Contact Lenses Market - Global Outlook and Forecast 2018-2023
This market research report on contact lenses market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by usage (daily use, weekly use, and bi-weekly/monthly use contact lens), by design (spherical, toric, and multifocal), by application (corrective lenses, therapeutic lenses, and cosmetic and lifestyle-related lenses), by distribution channel (retail store, hospitals & clinics, and online stores), and by geography (North America, Europe, APAC, Latin America, and MEA).
Contact Lenses Market Overview
The growing adoption of lenses for restoring multiple vision dysfunctions including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia will promote the growth of the global contact lenses market. The use of lenses offers varied medical and lifestyle-related benefits. Some of the therapeutic benefits of using lenses are corneal protection, for post-surgical conditions, and for corneal pain relief and healing. The growing focus on aesthetic look and popularity of colored contact lensesin the fashion industry will boost the demand for these eye glasses and contact lenses products. The introduction of daily disposable lenses that offer multiple advantages will create new business opportunities for the vendors. The advent of low-cost manufacturing techniques and the introduction of innovative novel silicone hydrogel-based polymers will revolutionize the market.
The introduction of lenses with minimal or no risk of adverse effects and no requirement for lens care solutions is boosting the demand for vision care products. The use of innovative technology to offer advanced features that provide best visual acuity and optical comfort will have a positive impact on the market growth. The global contact lenses market is anticipated to generate revenues of more than $13 billion by 2023 and expected to grow at a CAGR of over 5% during the forecast period.
Contact Lenses Market Dynamics
The growing preference for disposability and reduce usage cycles is boosting the market for daily usage lenses. The emerging fashion trends, pollution and varied intensity of usage, attractive price points, and buyback schemes, and launch of new product portfolios with value-added offerings are some of these reasons augmenting the growth of the global contact lenses market. Daily disposables offer the convenience of easy clean-up and no storage. The growing popularity of color variants for different occasions is further boosting the demand for daily or bi-weekly/monthly lenses. Such demand trends will encourage the leading companies to launch innovative product portfolios such as bifocal contact lens or multifocal contact lens to attract new consumers and expand their businesses to new and emerging geographies.
Contact Lenses Market Segmentation
This market research report includes a detailed segmentation of the market by usage, design, application, distribution channel, and geography.
Contact Lenses Market – By Design
Spherical contact lenses are the most predominantly used lenses
Spherical contact lens is largest design segment in the contact lenses market occupying more than 73% of total market share in 2017 and are projected to grow at a CAGR of close to 5% during the forecast period. The rising number of vision corrective disorders such as myopia and hyperopia and the growing preferability for contact lens is driving the growth. The leading players in the global market are offering a wide variety of spherical lenses which features specialized technologies that improve optical comfort along with the provision of vision correction.
Contact Lenses Market – By Geography
North America occupies the largest market share
North America dominated the global market accounting for around 36% of the total market share in 2017 and is anticipated to grow at a CAGR of close to 6% during the forecast period. The US accounts for more than 90% of the total sales in North America. Factors such as well-established healthcare infrastructure, better access to vision care services, adequate reimbursement services, high affordability to cosmetic contact lens, and significantly high population density are driving the market in North America. The leading vendors in North America are offering a wide range of contact lens through various distribution channels such online and retail to gain a larger contact lenses market share during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
Key Vendor Analysis
The global contact lenses market has a very limited number of major players that occupy the predominant market share. The market is oligopolistic in nature and has created a strong entry barrier for new players. The leading players are offering varied contact lens products with advanced features, launching innovative products, and using product manufacturing technologies to sustain the competition in the contact lenses market. The vendors are also introducing product features by leveraging advanced technology to gain a competitive edge and strengthen market competitiveness. Moreover, the increasing focus to enhance geographical outreach across various regions will propel the growth of the global market during the forecast period.
The major vendors in the global market are:
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