Overview:
Contact lenses are used for therapeutic as well as cosmetic reasons. They are mostly used for vision correction as they are designed to fit over the eye cornea. Contact lenses are used in many ophthalmic conditions such as astigmatism, corneal ectasia, bullous keratopathy, dry eye syndrome, and presbyopia for vision correction. These medical devices enhance peripheral vision without accumulating moisture from the atmosphere.
The global contact lens market was valued at US$ 13,478.5 Mn in 2019 and is forecast to reach a value of US$ 29,934.2 Mn by 2027 at a CAGR of 10.5% between 2020 and 2027.
Drivers:
Rise in the number of cataract cases and growing aged population are expected to augment growth of the global market of contact lens during the forecast period. For instance, the National Eye Institute estimated that cataract cases are likely to increase up to 50 million by 2050 in the U.S. Moreover, Census Bureau projected a rise of up to 77 million in geriatric populace by 2034 in the U.S.
Restraints:
Side effects caused by continuous use of contact lenses is expected hamper growth of the global contact lens market. Accumulation of protein or lipid materials on the surface of lens cause bacterial infections. Such side effects may lead to serious complications of vision.
Furthermore, middle-income countries have low rate of contact lens adoption, which is also expected to restrict the growth of the global market of contact lens.
Opportunities:
Rising cases of diabetic retinopathy is likely to create a lucrative environment of growth opportunities for market competitors. For instance, in 2010, the Centers for Disease Control and Prevention estimated the cases of diabetic retinopathy is projected to increase from 7.7 million in 2010 to 14.6 million by 2050.
Also, growing use of contact lenses in children is again expected to propel growth of the global contact lens market. For instance, in September 2018, the Center for Ocular Research & Education reported that according to American Optometric Association, 97% of optometrists have recommended contact lenses to children aging under 18.
Key Takeaways:
North America witnessed a robust growth in the global contact lens market in 2019, accounting for 39.0% share in terms of value, followed by Europe and Asia Pacific, respectively.
Inclination towards the use of digital devices is likely to grow demand for contact lenses. For instance, in February 2019, the Pew Research Center reported the rate of people using smartphones increased from 77% in 2018 to 81% in 2019.
Increasing investment in eyewear is expected to boost growth of the global contact lens market. For instance, in December 2019, SoftBank Vision made an investment of US$ 275 million and more in omnichannel eyewear retailer Lenskart.
Key players:
key players active in the global contact lens market are, Menicon Group, Carl Zeiss AG, Visioneering Technologies, Inc., Johnson & Johnson Vision, Essilor, SynergEyes, Inc., Menicon, UltraVision, Novartis International AG, The Cooper Companies, Inc., Baush and Lomb, Mojo Vision, Air Optix, Conforma, and Wesley Jessen.
Key Developments:
Key players in the market are adopting various strategies such as launch of new products to strengthen their product portfolio. For instance in August 2020, Bausch + Lomb, a leading global eye health business announced the launch of Bausch + Lomb INFUSE™ silicone hydrogel (SiHy) daily disposable contact lens with a next generation material infused with ProBalance Technology to help ocular surface homeostasis and help reduce symptoms of contact lens dryness.
- In January 2020, Mojo vision revealed the development of the Mojo Lens, which is a first ever smart contact lens.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Characteristic
- Market Snippet, By Design
- Market Snippet, By Usage
- Market Snippet, By Country
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Market Dynamics
- Global Contact Lens Market, By Characteristic, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Gas-Permeable Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Soft Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Contact Lens Market, By Design, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Spherical Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Toric Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Multifocal Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Orthokeratology Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Contact Lens Market, By Usage, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Corrective Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Therapeutic Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Post-Operative Therapeutic Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Cosmetic Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Enhancement Tints
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Opaque and Special Effect Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Prosthetic Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Computer Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- D-Segment Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Sports Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Custom-made Contact Lens
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Contact Lens Market, By Region, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast, By Characteristic, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Design, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Usage, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
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