The global contact lenses market size was worth USD 12.79 billion in 2019. It is anticipated to register 5.0% CAGR over the forecast years, 2020 to 2027. The use of corrective lenses has increased in the recent past as they help in compensating visual deficiencies like hyperopia, astigmatism and presbyopia. Thus, the growing number of visual inaccuracies is anticipated to bolster market growth over the forecast duration. Further, growing participation in outdoor events and activities is anticipated to drive the product demand.
In the recent past, optometry and optics sectors have witnessed considerable growth in the research and development. Introduction of dynamic soft lenses combined with advanced technology has supplemented the contact lenses demand. For example, SEED Co. Ltd and IMEC entered into a partnership to introduce smart contact lenses. These contact lenses will be equipped with LED light, silicone microchip and radio-frequency antenna.
Silicone hydrogel lens has a wide application; therefore, it is one of the major contributors to the market growth. These lenses are made up of soft and flexible plastic like silicone hydrogel, which offers enhanced comfort and easy adaptability. In addition, they permit more oxygen permeability, therefore, reducing itching and dryness.
Consumers are preferring to eliminate the spectacle use, which has resulted in the increasing adoption of aesthetically appealing Plano sunglass. Further, increasing product innovation is also attributing to the growth of the market. For example, Alcon Vision LLC intended to introduce AcrySof IQ PanOptix Trifocal IOL in 2019. This product has a trifocal lens and it is ideal for a patient with contact surgery.
Based on the material, the market is classified into silicone hydrogel, hybrid and gas permeable. Of them, the hybrid lens division is likely to register the considerable growth from 2020 to 2027. The hybrid lens is a combination of both silicone hydrogel and gas permeable. It offers visual clarity like RGP lens and comfort like a soft lens. The use of the hybrid lens is gaining traction among people with keratoconus and astigmatism.
On the other hand, silicone hydrogel provides greater flexibility and comfort as compared to a gas permeable lens. Gas permeable has more breathability than its counterparts, therefore, it reduces infection risk. However, due to the benefits provided by the soft lens, the gas permeable segment is anticipated to lose its market share over the forecast duration.
Depending on the design, the market is segregated into the spherical lens, toric lens, multifocal lens and others. The other segment includes ortho-k lenses and orthokeratology. Among all, the multifocal segment is projected to register moderate growth from 2020 to 2027 owing to its ability to integrate multiple prescriptions. It is mostly used to treat ophthalmic disorders like presbyopia.
The spherical lens category is projected to emerge as the leading segment over the forecast duration. In 2019, this segment held over 60.0% share in the market. On the other hand, the use of toric lenses is also gaining traction. They are used in correcting astigmatism problems that arise due to deviation in the cornea’s curvature. Toric lens segment is projected to register 8.4% CAGR from 2020 to 2027.
By application, the contact lens market has been classified into lifestyle-oriented, cosmetic, corrective, prosthetic and therapeutic. Among them, the corrective lenses segment held the maximum share in the market in 2019. Further, this segment is anticipated to register 5.4% CAGR from 2020 to 2027. On the other hand, therapeutic contact lenses help against ocular pain and corneal healing.
The therapeutic segment also held a substantial share in the market in 2019. However, it is anticipated to lose its share over the forecast years as it can be used to deliver drugs to the cornea. The cosmetic lens segment is likely to witness a lucrative growth opportunity owing to the increasing demand for aesthetically appealing eyes. This segment is predicted to portray more than 5.0% CAGR from 2020 to 2027.
By distribution channel, the market is divided into Eye-care professionals, retail and e-commerce. Eye-care professionals distribute most of the contact lenses. Therefore, online retailing is projected to hold the lowest share over the next seven years. However, the increasing popularity of contact lenses among millennials is anticipated to drive e-commerce sales over the forecast duration.
Earlier, contact lenses required daily removal and cleaning. Moreover, consumers used to purchase contact lenses from eye practitioners. However, with the advent of disposable contact lenses and the increasing popularity of non-practitioners sellers, the market dynamics have changed considerably. E-commerce has a diversified product portfolio along with simplifying distribution.
Depending on the usage, the market is segregated into the disposable, frequently disposable, daily disposable and traditional lens. Of them, the daily disposable segment is anticipated to register 6.0% CAGR over the forecast duration. Further, this segment is projected to lead the market over the next seven years. Daily disposable lenses offer greater comfort to the users, thereby; it is being increasingly adopted among users. In addition, these lenses are regarded as the healthiest among users.
Daily disposable lenses are manufactured with flexible and soft plastic material and it is increasingly used in daily lifestyle. This lens is popular among sports individuals. In addition, growing health benefits associated with this lens drive its adoption among users. On the other hand, the frequently disposable lens is removed after a certain period of time like weekly, monthly and quarterly. Traditional lenses are used for prolonged period and they are most economical.
The demand for cosmetic lenses is gaining traction in Japan as they are wearing it for aesthetically appealing eyes. This factor has driven market growth in the Asia Pacific. Rise in disposable income in the Asia Pacific is also attributing to the growth of the market. China is also witnessing increased adoption of cosmetic lenses.
Europe and North America have witnessed robust demand for soft lenses in the recent past. Owing to the increasing demand, companies are focusing on upping their investment in research and development in these regions. Increasing demand for entertainment and media industry in the United States makes the country one of the leading in North America.
The contact lenses market has been adversely affected due to the outbreak of COVID-19. Independent eye-care professionals account for most of the distribution of contact lenses. However, owing to the coronavirus pandemic, majority of such eye-care stores were forced to close in the different parts of the world. Therefore, weak distribution has negatively affected the market growth. In addition, contact lenses witnessed significantly low demand from entertainment and sports sectors owing to the cancellation and postponement of various entertainment and sports-related activities. Nonetheless, with the resumption of various economic activities, the market is projected to witness a robust recovery. Introduction of cost-effective disposable contact lenses would play a key role for the companies aiming to consolidate their position.
Leading players operating in the market are Alcon Vision LLC, Bausch & Lomb, ZEISS International, Johnson & Johnson Vision Care, STAAR Surgical Company¸ SynergEyes, Inc., Hoya Corporation, Contamac and Essilor International S.A among others. These market players are focusing on establishing their brand value through merger & acquisition and collaborations.
In addition, market players are entering into a partnership with distributors and suppliers to consolidate their market presence. For example, a Europe based contact lenses manufacturers Mark´Ennovy Personalized Care, S.L partnered with a distributor Capricornia Contact Lens Pty Ltd.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million & CAGR from 2020 to 2027
North America, Europe, Asia Pacific, South America, and MEA
U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Argentina, Brazil, UAE, and Saudi Arabia
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insights has segmented the global contact lenses market report based on material, design, application, distribution channel, usage, and region:
• Material Outlook (Revenue, USD Million, 2016 - 2027)
• Gas Permeable
• Silicone Hydrogel
• Design Outlook (Revenue, USD Million, 2016 - 2027)
• Application Outlook (Revenue, USD Million, 2016 - 2027)
• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
• Eye Care Practitioners
• Usage Outlook (Revenue, USD Million, 2016 - 2027)
• Daily Disposable
• Frequently Replacement
• Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• South America
• Middle East and Africa
• Saudi Arabia
Research Support Specialist, USA