Ottawa, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Recently Published Report on “Contact Lenses Market (By Material: Gas Permeable, Silicone Hydrogel, Hybrid; By Application: Corrective, Prosthetic, Cosmetic, Therapeutic, Lifestyle-oriented; By Design: Spherical, Multifocal, Toric, Others; By Usage: Daily Disposable, Frequently Replacement, Disposable, Traditional; By Distribution Channel: E-commerce, Eye Care Practitioners, Retail) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.
Key Insights:
- The North American region has held 39.5% revenue share in 2021.
- By material, the silicone hydrogel segment has held revenue share of 89% in the past.
- By design, spherical segment has accounted revenue share of 61% in 2021. However, the toric lens design segment is growing at a CAGR of 6.7% from 2022 to 2030.
- By application, the corrective lens segment has captured revenue share of 44% in 2021. However, the cosmetic segment is growing at a CAGR of 4.7%.
- By distribution channel, the retail segment had a revenue share of 61% in the past. However, the e-commerce segment is growing at a CAGR of 5.6% between 2022 to 2030.
- By usage, the disposable lens has garnered revenue share of 35% in 2021.
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What is the regional impact in the contact lenses market?
Maximum amount of revenue is generated through this region be there in the past the revenue generated through this region was about 39.5%. Increased number of refractive errors in the population across the North American region shall drive the market growth in the coming years. Strategic partnerships and collaboration amongst the market players will also drive the market growth in the coming years. Cosmetic lenses are in great demand amongst the population especially in Japan.
Maximum amount of soft contact lenses is demanded in the European as well as the North American region. Constant research and development activities have helped in coming up with innovative products that may act as therapeutic products in order to reduce the progression of various eye conditions such as myopia especially in the children.
Increased purchasing power in the hands of the people across the Asia Pacific region will also drive the market growth in the coming years period the demand for contact lenses through this region has grown well in the past period and it is expected to grow well in the coming years.
Report highlights
- The demand for silicone hydrogel contact lenses is expected to have the largest market share in terms of revenue as compared to the other material contact lenses offered in the market. The use of these contact lenses is comfortable and this is expected to drive the market growth. About 88% of revenue share was generated by this segment in the past period
- There is a greater demand for spherical lenses as compared to any other divine and this segment is expected to grow well in the coming years. Multifocal lenses are expected to show a steady growth in the coming years period
- There shall be a greater demand for corrective lenses and this segment is expected to grow at a compound annual growth rate of about 4.7% in the coming years. Apart from the corrective lenses the therapeutic lenses are expected to have a good amount of market share in the coming years.
- Different types of contact lenses are provided through the retail stores at affordable prices. Retail stores provide contact lenses at discounted rates. the retail segment will dominate the market in the coming years as this segment provides affordable products and these retail pharmacies are well equipped. The online segment is also expected to grow well in the coming years due to a growing demand for contact lenses through the online platforms. Increase in the demand for disposable lenses shall lead to an increased purchase of these lens from the ecommerce platforms.
- As for disposable lens are safer as compared to the reusable lens and the amount of money spent on purchasing both of these lenses are somewhat same the market for disposable lens is expected to have a larger market share in the coming years. It happens to be a healthier option as it helps in reducing the risk of infection. These lenses are flexible and soft and they can be used for or prolonged period of time. Many manufacturers of contact lenses have increased their focus on the development of the disposable lens. Ophthalmologists also suggest the use of disposable lens as compared to the reusable lens. In order to increase the adoption of the disposable lens in the population across the globe manufacturers are focusing on research and development activities for providing innovative products.
Recent developments
- GrandVision was acquired by Essilor In the year 2021 in order to improve the market presence as GrandVision has 350 stores in the European region.
- In order to reduce the progression in the cases of myopia especially with the children, therapeutic lenses were developed by a collaboration between Menicon and Johnson and Johnson vision.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 24.6 Billion |
| CAGR | 4.97% from 2022 to 2030 |
| North America Revenue Share | 39.5% in 2021 |
| Silicone Hydrogel Segment Share | 89% in 2021 |
| Key Players | Abbott Medical Optics, Inc., Hoya Corporation, Essilor International S.A., CooperVision, Inc., X-Cel Specialty Contacts, Medennium, Seed Co., Ltd., STAAR Surgical Company, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, SynergEyes, Inc. and Others |
Market dynamics
Drivers
The demand for contact lenses is expected to grow due to an increase in the number of I defects in the population across the globe. Increased number of astigmatism cases, myopia and hyperopia will drive the market growth in the coming years. Maximum number of cases of myopia in the Asian countries like Japan and China. Increase in the number of the people suffering with myopia will generate larger revenue as compared to any other eye defects. Due to an increased disposable income the demand for the ophthalmic products is expected to grow in the coming years.
Restraints
Although the number of ophthalmologists in the developed nations are more the same is not the case in the developing countries. In the developing nations the number of ophthalmologists is less. In the emerging nations the shortage of ophthalmologists will prove to be a restraint in the growth of the market.
Opportunities
As many countries in the Asia Pacific region are highly populated the demand for contact lenses is expected to grow in these regions. These regions and the other developing nations will provide major growth opportunities for the contact lenses market during the forecast period. Many major manufacturers across the globe are aiming at increasing their market presence in the developing nations. Saturation in the developed nations has led to the increased number of partnerships and collaborations that aim at increasing the product portfolio and market presence in various developing nations. Developing nations are expected to provide growth opportunities in the coming years. Increase in the geriatric population and the increased number of eye diseases in the population of the developing nations along with the changes in the lifestyle will be responsible for the growth of the market.
Challenges
Due to a lack of ophthalmologists in the developing nations or the infrastructure required for the eye care the market is expected to grow slow. There are many other concerns associated with the use of contact lenses in terms of safety. And these happen to be the major challenges in the growth of the market.
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Market Segmentation
By Material
- Gas Permeable
- Silicone Hydrogel
- Hybrid
By Design
- Spherical
- Multifocal
- Toric
- Others
By Application
- Corrective
- Prosthetic
- Cosmetic
- Therapeutic
- Lifestyle-oriented
By Distribution Channel
- E-commerce
- Eye Care Practitioners
- Retail
By Usage
- Daily Disposable
- Frequently Replacement
- Disposable
- Traditional
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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