Health report released in 2021. Refractive errors are predicted to affect more people worldwide, and people are becoming more aware of how these eye disorders can be treated with contact lenses to correct refractive vision. To correct refractive defects and make up for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism, a corrective lens is preferred. As a result, the market is anticipated to grow throughout the course of the forecast due to an increase in graphic inconsistencies.

The quantity of outdooractivities is growing, which is accelerating market expansion. Optics and optometry have seen a great amount of research and development to advance the technology. The market for contact lenses has expanded as a result of innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology. For instance, IMEC and SEED Co. Ltd, a global R&D hub, formed a partnership to work together on the development of a smart contact lens in November 2018. This contact lens will have a number of parts, including an ultra-thin silicon microchip, an LED light, and a radio-frequency antenna that would be sufficient for wireless energy transfer. Additionally, the interconnections are created using a thin stretchable sheet. Increase knowledge of the advantages of detachable lenses versus reusable ones, such as avoiding side effects from cleaning solutions, such as eye discolouration.

The market's top players are also engaged in developing awareness campaigns and introducing cutting-edge products, which are expected to encourage the growth of daily disposables. Precision1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens created for astigmatic patients in the U.S., for instance, was announced by eye care product producer Alcon Vision LLC in January 2021.

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Global Contact Lens Market Segmental Analysis

The Global Contact Lens Market is segmented based on Modality, Design, Distribution Channel, usage, and Region. Based on the Modality, the Global Contact Lens Market is segmented into reusable and disposable. Based on the Design, the Global Contact Lens Market is segmented as toric, multifocal, and spherical. Based on the Distribution Channel, the Contact Lens Market is divided into ophthalmologists, retail stores, and online stores. Based on usage, the Contact Lens Market is segmented into Daily Disposable, Disposable, Frequently Replacement, and Traditional. Based on Region, Contact Lens Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Contact Lens Market Analysis by Modality

On the basis of Modality, the global contact lens market is segmented into the reusable and disposable lenses. The largest portion of the contact lens market was made up of reusable products. The rise in demand for these goods among patients with refractive problems can be attributed to both the growing population of wearers and patients with refractive faults. For instance, the Vision Council's analytical report from 2020 estimates that around 125 million people worldwide wear contact lenses, with 42.2 million of those individuals residing in the United States. The category is anticipated to rise as a result of the rising use of reusable lenses and the rising prevalence of contact lens wearers worldwide. Reusable lenses' advantages, such as their comfort and durability, are also boosting the market's growth over the course of the forecast period.

The disposable segment, however, experienced a sizable growth rate during the projection period. It can be attributed to the population's growing propensity for daily disposable lenses, which lessen wearing issues. This fuels the segment in the global market, along with the launch of fresh disposable lenses by top players.

Contact Lens Market Analysis by Design

On the basis of design, the global contact lens market is segmented into toric, multifocal, and spherical. The market is dominated by the spherical segment because of the growing technological advancements in this segment. For example, the PRECISION1 contact lens with smart surface technology was launched by Alcon in May 2021. It was focused on increasing consumer preference and comfort. The growing focus of key players in this market to launch technologically advanced products offering increased adoption of spherical lenses is predicted to support the growth in this segment. Moreover, increased adoption of the spherical lens by the adult population as a replacement for spectacles is also aiding to the growth of this segment.

Contact Lens Market Analysis by Distribution Channel

Based on the distribution channel, the market is divided into ophthalmologists, brick-and-mortar stores, and online retailers. In 2020, the retail shop's industry held the biggest market share. Manufacturers' initiative to introduce cutting-edge products at competitive rates in retail stores, along with sales promotions and the entry of larger store chains, are credited with the segment's dominance. The robust network of retail outlets in developed countries is another factor contributing to the rapid expansion of the retail pharmacy segment on the worldwide market.

On the other hand, compared to the other sub-segments, the online retailers' segment is predicted to record a greater CAGR. The development of regulatory laws enabling these device sales online in developed countries and the introduction of major e-pharmacy businesses into the industry are credited with the increased growth of online channels. The pandemic problem has also significantly influenced consumers' choice of internet retailers over brick-and-mortar establishments. For instance, the Vision Council found that, in 2021, close to 35% of customers used the internet in some capacity to make their most recent contact lens purchase. The inclination of contact lens wearers to compare and buy lenses online, together with the rise in the number of manufacturers building robust e-commerce platforms, are factors that are expected to boost the segment's growth.

 

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Global Contact Lens Market Competitive Landscape

Alcon, Bausch + Lomb, Cooper Companies Inc., and Johnson & Johnson Vision Care, Inc. have a robust distribution network that has helped them dominate the market. Cooper Companies Inc., Alcon, and Johnson & Johnson Vision Care, Inc. are among the leading companies that have consolidated the global market. The broad range of products offered by these devices, clever alliances, and a powerful distribution network is credited with these businesses' supremacy in the market. The major market players are introducing technologically sophisticated products to obtain an advantage over rival market competitors. For instance, Alcon announced in January 2022 that Dailies TOTAL1 would be available to astigmatic patients in the United States. The first water gradient lens was introduced to give patients a comfortable fit. The other market participants, such as Carl Zeiss Meditec AG, Hoya Corporation, and Menicon Co., Ltd., are also concentrating on expansion strategies to serve emerging markets around the world.

Contact Lens Market Top Player's Company Profiles

  • Alcon Inc.
  • Bausch + Lomb
  • Carl Zeiss Meditec AG
  • CooperVision Inc.
  • Essilor International S.A.
  • Contamac Ltd.
  • Hoya Corporation
  • Johnson & Johnson Vision Care Inc.
  • Menicon Co. Ltd.
  • Novartis International AG
  • Oculus Inc.
  • Seed Co. Ltd.
  • STAAR Surgical Company
  • SynergEyes Inc.
  • Tangible Science LLC
  • The Cooper Companies Inc.
  • UltraVision CLPL
  • Visioneering Technologies Inc.
  • X-Cel Specialty Contacts
    ZEISS Group

 

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