Global Contact Lenses Market Expected To Reach USD 17.64 Billion by 2024: Zion Market Research

According to the report, global contact lenses market was valued at approximately USD 10.91 billion in 2017 and is expected to generate revenue of around USD 17.64 billion by the end of 2024, growing at a CAGR of around 7.10% between 2017 and 2024.

Zion Market Research has published a new report titled “Contact Lenses Market by Product (Soft Lenses, and Hard Lenses), by Design Type (Spherical, Toric, and Cylindrical), By Usage (Corrective, Therapeutic, Cosmetic, and Prosthetic), By Material (Hydrogel, Silicone Hydrogel, and Polymers), and Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global contact lenses market was valued at approximately USD 10.91 billion in 2017 and is expected to generate revenue of around USD 17.64 billion by the end of 2024, growing at a CAGR of around 7.10% between 2017 and 2024.  

Contact lenses are thin and curved which are placed on the surface of the eye to correct the vision or as a cosmetic to enhance the personal appearance. Contact Lenses lenses are devices which are regulated by Food and Drug Administration hence they require the prescription of an ophthalmologist. There are various types of contact lenses such as silicone hydrogel contact lenses, soft contact lenses, and hard contact lenses.

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According to the National Eye Institute’s estimation, over 2.9 million people in North America suffered low vision in 2014. The rising number of ophthalmological disorders, visual inaccuracies, and refractive errors due to a birth defect or infection are expected to drive the growth of the contact lenses market in future. The emergence of innovative products and technological advancements is also expected to fuel the growth of the market. Changing lifestyle, increase in disposable income, and changing fashion trends are some of the factors which will also fuel the growth of contact lenses market globally. Growth in aging population and rise in the number of youngsters for the enhancement of their appearance has also anticipated anticipates propelling the growth of the contact lenses market. However, the increase in preference for LASIC surgery and other technologies to get cured is expected to hamper the growth of the global contact lenses market.

By product, the contact lenses market is segmented into soft lenses and hard lenses. The soft lenses segment is expected to dominate the contact lenses market. Soft lenses segment accounted for approximately 80% of the total contact lenses market revenue in the year 2016. Convenience in carrying them, better vision & durability, and better oxygen permeability are the main driving factors of the soft lenses segment.

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On the basis of design type, the contact lenses market is segmented into spherical, toric, and cylindrical. The spherical segment is estimated to dominate the contact lenses market in the forecast period. Increase in the number of myopia and hypermetropia patients is expected to drive the growth of this segment. The emergence of automation technology is expected to drive the cost-effectiveness and bulk production of the product.

The usage segment is divided into corrective, therapeutic, cosmetic, and prosthetic. In 2016, corrective lenses segment approximately accounted for the 40% of the total global market share. Increasing shift of population from spectacles to lenses for improved lifestyle, high comfort, and suitability in wearing it for outdoor activities or sports are the major factors driving the growth of the corrective lenses.

On the basis of material, the contact lenses market is segmented into the hydrogel, silicone hydrogel, and polymers. Silicone hydrogel segment is expected to dominate the contact lenses market in the forecast period. Visual acuity, simple to fit, high initial comfort, minimal spectacle, and blur little adaptation are the factors driving this segment’s growth.  Increased chances of bacterial contamination may affect the growth of hydrogel material segment.

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The distribution channel segment is further segmented into optical stores, independent brand stores, online stores, and general retail stores. Optical stores segment is expected to lead the market. In 2016, optical stores segment accounted for over 20% of the total distribution channel segment. Different services offered by optical stores such as eye check-up facility is the main factor driving the demand of this segment. Independent brand showrooms are also expected to show significant growth due to increased brand awareness among consumers.

North America is expected to dominate the contact lenses market due to the increasing middle-aged and senior ophthalmological patients and rise in vision problem among the young generation. Asia Pacific is anticipated to show the highest CAGR in the forecast period due to the rapid increase in the disposable income, the presence of branded retail outlets, and growth in online sales.

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The key players in the global contact lenses market are Johnson & Johnson Services Inc., Bausch & Lomb Incorporated, CooperVision Inc., CIBA Vision, Carl Zeiss AG, Valeant Pharmaceuticals, Novartis International AG, Abbott Medical Optics, Essilor International S.A., and SynergEyes Inc. The players, in the contact lenses market, are involved in the technological advancement of contact lenses to make them user-friendly.

This report segments the global contact lenses market as follows:

Global Contact Lenses Market: Product Segment Analysis

  • Soft Lenses
  • Hard Lenses

 

Global Contact Lenses Market: Design Type Segment Analysis

  • Spherical
  • Toric
  • Cylindrical

 

Global Contact Lenses Market: Usage Segment Analysis

  • Corrective
  • Therapeutic
  • Cosmetic
  • Prosthetic

 

Global Contact Lenses Market: Material Segment Analysis

  • Hydrogel
  • Silicone Hydrogel
  • Polymers

 

Global Contact Lenses Market: Distribution Channel Segment Analysis

  • Optical Stores
  • Independent Brand Showrooms
  • Online Sales
  • General Retail Stores

 

Global Contact Lenses Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

 

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