Contact Lenses Market Size by Revenue to Reach USD 12 Billion by 2025 - Arizton

CHICAGO, Dec. 9, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global contact lenses market report.

The contact lenses market is expected to grow at a CAGR of over 5% during the period 2020−2026.

Key Insights:  

• Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the key industry participants. These companies jointly accounted for a share of around 90% in the global contact lenses market in 2019. Product innovation and portfolio enhancement are the major growth strategies followed by these vendors.
• The market will witness a sudden surge in demand for contact lenses in 2021 due to the flattening of the COVID-19 curve in a broad majority of countries and the reopening of IT companies and other industries. As a result, working professionals will again start using contact lenses on a regular basis without any postponement.
• The online distribution channel will become one of the prominent channels of purchase among all the end-users in the market. Vendors need to focus on establishing e-commerce or online channel for the sales of their products.
• Celebrities prefer the usage of contact lenses over their natural eye colors, which has further influenced the usage of contact lenses among the general population.
• The expansion of training opportunities for eye care professionals in emerging markets is also leading to increased patient awareness and access to premium eye care products such as usage of the contact lenses and facilitating its growth.
• Favorable initiatives such as awareness campaigns and government support are expected to have a positive impact on the growth of the contact lenses market in the country.

Key Offerings:

• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by material, design, usability, application, distribution, and geography
• Competitive Landscape – 4 key vendors, and 18 other vendors are profiled in the report

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Contact Lenses Market – Opportunities Assessment

The contact lenses market is highly consolidated, with the top four vendors accounting for dominating shares. Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the top four players in the market. In 2019, these four players accounted for around 90% of the market share for contact lenses across the globe. Moreover, established vendors also sometimes form strategic alliances and enter into co-marketing agreements to increase their competitiveness and market penetration of contact lenses. Most of the top brands in the contact lenses market are anticipated to stay at the same position in the upcoming years, as the industry's major companies continue to show steady revenue growth. Moreover, Johnson & Johnson aims to advance its robust pipeline by launching innovative products and line extensions across its three business segments, which in turn will create growth opportunity for the company in the market.

Contact Lenses Market by Distribution 

• Retail Stores
• Hospitals & Clinics
• Online Stores

Contact Lenses Market by Material

• Silicone Hydrogel
• Hydrogel
• Gas-permeable
• Others

Contact Lenses Market by Design

• Spherical
• Toric
• Multifocal

Contact Lenses Market by Usability 

• Daily Disposable
• Frequently Replacement

Contact Lenses Market by Application

• Corrective
• Therapeutic
• Healthcare
• Cosmetic

Contact Lenses Market by Geography

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• South Korea
• Australia
• India
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Turkey
• UAE

Key Drivers and Trends fueling Market Growth:

• Paradigm Shift toward Premium Priced and Cosmetic Contact Lenses
• Rise in E-Commerce as a Preferred Distribution Channel
• Advent of Smart Contact Lenses
• Increased Target Population Coupled with Aged Patient Demographics

Contact Lenses Market– Geography

In 2015, around 12 million Americans had a vision problem. This number is expected to increase to 25 million by 2050, this in turn, will fuel the growth opportunities for the vendors in North America. The US was the largest market for contact lens, the increase in retail distribution and online sales expansion in the country have helped in increasing the market revenue across the region. Furthermore, the Canadian contact lenses market seems more vibrant, with almost equal proportions of new fits to refits. The Canadian soft lens market favors DD lenses much more compared to the US market. The Canadian contact lenses market seems more vibrant, with almost equal proportions of new fits to refits. The Canadian soft lens market favors DD lenses much more compared to the U.S. market. The contact lenses market in Canada is expected to reach 314.01 million by 2025.

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Prominent Vendors  

• Johnson & Johnson
• Alcon
• The Cooper Companies
• Bausch & Lomb

Other Prominent Vendors 

• CARL ZEISS
• Essilor International
• Hoya Corporation
• Menicon
• SynergEyes
• UltraVision CLPL
• Ginko International
• Shine Optical
• Visioneering Technologies
• Sensimed
• BenQ Materials
• Contamac
• Clerio Vision
• NeoVision
• CAMAX OPTICAL
• SEED
• INTEROJO
• ZEISS

Explore our health and wellness profile to know more about the industry.

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