Contact Lenses Market to Grow by USD 4.99 Billion (2023-2027), Driven by Rising Myopia Cases, AI-Powered Report Highlights Market Transformation - Technavio

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global contact lenses market size is estimated to grow by USD 4.99 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 5.58% during the forecast period. Growing prevalence of myopia is driving market growth, with a trend towards increasing adoption of advanced technologies in contact lenses. However, stringent regulations poses a challenge.Key market players include Alcon Inc., Appenzeller Kontaktlinsen AG, Art Optical Contact Lens Inc., Bausch Health Co. Inc., BenQ Materials Corp., Benra Pty Ltd., Carl Zeiss Stiftung, Clearlab SG Pte Ltd., Contamac Ltd., Danaher Corp., EssilorLuxottica SA, HOYA Corp., Johnson and Johnson Services Inc., MARK ENNOVY PERSONALIZED CARE S.L., Menicon Co. Ltd., Metro Optics of Austin Inc., SEED Co. Ltd., STAAR Surgical Co., The Cooper Companies Inc., and UltraVision CLPL.

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Key Market Trends Fueling Growth

Contact lenses are a popular choice for correcting refractive errors such as nearsightedness, farsightedness, astigmatism, and distance vision impairment. The market for contact lenses is growing, with trends including soft contact lenses, RGP lenses, and hybrid lenses. Celebrity endorsements and wellness packaging are also driving sales. However, challenges such as infection, allergy, and vitamin deficiency risks persist. Established suppliers like Bausch & Lomb offer multipurpose solutions and lens care products. Trends include biodegradable materials, virtual try-on technologies, and subscription services. Brands like Clalen, Vassen, Desio, Barbie Eyesland, Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, FourVision, ICK Contacts, and others offer various tints like visibility, enhancement, and opaque. The market value and revenues are increasing due to an aging population and the subscription business model. Market segmentation includes hypermarkets, supermarkets, department stores, pharmacies, convenience stores, and internet platforms. Myopia, with its genetic basis and risks like eye strain from digital screen exposure, is a significant concern. Myopia awareness initiatives and limited shelf space for niche products require innovative solutions like catalogs and store availability. Contact lenses face competition from spectacles but offer advantages like convenience and improved aesthetics. Antimicrobial contact lenses and natural eye highlights are also gaining popularity. Overall, the contact lens market is dynamic and evolving to meet the changing needs of consumers. 

The contact lenses market is experiencing notable growth due to ongoing research and development in the vision care industry. Innovations such as telescopic, light controlling, 3D-printed, augmented reality, health monitoring, and custom contact lenses are transforming the market. Recent advancements in soft lenses, like the KeraSoft IC, offer improved comfort, health benefits, and enhanced visual clarity for individuals with irregular corneas like keratoconus. These silicone hydrogel lenses represent significant progress in the industry. 

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Market Challenges

• The contact lenses market faces several challenges in the areas of product types and consumer health. Soft contact lenses and RGP lenses each have unique advantages, but cater to different consumer needs. Celebrity endorsements help boost sales, but risks such as infection, allergy, and vitamin deficiency remain concerns. Refractive errors like nearsightedness, farsightedness, astigmatism, and distance vision impairment require various corrective solutions. Global eye health initiatives address uncorrected nearsightedness and aging population. Biodegradable materials and virtual try-on technologies are trends. Subscription services and wellness packaging enhance customer experience. Brands like Clalen, Vassen, Desio, Barbie Eyesland, Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, FourVision, ICK Contacts offer various tints and enhancements. Market value and revenues continue to grow, driven by established suppliers and multipurpose solutions. However, challenges include Acanthamoeba keratitis risks, market segmentation, subscription business model, brand loyalty, and competition from spectacles and internet platforms. Hydrogen peroxide-based lenses, hypermarkets, supermarkets, department stores, pharmacies, and convenience stores are key sales channels. Myopia, with its genetic basis and eye strain from digital screen exposure, requires awareness initiatives. Limited shelf space and niche products necessitate catalogs and store availability.
• The contact lens market is subject to regulatory oversight from various authorities, including the US Food and Drug Administration (FDA) and the Federal Trade Commission (FTC). Contact lenses are classified as medical devices by the FDA, necessitating stringent regulations for their production, distribution, and sale. In the US, the Opticians Act 1989 Order 2005 governs contact lens sales and fitting by registered medical practitioners. Regulatory complexity and cost act as barriers to entry for vendors, making the global contact lens market a challenging business environment. Federal policies significantly impact the value chain, influencing the development, manufacture, distribution, and sales of contact lenses through various channels.

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Segment Overview

This contact lenses market report extensively covers market segmentation by

1. Product
• 1.1 Soft lenses
• 1.2 Rigid gas permeable lenses
• 1.3 Hybrid lenses
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Soft lenses- The contact lenses market is dominated by soft lenses, which are expected to grow faster than the overall market due to their greater comfort and flexibility compared to rigid gas permeable (RGP) lenses. Soft lenses are made from hydrogels, thin and pliable materials that allow oxygen to pass through to the cornea, ensuring eye health and user comfort. Their ease of adjustment and ability to stay in place make them a preferred choice for most users. Despite their advantages, soft lenses have challenges such as dryness and the risk of tearing, which may hinder market growth during the forecast period. Replacement schedules for soft lenses range from daily to monthly, and they are typically worn during daytime hours only.

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Research Analysis

The contact lens market encompasses various types of corrective lenses, including soft contact lenses, RGP (rigid gas permeable) lenses, and hybrid lenses. Soft contact lenses are the most popular due to their comfort and ease of use. RGP lenses offer sharper vision for those with astigmatism or presbyopia. Hybrid lenses combine elements of both, providing the benefits of both types. Celebrity endorsements have played a significant role in popularizing contact lenses. However, risks such as infection, allergy, and vitamin deficiency are potential concerns. Common visual impairments like myopia, nearsightedness, and farsightedness are commonly corrected with contact lenses. Astigmatism, a genetic condition, can also be addressed with specialized lenses. Risk factors like infection, allergy, and vitamin deficiency can lead to complications. Eye strain and digital screen exposure are increasingly common issues addressed by contact lenses. Companies like Clalen, Vassen, Desio, Barbie Eyesland, Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, and others cater to various needs and preferences.

Market Research Overview

Contact lenses are a popular alternative to glasses for correcting refractive errors such as nearsightedness, farsightedness, astigmatism, and distance vision impairment. The market includes various types, including soft contact lenses, RGP lenses, and hybrid lenses. Celebrity endorsements have played a role in increasing their popularity. However, risks such as infection, allergy, and vitamin deficiency remain concerns. The global eye health industry, driven by an aging population and increasing prevalence of myopia, is expected to reach significant market value and revenues. Established suppliers offer multipurpose solutions and lens care products as corrective vision aids. Biodegradable materials, virtual try-on technologies, and subscription services are emerging trends. Brands like Clalen, Vassen, Desio, Barbie Eyesland, Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, FourVision, ICK Contacts, offer various tint options including visibility, enhancement, and opaque. Market segmentation includes hypermarkets, supermarkets, department stores, pharmacies, convenience stores, and internet platforms. Antimicrobial contact lenses and natural eye highlights are also gaining popularity. However, risks such as Acanthamoeba keratitis and refractive errors like myopia, which has a genetic basis, eye strain from digital screen exposure, and visual impairments, necessitate myopia awareness initiatives. Limited shelf space and niche products require effective marketing strategies like email marketing and catalogs to increase store availability. Contact lenses offer convenience and style, making them a preferred choice for many over spectacles.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Soft Lenses
• Rigid Gas Permeable Lenses
• Hybrid Lenses
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio