Publishing: August 2021 | Report Code: LS12193 | Available Format: PDF
The global contact lenses market was valued around $7.5 billion in 2020, which is projected to witness healthy growth rate during the forecast period (2021–2030). The major factors responsible for the growth of the market include an increase in the per capita income, growth in the older population with vision impairment, and increase in the prevalence of eye injuries and diseases.
With the lockdowns implemented by governments and the work-from-home and online classes cultures, there is excessive computer usage, which is contributing to dry eyes, which result in less contact lens usage among people. Adding to the dropout rates, the worldwide pandemic resulted in many people losing their vision insurance or being unable to buy contact lenses due to the financial crisis, thus hampering the growth of the contact lenses industry.
Daily-wear lenses were the largest category in the contact lenses market in 2020, and they are projected to retain their position in the coming years, based on usage. This is attributed to their lower risk of eye infections, better comfort, and convenience of disposal.
Spherical lenses dominated the contact lenses market in 2020, based on design. This was majorly due to the preference for them among optometrists, as well as patients, to treat vision impairment. In addition, there is a rising prevalence of vision-related ailments due to the increasing screen time, which is driving the demand for contact lenses.
The e-commerce category is expected to witness the highest CAGR in the contact lenses market during forecast period, based on distribution channel. This is ascribed to the lockdown impelling people to stay home and higher convenience offered by online shopping platforms, such as doorstep delivery and electronic payment. In addition, interactive websites integrated with the augmented reality (AR) technology help consumers check their looks before they buy the lens.
Geographically, North America held the largest share in the contact lenses market in 2020 due to the rising geriatric population, which is accompanied by the increasing prevalence of vision ailments. In addition, the sedentary lifestyles of people in the region have increased the likelihood of them developing poor vision due to the extensive usage of computers, televisions, and smartphones. Due to the aforementioned factors, the demand for contact lenses is rising.
Product approvals and launches is one of the key trends observed in the contact lenses industry. Technological advancements in the field of optometry have led to a large number of product approvals and launches worldwide. For instance, in March 2021, the Japanese Ministry of Health, Labour and Welfare (MHLW) approved ACUVUE Theravision with ketotifen, a product developed by Johnson & Johnson Medical Devices, a branch of Johnson & Johnson. These lenses combine vision correction with an antihistamine medicine, to reduce the severity of eye itching due to allergy. The lens includes ketotifen and an antagonist of the H1 histamine receptor, which helps minimize the irritation associated with eye allergies.
Individuals experience a variety of stressors as they become older. Some are prevalent across all age groups, whereas others are particularly prevalent among the elderly, such as vision problems. Furthermore, geriatric care is complex and necessitates the use of cutting-edge technologies and therapies. The huge growth in research and development (R&D) activities for an enhanced product to treat eye disorders has led to the availability of improved contact lenses. As a result of the extensive care required by the older population, healthcare facilities are progressively embracing technologically sophisticated optometry solutions, thus supporting the worldwide contact lenses market advance.
|Base Year (2020) Market Size||~$7.5 Billion|
|Market Size Forecast in 2030||~$16 Billion|
|Report Coverage||Market Trends; Revenue Estimation and Forecast; Segmentation Analysis; Regional Breakdown; Companies’ Strategic Developments; Product Benchmarking; Company Profiling|
|Market Size by Segments||By Usage; By Design; By Distribution Channel; By Type; By Application; By Material; By Region|
|Market Size of Geographies||China; India; Japan; South Korea; Australia; U.S.; Canada; Mexico; Brazil; Germany; U.K.; France; Spain; Italy; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||United Nations Department of Economic and Social Affairs (UNDESA); Centers for Disease Control and Prevention (CDC); World Health Organization (WHO); Association of Optometrists; Optometry Council of India|
The global contact lenses market has various key players, such as Johnson & Johnson, Bausch Health Companies Inc., CooperVision Inc., and Alcon Vision LLC.
In recent years, players in the contact lenses industry have brought out several new products to edge out their competitors.
The global contact lenses report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Usage
Based on Design
Based on Material
Based on Type
Based on Application
Based on Distribution Channel
The global contact lenses market value stood at $7.5 billion in 2020.
The contact lenses industry is expected to reach nearly $16 billion revenue by 2030.
The COVID-19 pandemic caused huge financial losses and reduced the spending power of people, thereby affecting the sales of contact lenses and hampering the growth of the contact lenses industry.
The market for contact lenses has been segmented on the basis of usage, design, type, material, distribution channel, application, and region.
The market for contact lenses surged in North America in 2020, because of the presence of a large geriatric population in the region.
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