Emergen Research has published its latest report titled “Contact Lenses Market By Usage (Daily Wear, Extended Wear, Traditional Lenses), By Design (Monovision, Spherical, Toric, Multifocal), By Material (Hybrid, Silicone Hydrogel, Rigid Gas Permeable, PMMA), By Application (Therapeutic, Lifestyle-Oriented, Prosthetic, Cosmetic, Corrective), By Marketing Channel (Online, Offline), and By Region”
According to Emergen Research, the global contact lenses market size was USD 7.36 Billion in 2020 and is expected to reach USD 11.91 Billion in 2028 and register a revenue CAGR of 6.2% during the forecast period, 2021-2028.
Contact lenses have the power to completely change user’s eyesight. Majority of contact lenses are made to address refractive errors such farsightedness, astigmatism, and nearsightedness. There are also custom lenses designed to meet certain requirements due to technological advancements in optics and optometry and growing popularity of these customized contact lenses is a key factor expected to drive the global contact lenses market revenue growth. For instance, hybrid contact lenses combine the best characteristics of hard and soft lenses.
The center of hybrid lens is made of durable material and does not change its shape. This eliminates or reduces the problem of lenses rotation or adopting the irregular corneal shape. As a result, contact lenses are popular in sports and other outdoor activities. In addition, the wearer can also wear sunglasses, goggles, and other eyewear of his or her choice without worrying about compatibility with prescription lenses. The easy availability of a wide selection of contact lenses due to increasing fashion styles, need for eliminating the use of spectacles and rising disposable income of a consumer surge demand for contact lenses in the global market.
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However, even when wearing strict hygiene guidelines, wearers of contact lenses are at a greater risk for infections, eye injuries, irritation, dry eyes, and redness. Contact lenses demand even more attention than glasses. Wearer must clean and keep them correctly. If contacts lenses are not cleaned properly or proper hygiene care is not taken care off, it can acquire dangerous eye infections. Also, when the lenses rotate, vision may get fuzzy if wearer have a lot of astigmatism. These risk associated with contact lenses, high cost of certain lenses with customizations and increasing awareness regarding benefits of eyeglasses over contact lenses due to less maintenance required are some factors expected to restrain contact lenses market to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Daily Wear Contact Lenses Segment Revenue to Expand at a Rapid CAGR:
Daily wear contact lenses segment revenue is expected to expand at a rapid CAGR throughout the forecast period. The segment is further segmented into daily disposable contact lenses and daily reusable contact lenses. Daily disposables contact lenses are considered as the healthiest option as it is comfortable, easy to use, hygienic, low maintenance and less or no chances for harmful deposits to build up on the contact lenses.
Corrective Lenses Segment to Register Significant Revenue Growth:
Corrective lenses segment is expected to register significantly larger revenue share over the forecast period due to increasing prevalence of refractive errors. A corrective lens (also known as a transmissive optical device) is a lens that is worn in front of the eye to improve eyesight. To repair a refractive defect, some people require vision correction. Astigmatism, myopia, hypermetropia, and presbyopia are the most frequent refractive defects treated.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period due to growing research on eye related problems, increasing awareness among individuals regarding eye health resulting in large scale adoption of contact lenses. In addition, growing geriatric population and technological advancements in contact lenses are some other factors expected to contribute to the market growth in the countries of the region over the forecast period.
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Major Companies in the Market Include:
- Johnson & Johnson
- Bausch + Lomb
- Carl Zeiss Meditec AG
- HOYA Corporation
- The Cooper Companies
- Seed Co., Ltd.
- EssilorLuxottica (France)
- BenQ Materials Corporation
- Menicon Co., Ltd.
For the purpose of this report, Emergen Research has segmented the global contact lenses market based on usage, design, material, application, marketing channel, and region:
Usage Outlook (Revenue, USD Billion; 2018–2028)
- Daily Wear
- Extended Wear
- Traditional lenses
- Daily Wear
Design Outlook (Revenue, USD Billion; 2018–2028)
Material Outlook (Revenue, USD Billion; 2018–2028)
- Silicone Hydrogel
- Rigid Gas Permeable
Application Outlook (Revenue, USD Billion; 2018–2028)
Marketing Channel Outlook (Revenue, USD Billion; 2018–2028)
- Retail Stores
- Brand Showrooms
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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