“The global contact lenses market projected to grow at a CAGR of 4.9%.”
The global contact lenses market is projected to reach USD 9.2 billion by 2023 from an estimated USD 7.2 billion in 2018, growing at a CAGR of 4.9% from 2018 to 2023. Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses are the major factors driving the growth of this market. On the other hand, shortage of trained ophthalmologists and regulatory barriers in the contact lenses market are some of the factors restraining market growth.
“The daily wear contact lenses segment is expected to register the highest CAGR during the forecast period.”
On the basis of model, the contact lenses market is segmented into daily wear, extended wear, and traditional contact lenses. The daily wear contact lenses segment is expected to register the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to the advantages offered by daily wear contact lenses, such as easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear. Also, these contact lenses do not have the issue of day-to-day accumulation of lens deposits and are more affordable as compared to other types of contact lenses.
“Multifocal contact lenses are expected to grow at the highest CAGR during 2018 to 2023.”
Based on design, the contact lenses market is segmented into spherical, toric, multifocal, cosmetic, and monovision contact lenses. The multifocal contact lenses segment is expected to grow at the highest CAGR during the forecast period. Multifocal contact lenses are used to treat myopia, hyperopia, presbyopia, and astigmatism (in some cases). These lenses are soft as they avoid the risk of infection and are designed to adjust at various site zones so as to avoid the use of extra eyeglasses along with multiple contact lenses.
“Gas-permeable contact lenses are expected to register the highest growth rate during the forecast period.”
Based on material, the contact lenses market is segmented into silicone hydrogel, hydrogel, gas-permeable, hybrid, and polymethyl methacrylate (PMMA) contact lenses. Gas-permeable contact lenses are expected to register the highest CAGR during the forecast period. These lenses have essentially replaced non-porous PMMA contact lenses. These are hard, PMMA-like lenses, but are porous in nature. As a result, they allow oxygen to pass through them to the cornea.
“Orthokeratology contact lenses to grow at the highest CAGR during the forecast period.”
Based on application, the contact lenses market is segmented into conventional, orthokeratology, and decorative (Plano) contact lenses. The orthokeratology contact lenses segment is projected to register the highest CAGR during the forecast period. The increasing prevalence of myopia and willingness to adopt advance procedures to treat myopia are major drivers for this segment. Orthokeratology or Ortho-K is a lens fitting procedure that uses specially designed rigid gas-permeable (RGP) contact lenses to change the curvature of the cornea for improving the eye’s ability to focus on objects temporarily. This procedure is primarily used for the correction of myopia. These lenses are commonly prescribed to be worn while sleeping for at least eight hours each night.
“India and China are projected to witness the highest growth during the forecast period.”
Emerging countries such as China and India is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the rapidly developing healthcare industry in China and India, growth in aging population, rising prevalence of myopia, rising per capita income, increasing investments in these countries by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, presence of a favorable regulatory environment, and emergence of local market players with the offerings of low priced contact lenses.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–35%, Tier 2–40% and Tier 3–25%
- By Designation – C-level–35%, Director Level–45%, Others–20%
- By Region – North America–27%, Europe–26%, Asia Pacific–29.0%, Rest of the World–18%
The contact lenses market is dominated by top four players, namely, Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US). Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).
The report analyzes the various types of contact lenses and their adoption pattern. It aims at estimating the market size and future growth potential of the contact lenses market for different segments such as product type (model, design, material, color variation, and application), distribution channel, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global contact lenses market. The report analyzes the global contact lenses market by product type (model, design, material, color variation, and application), distribution channel, and region
- Product Development/Innovation: Detailed insights on upcoming trends and new product launches in the global contact lenses market
- Market Development: Comprehensive information on the lucrative emerging regions by product type (model, design, material, color variation, and application), distribution channel, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global contact lenses market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global contact lenses market