The global contact lens market is expected to reach USD 11 billion at a CAGR of 5.70% by the end of the forecast period 2018-2023, projects Market Research Future (MRFR) in a detailed study. The Global contact lens market was valued at $7.9 billion in 2017.
Rising incidence rate of visual problems and eye disorders is one of the major reasons driving the growth of the global contact lens market. Visual inaccuracies such as myopia, hyperopia, astigmatism and presbyopia have become very common, and in all these vision problems glasses are generally recommended to overcome them. However, reusable contact lenses have become the choice of most consumers with sight problems due to self-consciousness about appearance. This has increased the adoption of contact lenses.
Contact lenses are flexible, move with the eyeball, and allow for a natural field of vision and reduced distortion. They are ideal for athletes and people involved in sports activities. Various advances in bausch and lomb color contact lenses have resulted in the development of improved versions of contact lenses such as multifocal lenses, toric lenses, and others. Improvements in design and functionality have made them more viable, which has increased the adoption of contact lenses.
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On the other hand, market growth might be hindered by complications associated with contact lenses and consumer inclination for eyeglasses. Additionally, the emergence of LASIK, a corrective procedure for eye disorders, has gained immense popularity among consumers, which is likely to hamper the growth of the global contact lens market over the forecast period. Meanwhile, the growing demand for cosmetic contact lenses is expected to provide growth opportunities for the global contact lens market.
Major players in the global contact lens market include Neovision Co. Ltd., CooperVision, Johnson & Johnson, Bausch+Lomb, St. Shine Optical Co. Ltd., CAMAC Optical Corp., Seed Co. Ltd., Bescon Co. Ltd., Oculus Private Limited, Hoya Corporation, Clearlab SG PTE Ltd., Novartis and Menicon Co. Ltd.
The global contact lens market has been segmented on the basis of type, material, and design.
- By type, the global contact lens market has been segmented into corrective lenses, therapeutic lenses, and cosmetic and lifestyle lenses. The corrective lenses segment is the largest and fastest growing segment which is expected to grow at a CAGR of 5.22% during the forecast period.
- By material, the global contact lens market has been segmented into soft silicone hydrogel contact lenses, soft methacrylate hydrogel contact lenses, gas permeable contact lenses, and others. The soft silicone hydrogel contact lens segment accounts for nearly 66% of the global market. Segment growth can be attributed to the suitability of extended use and high adoption rate for astigmatism correction.
- By design, the global contact lens market has been segmented into spherical lenses, toric lenses, multifocal lenses, and others. The spherical lens segment accounts for nearly 50% of the global market and is the largest segment. However, multifocal segment is expected to be the fastest growing segment over the forecast period.
By region, the global contact lens market has been segmented into North America, Asia-Pacific, Latin America, Europe, and Middle East and Africa (MEA).
North America accounts for the lion’s share of the global market, driven by the growing incidence of eye disorders in the region. Increase in the number of elderly and middle-aged people who are more susceptible to eye disorders is further driving the growth of the market. The presence of key players in the region who are engaged in rigorous product development and launches also increases the growth of the market.
Europe is the second largest market for contact lenses and is expected to show healthy growth during the forecast period. High investments in R&D activities and new product approvals are driving growth in the region. Well-spread awareness and key players focusing on market expansion in the region acts as a plus for the growth of the market.
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APAC is expected to show impressive growth over the forecast period. The region has significant unmet needs among the massively populated countries in the region, which provides ample opportunities for market expansion. To take advantage of available growth opportunities and availability of cheap skilled labor, lower operating costs and abundant raw materials, major players are moving their production base to the region . This has resulted in the availability of varieties of contact lenses at competitive prices, which has further intensified the growth of the APAC contact lens market.
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