The global Contact Lenses Market is expected to reach USD 17.72 billion by 2025. A contact lens is a curved, lightweight, thin film of tears that is directly placed on cornea of the eye. It helps to correct refractive errors. Contact lenses industry is anticipated to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the market growth of contact lenses are increasing geriatric populace, rising occurrence of myopia, and high preference for contact lenses over prescribed eyeglasses. However, presence of alternatives may restrain overall market growth in the years to come. Contact lenses market is segmented based on product type, material, color variation, application, distribution channel, and region.
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Traditional, daily wear, and extended wear contact lens are the product types that are explored in contact lenses industry. Daily wear contact lens sector accounted for the substantial market share of contact lenses and is estimated to lead overall market in the years to come. The reason could be comfortable and lens cleaning is not necessary.
Polymethyl methacrylate (PMMA), silicone hydrogel, hybrid, hydrogel, and gas-permeable contact lens are the material types that are explored in the market. Silicone hydrogel accounted for the substantial market share of contact lenses. The reason could be rising demand from end-users.
Based on color variation, visibility tinted, opaque, and enhancers/tinted contact lens classify contact lenses market. Opaque sector accounted for the substantial market share of contact lenses and is estimated to lead overall market in the years to come. The reason could be its use as therapeutic and aesthetic purpose.
The contact lenses industry is categorized based on applications like decorative (plano), conventional, orthokeratology contact lens, and others. The conventional lenses sector accounted for the significant market share of contact lenses. The reason could be growing occurrence of myopia and rising use of contact lens over given eyeglasses.
Based on distribution channel, contact lens market is classified into e-commerce, retail stores, hospitals and clinics, and others. The retail stores sector accounted for the substantial market share of contact lenses and is estimated to continue its dominance in the years to come. The reason could be high demand for cosmetic lens and increasing disposable income. Also, hospitals and clinics sector is estimated to grow at the fastest pace in the years to come.
Globally, North America accounted for the substantial market share of contact lenses and is estimated to lead overall market in the years to come. The reason behind overall market growth could be rising number of eye-related diseases, growing geriatric population, developed healthcare infrastructure, rising disposable income, and technological enhancement in contact lens. The United States is a major consumer of contact lenses in this region. The reason could be rising healthcare expenditure.
Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are major consumers of contact lenses in this region.
The key players of contact lens industry are BenQ Materials Corporation, Johnson & Johnson, Menicon Co., Ltd., Alcon, Inc., SEED Co., Ltd., CooperVision, Inc., Essilor Group, Carl Zeiss Meditech AG, Essilor Group, and HOYA Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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Product Outlook (Revenue, USD Million; 2014 – 2025)
• RPG lens
• Soft lens
• Hybrid lens
Design Outlook (Revenue, USD Million; 2014 – 2025)
Usage Outlook (Revenue, USD Million; 2014 – 2025)
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East and Africa
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