Contact Lens Market - Share, Size and Industry Analysis

Contact lenses are designed to fit over the cornea of the eye and provide vision correction in various ophthalmic conditions such as astigmatism, bullous keratopathy, corneal ectasia, presbyopia, and dry eye syndrome.

Statistics:

The global contact lens market is estimated to account for US$ 29,934.2 Mn in terms of value by the end of 2027.

Global Contact Lens Market: Drivers

Increasing prevalence of cataract is expected to propel growth of global contact lens market over the forecast period. For instance, according to National Eye Institute’s projections, the number of people in the U.S. with cataract is expected to reach 50 million in 2050.

Moreover, increasing geriatric population is also expected to boost demand for contact lenses. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Statistics:

North America held dominant position in the global contact lens market in 2019, accounting for 39.0% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Contact Lens Market Share (%) Value, By Region, 2019

CONTACT LENS MARKET

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Global Contact Lens Market: Restraints

Long term use of contact lenses may cause side effects, which is expected to hinder growth of the global contact lens market. Microbial infections caused due to deposition of protein or lipid materials on the lens surface are some of the most common side effects faced by a contact lens wearer. These side effects may further result in serious vision complications causing great discomfort and pain. In addition, factors such as poor sanitation or irregular cleaning habits and prolonged usage further increases the risk of infection.

Moreover, low adoption of contact lenses in emerging economies is also expected to limit the market growth.

Contact Lens Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2019:	US$ 13,478.5 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	10.5%	2027 Value Projection:	US$ 29,934.2 Mn
Geographies covered:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East: GCC Countries, Israel, Rest of Middle East Africa: North Africa, Central Africa, South Africa
Segments covered:	By Characteristic: Gas-Premeable Contact Lens, Soft Contact Lens. By Design: Spherical Contact Lens, Toric Contact Lens, Multifocal Contact Lens, Orthokeratology Contact Lens. By Usage: Corrective Contact Lens, Therapeutic Contact Lens, Post-Operative Therapeutic Contact Lens, Cosmetic Contact Lens, Enhancement Tints, Opaque and Special Effect Contact Lens, Prosthetic Contact Lens, Computer Lens, D-Segment Contact Lens, Sports Lens, Custom-made Contact Lens.
Companies covered:	Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, Visioneering Technologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix, Essilor, SynergEyes, Inc., Conforma, Menicon, UltraVision, and Wesley Jessen
Growth Drivers:	Increasing prevalence of eye disorder Approval and launch of new products
Restraints & Challenges:	Risk of infection

Global Contact Lens Market: Opportunities

Increasing prevalence of diabetic retinopathy is expected to offer lucrative growth opportunities for players in the global contact lens market. For instance, according to the Centers for Disease Control and Prevention, the number of people in the U.S. suffering from diabetic retinopathy is expected to reach 14.6 million in 2050 from 7.7 million in 2010.

Moreover, increasing adoption of contact lenses among children is also expected to boost growth of the market. For instance, according to a review published by The Center for Ocular Research & Education in September 2018, 97% of practicing optometrists in the American Optometric Association (AOA) reported that they have fitted contact lenses to children younger than 18.

Statistics:

The global contact lens market was valued at US$ 13,478.5 Mn in 2019 and is forecast to reach a value of US$ 29,934.2 Mn by 2027 at a CAGR of 10.5% between 2020 and 2027.

Figure 2: Global Contact Lens Market Value (US$ Mn), 2016 – 2027

CONTACT LENS MARKET

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Market Trends/Key Takeaways

Increasing adoption of digital devices is expected to propel demand for contact lenses. For instance, according to Pew Research Center, as of February 2019, 81% of U.S. adults used smartphones compared to 77% in October 2018.

Moreover, investment in eyewear is also expected to aid in growth of the market. For instance, in December 2019, SoftBank Vision Fund invested more than US$ 275 million in omnichannel eyewear retailer Lenskart.

Global Contact Lens Market: Competitive Landscape

Major players operating in the global contact lens market include, Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, Visioneering Technologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix, Essilor, SynergEyes, Inc., Conforma, Menicon, UltraVision, and Wesley Jessen.

Global Contact Lens Market: Key Developments

Major players in the global contact lens market are focused on launching smart contact lens to expand their product portfolio. For instance, in August 2020, Bausch + Lomb launched Bausch + Lomb INFUSE silicone hydrogel (SiHy) daily disposable contact lens.

Similarly, in January 2020, Mojo Vision announced that it is developing the Mojo Lens, the world’s first true smart contact lens.

Frequently Asked Questions

The Global Contact Lens market size was valued at US$ 13,478.5 million in 2019 and is estimated to exhibit a CAGR of 10.5% between 2020 and 2027.

Soft Contact Lens segment held the major market share in 2019 owing to increasing adoption of contact lenses among children.

Major factor driving the growth of Global Contact Lens market during the forecast period increasing prevalence of eye disorder such as myopia, increasing product approvals , and adoption of expansion strategies from major companies.

Major factors hampering the growth of the Global Contact Lens market during the forecast period constitutes of risk of infection.

North America market is expected to generate the highest revenue during the forecast period.

Some of the key players operating in the market are Novartis International AG, Menicon Group, The Cooper Companies, Inc., Carl Zeiss AG, Baush and Lomb, Visioneering Technologies, Inc., Mojo Vision, Johnson & Johnson Vision, Air Optix, Essilor, SynergEyes, Inc., Conforma, Menicon, UltraVision, and Wesley Jessen