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Contact Lenses Market Size, Share & COVID-19 Impact Analysis, By Modality (Reusable, and Disposable); By Design (Toric, Multifocal, and Spherical); By Distribution Channel (Ophthalmologists, Retail Stores, and Online Stores), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101775

 

KEY MARKET INSIGHTS

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The global contact lenses market size was USD 7.84 billion in 2020. The global impact of COVID-19 was unprecedented and staggering, with this market witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant decline of -9.7% in 2020. The market is expected to grow from USD 8.58 billion in 2021 to USD 12.56 billion in 2028 at a CAGR of 5.6% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The contact lens segment is one of the prominent segments in the optometry industry. The surge in myopia & astigmatism cases across the world and the rising adoption of these lenses in developing countries is primarily responsible for the market growth during the forecast period. Moreover, the growing number of patients suffering from refractive errors is also responsible for the rising demand for these devices during the forecast period. According to the International Myopia Institute report, a recent study estimates that on average, 30% of the world is currently myopic, and by 2050, almost 50% of the total population will be myopic.


Outbreak of COVID-19 to Hamper the Growth of the Market


The emergence of COVID-19 significantly hampered the demand for contact lenses across the world. Leading players operating in the market reported a decline in their revenues from the sales of lenses due to the COVID-19 pandemic.


The significant decline in revenues was credited to the decline in the usage of these devices during the lockdown period. Although there were no evidence to relate the spread of COVID-19 with contact lens use, many healthcare bodies recommended switching to eyeglasses to avoid the spread of infection. Moreover, the medical practices, especially elective procedures, were canceled or postponed to avoid the spread of COVID-19. The majority of the eye care professionals reported a significant decline in the number of patient visits during the lockdown period.



  • According to a report published by the Elsevier Public Health Emergency Collection, more than 89% of the total lens users were affected by lockdown, and 72% reported less usage as compared to normal. Moreover, as per the study conducted by the College of Optometrists, the decrease in contact type of lens usage was reported by 43% to 72% of wearers due to the decreased need for lenses due to limited outdoor activities.


Moreover, the major players recorded a significant decline in demand for contact lens during the financial year due to the customer facility closures, decline in inpatient visits, and considerable disruption in business activities. Moreover, the key players operating in the market faced a number of challenges such as disruptions to raw material and product suppliers, extended delays in payments of outstanding receivables, insolvency of customers, suppliers, vendors, and business partners.


LATEST TRENDS


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Increasing Concerns Related to Eye Safety to Boost Daily Disposables Demand


Increasing awareness about benefits of disposable lenses over reusable lenses including prevention from side effects associated with cleaning solutions such as eye staining and lid effects stemming.  Since there is no significant difference between the annual cost of disposable and reusable lenses, ophthalmologists are advocating the usage of daily disposable contact lenses due to safety concerns. Additionally, the major players operating in the market are involved in promoting awareness programs and launching innovative products in the market, which are expected to support the growth of daily disposables. For instance, In January 2021, Alcon Launched PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lenses designed for astigmatic patients in the United States.


DRIVING FACTORS


Prevalence of Refractive Errors and Introduction of Technologically Advanced Products  to Augment Market Growth


The prevalence of presbyopia and myopia among children and adult populations is continuously increasing. This along with limited awareness and hesitation among the general population towards vision correction, especially in emerging countries is responsible for the rising number of people suffering from vision impairment. According to the data published by the International Agency for the Prevention of Blindness (IAPB), an estimated 157 million people worldwide had vision impairment due to uncorrected refractive errors. Additionally, more than 510 million people were living without adequate correction for Presbyopia in 2020.


However, constant initiatives by regional and national government agencies and market players towards increasing the awareness of vision correction among the general population have led to an increasing number of vision correction users globally, including contact lens wearers. Also, the introduction of technologically advanced lenses by market players is one of the key factors driving the adoption of these products in emerging economies such as China, India, and South Korea.


RESTRAINING FACTORS


Side Effects Associated with Usage of Contact Lenses and Availability of Alternative Treatment for Refractive Errors to Curb Market Growth


A number of clinical studies indicated that lenses wearers might experience side effects based on the usage pattern. These side effects can range from annoyance to vision disability that results in permanent ocular damage or loss of the eye. The number of side effects such as infection, corneal edema, superficial keratitis, red-eye, excess mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization are related to contact lens usage. These side effects are primarily responsible for limiting the adoption of such lenses.



  • According to the data published by the Centers for Disease Control and Prevention, serious eye infections that can lead to blindness affects up to 1 out of every 500 lens users per year. Additionally, painful eye infection keratitis associated with improper usage leads to around 1 million hospital visits every year.


Moreover, the availability of substitutes such as eyeglasses and LASIK surgery for treatment of refractive errors is a major restraining factor for the market growth. Additionally, the lack of insurance reimbursement for contact lenses is hampering the demand for these products in developed countries during the forecast period.


SEGMENTATION


By Modality Analysis


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Reusable Segment to Hold a Dominant Share of the Global Market During 2021-2028


Based on modality, the global market is segmented into reusable and disposable. The reusable segment accounted for the largest contact lenses market share in the global market. The growing number of patients with refractive errors, along with the increasing number of contact lens wearers, are responsible for the growing demand for these products among patients with refractive errors.



  • According to All About Vision, around 65% of reusable lenses are prescribed in the U.S. and around 35% are daily disposable lenses are prescribed. Similarly, according to the Association of British Dispensing Opticians, there are approximately 4.6 million contact lens wearers in the U.K.


Additionally, the benefits associated with reusable lenses, such as durability and comfort, are augmenting the market growth during the forecast period.


On the other hand, the disposable segment recorded a significant growth rate during the forecast period. It is attributable to the rising inclination of the population toward daily disposable lenses as it reduces wearing complications. This, along with the introduction of new disposable lenses by leading players, is fueling the segment in the global market.


By Design Analysis


Spherical Segment Accounted for the Highest Market Share in 2020


Based on design the market is segmented into toric, multifocal, and spherical. The spherical segment is projected to account for the largest market share during the forecast period. The highest share of spherical lenses is attributed to the growing technological advancements in this segment, along with the increasing adoption of lenses among the adult population.





    • According to the Center for Disease Control and Prevention (CDC), in the U.S., around 8% of the 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.




On the other hand, the toric lenses segment accounted for second-largest share in the market. The significant growth of this segment is attributed to the increasing prevalence of astigmatism, and new product launches in the toric lenses segment.


By Distribution Channel Analysis


Retail Store Segment to Hold a Dominant Share of the Global Market During 2021-2028


The global market is segmented into ophthalmologists, retail stores, and online stores based on distribution channels.


The retail store segment held the largest share in the global market in 2020. The dominance of the retail store segment is attributed to the initiative of manufactures to launch advanced products at affordable prices at retail stores, combined with discounts offered by retail stores, and penetration of larger store chains. Additionally, the strong growth of retail pharmacies segment in the global market owing to the strong network of retail stores in the developed countries.


On the other hand, the online stores’ segment is anticipated to record a higher CAGR compared to the other subsegments. The higher growth of online channels is attributed to evolving regulatory policies for online sales of these devices in developed countries and the entry of leading e-pharmacy players in the market. Moreover, the pandemic crisis has contributed heavily to the preference of online stores over retail.



  • For instance, the Vision Council reported that nearly 35% of buyers used the internet to varying degrees during their last contact lens purchase.


REGIONAL INSIGHTS


North America Contact Lenses Market Size, 2020 (USD Billion)

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The North American region dominated the global market with a contribution of USD 2.92 billion in the global market in 2020. The growing patient population suffering from refractive errors, higher awareness among the patient population towards vision correction treatment, and the increasing focus of market players on strategic partnerships and collaborations are the major factors responsible for driving the growth of the North American market.



  • For instance, in April 2021, Johnson & Johnson Vision announced a global strategic collaboration with Menicon, a leading manufacturer of innovative lenses. This collaboration was intended to bring forward therapeutic lenses to address the growing prevalence and progression of myopia in children.


Additionally, a number of wearers in the U.S. are likely to increase gradually. According to the Vision Council report in 2019, 42.2 million people were using these lenses in the U.S. Europe region accounted for the second-largest market share in the global market. This is attributed to the availability of a large patient pool suffering from eye disorders such as Myopia and Presbyopia, growing adoption of advanced products in the region and the regulatory approvals for novel lenses.



  • According to the Association of Optometrists, contact lens penetration was highest in Sweden at 14.8%, followed by Denmark (13.19%) and Norway (11.37%). This is anticipated to drive the growth of the market in near future.


On the other hand, the Asia Pacific market is expected to register the highest growth rate during the forecast period. The rising prevalence of vision impairment in the region, improved diagnostic techniques for ocular diseases in the inbuilt laboratories of ophthalmologist’s clinics & hospitals are driving the market growth in Asian countries. Moreover, the growing disposable income in emerging countries in the region is also providing favorable conditions for the growth of the market


Latin America and the Middle East & Africa regions held a lower share in the global market. However, the increasing cases of vision impairment, along with the rising adoption of contact lenses in these regions are expected to drive the growth during the forecast period.


KEY INDUSTRY PLAYERS


Strong Distribution Network of Johnson & Johnson Vision Care, Inc., Bausch + Lomb, The Cooper Companies Inc., and Alcon to Help Them Dominate the Market


The global market is consolidated with key players, such as Johnson & Johnson Vision Care, Inc., The Cooper Companies Inc., and Alcon. The dominance of these players is attributed to the robust product portfolio of contact lenses, strategic collaborations, and strong distribution network. The key companies operating in the market are introducing technologically advanced products to gain a competitive advantage over other market players.          



  • For instance, In August 2020, Bausch + Lomb announced the launch of Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable lenses. The Infuse lenses feature a next-generation material infused with ProBalance Technology to help maintain ocular surface homeostasis and help reduce symptoms such as dryness.


Moreover, the other market players including Carl Zeiss Meditec AG, Hoya Corporation, and Menicon Co., Ltd. are focusing on expansion plans to cater to developing markets across the globe.


LIST OF KEY COMPANIES PROFILED:



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

  • Carl Zeiss Meditec AG (Oberkochen, Germany)

  • Bausch & Lomb Incorporated (Laval, Canada)

  • Alcon (Geneva, Switzerland)

  • The Cooper Companies Inc. (California, U.S.)

  • Hoya Corporation(Tokyo, Japan)

  • EssilorLuxottica(Charenton-le-Pont, France)

  • Menicon Co., Ltd. (Nagoya, Japan)

  • Other Prominent Players


KEY INDUSTRY DEVELOPMENTS:



  • April 2021 - Cooper Companies Inc. announced the acquisition of No7 Lenses, which designs and manufactures specialty lenses distributed primarily in the U.K.

  • April 2021 – EssilorLuxottica annnounced the acquisition of GrandVision, an optical retail chain with more than 350 stores across Europe.

  • October 2020 - Bausch & Lomb Incorporated acquired an exclusive license for a myopia control design for lenses, developed by BHVI, an Australian not-for-profit organization with an international focus on vision research.


REPORT COVERAGE


An Infographic Representation of Contact Lenses Market

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The research report provides a detailed global contact lenses market analysis. It focuses on key aspects such as leading companies, modality, design, and distribution channels. Besides this, the report offers insights into the trends in the global market and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth over recent years.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD billion)



Segmentation



Modality; Design; Distribution Channel; and Region



By Modality




  • Reusable

  • Disposable



By Design




  • Toric

  • Multifocal

  • Spherical



By Distribution Channel




  • Ophthalmologists

  • Retail Stores

  • Online Stores



By Geography




  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, and the Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, Rest of Latin America)

  • The Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market stood at USD 7.84 billion in 2020 and is projected to reach USD 12.56 billion by 2028.

In 2020, the market size in North America was USD 2.92 billion.

The market will be growing at a CAGR of 5.6% during the forecast period.

By modality, the reusable segment will lead the market.

Increasing prevalence of refractive errors, rising awareness about contact lenses, and introduction of technologically advanced products by market players expected to the propel market growth

Johnson & Johnson Vision Care, Inc., Alcon, and The Cooper Companies Inc. are the top players in the market.

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Contact Lenses Market Size, Share and Global Industry Trend Forecast till 2026
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