Contact Lens Market - Forecast 2022-2027

Sravanthi Rudroju

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Contact Lens Market - Forecast 2022-2027

A contact lens is a small, curved lens that is worn by people with the impaired vision on the surface of the eyeball.

Contact Lens Market size is estimated to reach $11.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.8% during the forecast period 2022-2027. A contact lens is a small, curved lens that is worn by people with the impaired vision on the surface of the eyeball. These are thin plastic-like lenses that are worn to enhance vision on the surface of the eyeball. Contact lenses are medical devices regulated by the US Food and Drug Administration (FDA), although there is a need to prescribe cosmetic and prescription contact lenses. Contact lenses not only serve to ease the use of difficult-to-manage and voluminous lenses but also have the added advantage of improving one's cosmetic appeal. In terms of the nature and functionality of the product, technical advancements have brought many novel technologies in the form of materials like silicone hydrogel and gas permeable, making it more viable than ever. In addition, consumer demand is substantiated by social and cultural factors such as the impact of the media, the fashion & film industry, and peer pressure for attractiveness.

During the forecast period 2022-2027, the growing adoption of contact lenses to correct multiple vision defects, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, is anticipated to drive growth in the global contact lenses market. For instance, the incidence of myopia is increasing rapidly, according to the International Myopia Institute, and nearly 50% of the global population is projected to be myopic by 2050. The rising prevalence of visual impairments and eye disorders and technological developments in the field of ophthalmology are some of the major factors leading to the growth of the Contact lens industry. As of 2020, age-related macular degeneration (AMD) ranked third among the global causes of visual impairment, with the incidence of blindness being 9.1%, according to WHO reports. In developed countries, it is the main cause of visual weakness.

Contact Lens Market Report Coverage

The report: “Contact Lens Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Contact Lens Market.

By Design: Spherical, Monovision, Multifocal, Cosmetic and Toric.

By Usage: Daily Wear, Traditional Wear and Extended Wear.

By Material: Silicone Hydrogel, Gas Permeable, Hybrid and PMMA.

By Color Variation: Opaque Contact Lens, Visibility Tinted Contact Lens and Enhanced Contact Lens.

By Application: Conventional, Decorative and Orthokeratology.

By Distribution Channel: E-Commerce, Optical Stores, Independent Brand Showrooms and Retail Stores.

By Geography: North America (U.S, Canada and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia & New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

Geographically, North America Contact Lens Market held the largest revenue share in 2021 owing to the high incidences of age-related disorders and growing geriatric population in this region.
The expanding elderly population is exacerbating the frequency of ocular illnesses; uncorrected refractive errors and cataracts are the major causes of vision impairment, and most people with vision impairment are over the age of 50. The proliferation of ophthalmic products is predicted to augment the market growth during the forecast period of 2022-2027.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market is provided in the Contact Lens Market.

Contact Lens Market: Market Share (%) by region, 2021

Contact Lens Market

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Contact Lens Market Segment Analysis- By Material

Contact Lens Market is based on materials segmented into Silicone Hydrogel, Gas Permeable, Hybrid, and PMMA. Hybrid accounted for the largest revenue market share in 2021 owing to its vast usage by people with astigmatism and keratoconus is anticipated to favorably impact the segment growth. The mixture of gas-permeable and silicone hydrogel is a hybrid lens. It consists of a central RGP zone surrounded by a soft peripheral skirt made of hydrogel material that is soft or silicone. This offers the ease of wearing a soft lens and the visual clarity of an RGP lens. Furthermore, the market is predicted to develop owing to an increase in the number of visual mistakes. According to the National Eye Institute, approximately 1.3 million Americans are blind and 2.9 million have impaired vision in 2019, with an expected 2.2 million Americans blind and around 5 million Americans having low vision by 2030. As a result, as the number of eye problems rises, so will the need for contact lenses, propelling the segment forward.

The silicone Hydrogel segment is anticipated to grow with the fastest CAGR of 6.5% in the forecast period 2022-2027 owing to the benefits associated with them, such as the ease of production as well as high flexibility and greater comfort. They are mainly used for treating age-related ophthalmic disorders such as presbyopia. It provides a range of advantages for consumers who need to integrate multiple medications into a single lens, such as enhanced visual acuity.

Contact Lens Market Segment Analysis- By Usage

Contact Lens Market based on Usage can be further segmented into Daily Wear, Traditional Wear, and Extended Wear. Daily Wear accounted for the largest revenue market share in 2021. As a new range of lenses offers greater convenience for the user, the preference for regular disposable lenses has been growing. Hence, the production of regular disposable lenses has been initiated by many players. Such lenses are considered by most users as the healthiest contact lens alternative. It is made of plastic material, which is very soft and flexible and is commonly used in an active lifestyle. The use of a daily disposable lens is favored by individuals who are regularly involved in sporting events and others. In August 2019, for instance, Alcon launched the Precision1 regular disposable contact lens using SmartSurface technology. This latest product launch has allowed the company to provide its clients with long-lasting convenience and ease of managing experience. Eye care practitioners also recommend regular disposable lenses to prevent complications associated with longer lens replacements driving the segment growth.

The Traditional Wear segment is anticipated to grow with the fastest CAGR of 7.2% during the forecast period 2022-2027 owing to the increased focus of the vendors on offering greater rebates. It can be used for a long time and are more economical for full-time wearers, thus enhancing the segment demand.

Contact Lens Market Segmentation Analysis- By Geography

The Vision disorders Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 31% in the year 2021. This is majorly attributed to the rise in awareness of eye disorders. The largest pharmaceutical firms concentrate on raising awareness of vision-related illnesses. The adoption of contact lenses has been improved by growing product developments. Alcon Vision LLC, for instance, announced the launch of the AcrySof IQ PanOptix Trifocal IOL in the United States in March 2019. It is a trifocal lens used by patients undergoing cataract surgery, thereby, driving the regional growth.

Asia-Pacific is predicted to be the fastest-growing region during the forecast period 2022- 2027 owing to the increasing purchasing power of consumers in this region. Moreover, rising eye disease cases, a growing geriatric population, and technological developments in contact lens technology including silicone hydrogel and gas permeable material are fueling the regional growth. Local enterprises are embarking on strategic initiatives to develop and sell novel patient treatment solutions. As a result, market growth is expected to go up. In February 2020, Bridge Biotherapeutics, Inc. purchased an early-stage medication candidate from Konkuk University (KU) for the treatment of a back-eye condition. The treatment candidate is a protein inhibitor that has yet to be discovered.

Contact Lens Market Drivers

Increasing Geriatric Population is Fuelling Market Growth:

Increasing geriatric population base is highly susceptible to developing eye-related diseases that drive the product demand. In 2019, there were 703 million individuals worldwide aged 65 years or older. By 2050, the number of older individuals is anticipated to double to 1.5 billion. Globally, the proportion of the population aged 65 years or over rose from 6% in 1990 to 9.1% in 2021. Early detection and treatment of DR lessen the risk of vision loss; nevertheless, up to 50% of patients do not have their eyes tested or are detected too late for effective therapy. It is the primary cause of blindness among working-age adults in the United States, ages 20 to 74. Retinopathy and vision-threatening retinopathy impact an estimated 4.1 million and 899,000 Americans, respectively, thereby driving the market growth. The growing elderly population is highly prone to numerous health disorders like eye disorders and weak eyesight that lead to impairment, showing a significant impact on the demand for the Contact Lens Market.

Growing Prevalence of Myopia is Boosting Product Demand:

In order to fix vision disorders such as myopia, hyperopia, astigmatism, and presbyopia, contact lenses are used. Myopia is still the most widespread worldwide, although its prevalence has grown across the globe. The prevalence of myopia is highest in eastern Asian countries such as China, Japan, South Korea, and Singapore, according to the WHO. Myopia and high myopia are both predicted to impact ~4,949 million and ~925 million individuals globally by 2050, respectively. The growing prevalence of myopia and the increasing expenditure on ophthalmic goods, such as contact lenses, are anticipated to drive the growth of contact lenses as a corrective measure of refractive errors.

Contact Lens Market Challenges

Lack of Ophthalmologists is restraining the market expansion:

While the demand for ophthalmologists, proportional to the growth of the global population, has increased dramatically, their number has not. This is especially evident in developing countries. For instance, according to NCBI, India has one ophthalmologist for every 90,000 individuals, while the U.S. has a 1:15,800 ratio. The total number of ophthalmologists per million people varies according to the degree of economic growth, from 9 per million on an average in low-income countries to 79 per million on average in high-income countries. The approximate global mean for the density of ophthalmologists was 31.7 per million people. According to World Bank, only 13 countries have over 100 ophthalmologists per million people. Furthermore, middle-income countries are predicted to hamper the growth of the market owing to their lower-income profile and escalating cost of the Contact Lens.

Contact Lens Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Contact Lens Market. Contact Lens Market top 10 companies are -

Johnson & Johnson
Hoya Corporation
Alcon
Zeiss Meditec AG
CooperVision
STAAR Surgical Company
Seed Co., Ltd.
X-Cel Specialty Contacts
Bausch & Lomb, Incorporated
Novartis AG.

Recent Developments

In September 2021, Novartis acquired Arctos Medical, bolstering its ophthalmology portfolio with a pre-clinical optogenetics-based AAV gene therapy program and Arctos' proprietary technology. Novartis' dedication to finding solutions for individuals with vision loss, as well as the potential of optogenetics as a foundation for successful therapeutics, is shown in this acquisition.
In August 2020, Johnson & Johnson launched TECNIS Synergy and TECNIS Eyhance Intraocular Lenses (IOLs) for the Treatment of Cataracts in Canada. In patients with cataracts, TECNIS Synergy IOL, a revolutionary presbyopia-correcting IOL (PC-IOL), provides continuous high-contrast vision from far to close, day and night. TECNIS Eyhance, a groundbreaking IOL that offers high-quality vision at intermediate and distant distances, thereby improving the company's financial growth.
In March 2019, Novartis acquired PowerVision, Inc., a US-based, privately owned medical device manufacturing company focusing on the manufacture of intraocular lens implants based on fluid. The acquisition fosters the dedication of Alcon to introduce this creative, welcoming lens to patients with cataracts worldwide.

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