The market for contact lenses is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and expected to reach the market value of around US$ 14.0 Bn by 2027.
Contact lenses or contacts are thin lenses designed to place directly on the surface of the eye. These can be worn by the people to correct vision or for therapeutic, or cosmetic, or as a prosthetic.
The growing prevalence of myopia and other ophthalmic disorders is driving the market growth. The growing geriatric population whose vision gets easily blurred is expected to drive the growth over the forecast period from 2020 to 2027. The increasing preference for contact lenses over prescription eyeglasses along with the high preference for cosmetic contact lenses is proliferating the market value. Furthermore, untapped emerging markets and the increasing number of players with advanced lenses like smart contact lens are projected to create potential opportunities over the forecast period.
On the other side, shortage of ophthalmologists in some regions, growing acceptance of refractive surgeries, and problems associated with contact lens are anticipated to limit the growth to an extent during the forecast period from 2020 to 2027.
Global Contact Lenses Market
Covis-19 impact on the contact lenses market
The global pandemic of the corona virus has resulted in nationwide lockdowns that result in the shutdown of retail stores as well as disrupted the supply chain. The major market players have experienced a reduction in sales especially for daily/weekly wear contact lenses which have badly affected the growth of the market across the globe. Additionally, the pandemic has also badly affected the financials of people, as a fact people have delayed the purchase of new pairs of contact lenses for the period.
Retail stores lead the global contact lenses market with major revenue share
By distribution channel, retail stores are leading the market with major revenue share owing to their easy and convenient availability for the end-users. The availability of a diverse range of branded products in retail stores is boosting its growth in the global market. Furthermore, the segment is followed by hospitals & clinics and E-commerce accounted for the least share in the market. Moreover, the E-commerce segment is anticipated to experience the fastest growth with a major CAGR (%) during the forecast timeframe due to the increasing number of online shoppers and rising competition. The growing competition in the e-commerce market results in price reduction for the end-user which is supporting its fastest growth in the estimated period.
Asia Pacific is estimated to experience fastest growth during the forecast period
The major economies of the region Japan, China, and India are the major contributors to the fastest growth over the forecast period. The increasing discretionary income, spending power of people, rising number of optical clinics and professions are supporting the regional market growth. The increasing number of contact lens manufacturers in the region is another major factor bolstering the regional market value. Additionally, the changing lifestyle is accelerating the people with ophthalmic disorders that destroy sharp and central vision is additionally bolstering the market growth.
Key Market Players
The players profiled in the report include Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts.
Market By Wear Type
Daily Disposable Lenses
Frequent Replacement Lenses
Market By Design
Market By Material
Polymethyl Methacrylate (PMMA)
Market By Application
Market By Distribution channel
Hospitals & clinics
Market By Geography
Middle East & Africa
The market for contact lenses is expected to reach a market value of around US$ 14.0 Bn by 2027.
The contact lenses market is expected to grow at a CAGR of around 6.5% from 2020 to 2027.
Retail stores is the leading segment by distribution channel in the contact lenses market
The growing prevalence of myopia and other ophthalmic disorders, growing geriatric population, increasing preference for contact lenses over prescription eyeglasses, and high preference for cosmetic contact lenses are some of the major factors driving the market growth.
Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts are some of the prominent players in the market.
North America held the highest market share in the contact lenses market
Asia Pacific is expected to be the fastest growing market over the forecast period