Contact Lenses Market Size, Share & COVID-19 Impact Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmologists), and Regional Forecast, 2020-2027

The global contact lenses market size was USD 8.69 billion in 2019 and is projected to reach USD 11.55 billion by 2027, exhibiting a CAGR of 8.7% during the forecast period.

Contact lenses are one of the fastest growing product segments in optometry. Increasing prevalence of myopia & astigmatism across the globe, its rapid progression among children, and rise in per capita healthcare spending are likely to boost the demand for these lenses. According to the National Eye Institute, an estimated 2.9 million people in the U.S. were affected by low vision problems in 2014 and are expected to rise to 5 million by 2030. They offer several advantages over wearing glasses, such as cosmetic benefits, predictable vision correction, and better eyesight as compared to eyeglasses. People are switching from wearing glasses to contacts owing to the changing lifestyle and the increasing demand for innovative lenses.

Technological advancements have resulted in an increase in adoption of these lenses by optometrists in several countries. Additionally, growing geriatric populations with visual impairment and growing incidence of eye injuries & vision-related diseases are likely to fuel the demand for lenses worldwide. Growing wearers of these lenses around the globe is another primary factor that is expected to drive the market growth for contact lenses at a significant rate in the forthcoming period. According to the Center for Disease Control and Prevention (CDC) in the U.S., around 8% of the contact lens wearers are under 18 years old, 17% are the age group of 18-24, and 75% belong to the age group of 25 years & older.

Contact Lenses Market Experiencing Sharp Decline Amid Lockdown and Change in Priorities

With emergence of COVID-19, growing concerns about using contacts has been raised as it requires touching of eyes which might lead to getting infected with COVID-19. Although, there was no evidences supporting the spread of COVID-19 through contacts use, many healthcare bodies suggested temporarily switching to eyeglasses till COVID-19 subsides. For example, The American Academy of Ophthalmology (AAO) suggested using glasses to decrease eye and hand contact. In response to that, many users of these lenses stopped purchasing daily disposable lenses. However, due to lockdown measures imposed all across the globe, the optometric store, clinics, and retail stores were closed or operating at minimal resources. Amid lockdown, a huge number of people were working from home and not stepping out, which reduced the use of daily disposable contacts.

According to a survey published by the Elsevier Public Health Emergency Collection, reasons for not wearing contacts were reduced in terms of their need (75%), saving money (8%), glasses being currently more convenient (5%), among others. This shift in consumer behavior has resulted in a sharp decline in the revenues of leading contact lens market providers such as Johnson and Johnson, Alcon Vision LLC, GrandVision, among others. J&J’s Contact lenses business segment reported a revenue decline of 39% and 30.9% in the U.S. and global platform.

LATEST TRENDS

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Growing Demand for Daily Disposables due to Rise in Importance of Eye Safety

Growing awareness regarding advantages of using disposable lenses and their role in prevention of ill-effects of contact lens solution such as eye staining and lid effects stemming from solution sensitivities. Since there is much less difference in the annual cost of using disposable and reusable lenses, ophthalmologists are now advising the adoption of disposable lenses considering eye safety. Moreover, increasing product launches by major companies and the rising awareness programs about everyday lenses are likely to augment the market growth in the coming future. In October, 2019, Alcon Vision LLC, announced its plan to launch daily disposable Precision1 lenses in U.S. which will use  smart surface technology

DRIVING FACTORS

Growing Prevalence of Ocular Disorders and Increasing Number of Product Launches to Propel Market Growth

An increasing prevalence of presbyopia across the globe is one of the major factors to boost the demand for contact lenses in the near future. A large proportion of the population worldwide faces issues related to ocular disorders, which is likely to fuel the market growth during the forecast period. According to the World Health Organization (WHO) globally, an estimated 153 million people are suffering from uncorrected refractive errors and around 1.7 million people have presbyopia.

Growing awareness about the therapeutic potential of contacts is another significant factor contributing to the market growth. These lenses can be used for the management of myopia, aphakia, and corneal irregularity secondary due to trauma, disease & surgery. Moreover, the growing number of optometrists providing primary eye and vision care services is likely to augment the market size in the coming years. According to the American Optometric Association (AOA), around 35,000 doctors of optometry are currently in practice in the United States. They serve as the primary eye care providers in more than 3,500 communities in the country.

The presence of several key players engaged in the development and launch of new products is another key factor that is likely to boost the demand for advanced contacts in the forthcoming years. Additionally, the growing demand for cosmetic lenses and increasing spending capacity of population are anticipated to aid growth.

RESTRAINING FACTORS

Increasing Trend of Spectacles for Aesthetic Purposes to Hamper Revenue Growth

In developed countries such as the U.S., Italy, U.K, wearing premium spectacle frames is being considered as a fashion statement. In addition to that, with penetration of social media and the internet, this trend has been evident in emerging countries such as India, China, Brazil. If this continues, it would impact revenue generation in coming years affecting the market negatively. According to Eyewear Industry Statistics, in the U.S., fashion labels represented 35% of the retail sales of eyewear in 2019.

SEGMENTATION

By Modality Analysis

Gradual Shift from Reusable to Disposable Lenses to Drive Growth of Disposable Segment

Based on modality, the market is grouped into reusable and disposable. Among them, the reusable segment held the largest contact lenses market share in the year 2019. The disposable segment is projected to grow at a significant rate in the forthcoming years. This is attributed to the gradual shift from the reusable lenses to disposable lenses. Increasing awareness about various categories of these lenses amongst all age groups such as bi-weekly, monthly, and daily disposable lenses is likely to boost the demand in the coming years.

By Design Analysis

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Spherical Segment to Dominate with Significantly High Prescription Volume

Based on design, the market is segregated into toric, multi-focal, and sphere. Among them, the spherical lenses segment held the largest market share in the year 2019 as these lenses are highly prescribed for correcting ocular disorders.

The toric segment is likely to witness considerable growth in the forthcoming years owing to the advantages that it offers, including better stabilization design, easier fitting protocol, and greater lens to lens reproducibility. These factors have led to an upsurge in the usage of soft toric lenses.

The multifocal lenses segment is likely to expand at a higher growth in comparison to spherical lenses and toric lenses owing to increasing awareness about the lens fitting options and growing new product launches.

By Distribution Channel Analysis

Retail Stores Segment to Lead Favored by Availability of Wide Range of Lenses

Based on the distribution channel, the market is segmented into retail stores, online stores, and ophthalmologists. The retail stores segment is projected to account for the highest share during the forecast period. The higher accessibility of contacts for multiple purposes including cosmetic applications and availability of diverse range of branded products at retail stores of shopping malls, branded stores, etc. are some of the major factors driving the growth of this segment in the industry. However, there is an increasing trend among the people to opt for contact lenses through online stores and channels. These factors are estimated to propel the growth of the online store sales in the coming years.

REGIONAL INSIGHTS

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North America stood at USD 2.98 billion holding a major share of the market in 2019 Increasing number of patients affected by presbyopia, coupled with the growing contact lens wearing population, is anticipated to fuel the market growth.  According to the Centers for Disease Control and Prevention (CDC), an estimated 45 million people in the United States wear contacts. Moreover, increasing awareness about different types of contacts is another major factor that is likely to boost the market in this region.

The market in Asia Pacific held the second-largest share followed by North America owing to high use of contacts in Japan, China, and South Korea. A growing number of comprehensive optical examinations among the adults in the region, along with new product launches by many key players, is another notable factor poised to fuel the market growth in this region during the forecast period.

The market in Asia Pacific is likely to witness a fast-paced growth during the forecast period mainly owing to the increasing usage of contacts amongst the younger population for correcting vision problems and growing penetration of products in emerging countries such as China and India. The growing awareness about the advantages of contacts and an increasing disposable income are another reasons that are anticipated to boost the demand in Asia Pacific. Additionally, the growing number of retail pharmacies & online stores providing different types of lenses is likely to boost the market revenue in this region in the coming years.

The market in Latin America and the Middle East & Africa are likely to grow at a considerable rate owing to the rising unmet need for the treatment of ocular disease and an increasing prevalence of presbyopia.

KEY INDUSTRY PLAYERS

Strong Product Offerings by Key Players  to Propel the Industry Growth

CooperVision, Bausch & Lomb Incorporated, Alcon Vision LLC, and Johnson & Johnson Vision Care, Inc. are the leading market players with a strong brand presence combined with a wide range of product offerings. These players are likely to continue their dominance in the contact lens industry and generate significant revenue in the coming years owing to the strong focus on investments in research and development activities for the launch of cost-effective and innovative contact lenses. Moreover, growing strategic partnerships with other players in this domain is likely to support the expansion of their footprints in this  market.

LIST OF KEY COMPANIES PROFILED

• CooperVision (U.S.)


• Bausch & Lomb Incorporated (U.S.)


• Alcon Vision LLC (Switzerland)


• Essilor (France)


• ZEISS International (Germany)


• Contamac (U.K.)


• Johnson & Johnson Vision Care, Inc.  (Johnson & Johnson Services, Inc.)  (U.S.)


• HOYA Corporation (Japan)


• Others

KEY INDUSTRY DEVELOPMENTS

• June 2019: Bausch & Lomb Incorporated introduced the BAUSCH + LOMB Ultra Multifocal in the United States. These new monthly silicone hydrogel lenses are designed to address the vision needs of patients with both astigmatism and presbyopia.


• January 2019: CooperVision announced the launch of its MyDay toric daily disposable contact lenses in the United States.


• November 2019: Johnson & Johnson Vision Care, Inc. received the license for first-of-its-kind contact lens Acuvue Oasys with transitions light intelligent technology from Health Canada.

REPORT COVERAGE

An Infographic Representation of Contact Lenses Market

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The contact lenses market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, modality, design, application, and distribution channel. Also, the report offers insights into market trends and highlights the major industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

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