Soft contact lens market size to grow by USD 1.74 billion from 2021 to 2026; Growth driven by rise in the number of people with eye disorders - Technavio

NEW YORK, April 6, 2023 /PRNewswire/ -- The global soft contact lens market size is estimated to increase by USD 1.74 billion from 2021 to 2026. The market's growth momentum will accelerate at a CAGR of 3.21% during the forecast period. The market is driven by the rise in the number of people with eye disorders. The prevalence of eye conditions, such as refractive error, cataracts, and glaucoma, is increasing worldwide. The increase in smoking and ultraviolet light exposure and the rising use of digital appliances and gadgets have been contributing to the growing number of eye disorders. Also, the prevalence of chronic conditions such as diabetes has increased the number of eye disorders. In 2021, more than 483 million adults aged above 20 years were affected by diabetes worldwide. In addition, the percentage of the global population that require corrective lenses has increased from under 40% in 2010 to more than 63% as of 2021. These factors have increased the demand for soft contact lenses, which is driving the growth of the market. Discover some insights on market size before buying the full report - Request a sample report

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Global Soft Contact Lens Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on product (daily soft contact lens, weekly replacement lens, monthly replacement lens, and others), application (corrective lens, therapeutic lens, and cosmetic lens), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market growth in the daily soft contact lens segment will be significant during the forecast period. Daily soft contact lenses provide several benefits, such as no day-to-day accumulation of lens deposits, and require no cleaning. This has increased consumer demand for daily soft contact lenses. Hence, manufacturers are shifting their focus from hard contact lenses to comfortable soft contact lenses. These factors are driving the growth of the segment.

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global soft contact lens market.

• APAC will account for 40% of the market growth during the forecast period. Several investments have been made by public and private players in the region toward research and development in the vision care industry. In addition, the increasing population and the prevalence of myopia will fuel the demand for soft contact lenses in APAC during the forecast period.

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Global Soft Contact Lens Market – Market Dynamics

The global soft contact lens market is fragmented. The market comprises both regional and international vendors. The products offered by vendors are highly differentiated. In addition, the high regulatory control made the threat of new entrants low in 2021 and will remain the same during the forecast period. Some of the key vendors covered in the report include:

• Bausch Health Companies Inc. - The company offers astigmatism contact lenses, which have silicone hydrogel lens that combines moisture seal technology to help maintain 95% of lens moisture to provide all-day comfort to patients.
• BenQ Corp. - The company offers eautrasil hydrophilic silicone technology contact lenses, which enhance long-lasting comfort for brighter vision.
• Carl Zeiss AG - The company offers EnergizeMe spectacle lenses that feature an innovative lens design combined with technology and lens coating to optimize better vision.
• HOYA Corp. - The company offers Hard/Ex contact lens, which produces a clear and sharp field of vision. It exhibits high oxygen permeability to allow ample oxygen to pass through.
• Advanced Vision Technologies
• Appenzeller Kontaktlinsen AG
• Art Optical Contact Lens Inc.
• Cantor and Nissel Ltd.
• Johnson and Johnson
• Menicon Co. Ltd.
• Metro Optics
• Novartis AG
• Precision Technology Services Ltd.
• SEED Co. Ltd.
• STAAR Surgical Co.
• SynergEyes Inc.
• The Cooper Companies Inc.
• UltraVision CLPL

Global Soft Contact Lens Market – Market Dynamics

Key Trends – 

High demand for daily disposable contact lenses is identified as the key trend in the market. The demand for daily disposable contact lenses has been continuously on the rise since their introduction in 1955. They are made of soft, flexible plastic, allowing oxygen to pass through to the cornea. This helps in preventing red eyes, hypoxia, blurred vision, corneal swelling, and eye infections. They are available in most prescriptions for astigmatism, bifocals, nearsightedness, and farsightedness. Daily disposable contact lenses offer more convenience, as no lens cleaning is required. They are also easy to carry while traveling. Many such benefits are increasing the demand for daily disposable contact lenses. This trend will positively influence market growth during the forecast period.

Major challenges – 

Lack of awareness and access to care is identified as the major challenge affecting the market growth. Many people with eye disorders do not go for regular eye checkups. For instance, less than half of adults with diabetes in the US recognize the risk of vision loss. According to estimates, only 18% are familiar with diabetic macular edema (DME), and about 30% of the population do not get annual dilated eye exams as recommended by the National Eye Institute for individuals with diabetes. Thus, the lack of awareness among a high percentage of the population raises the risk of vision impairment. In addition, inadequate health insurance and low access to primary care physicians in developing countries will hinder the growth of the market.

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What are the key data covered in this soft contact lens market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the soft contact lens market between 2022 and 2026
• Precise estimation of the size of the soft contact lens market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the soft contact lens market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of soft contact lens market vendors

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Related Reports:

• The projected valuation of the contact lenses market from 2020 to 2025 is USD 3.92 billion. The growth momentum of the market is expected to accelerate at a CAGR of 5.16%. The market is segmented by product (soft lenses, rigid gas permeable lenses, and hybrid lenses) and geography (North America, Europe, APAC, MEA, and South America).
• The glass lens market is estimated to grow at a CAGR of 3.43% between 2022 and 2027. The size of the market is forecasted to increase by USD 8,175.42 million. The market is segmented by type (single glass vision lenses, progressive glass lenses, and bifocal glass lenses), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 14: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 18: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 24: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

• 5.1 Market segments 
• Exhibit 25: Chart on Product - Market share 2021-2026 (%)
• Exhibit 26: Data Table on Product - Market share 2021-2026 (%)

• 5.2 Comparison by Product 
• Exhibit 27: Chart on Comparison by Product
• Exhibit 28: Data Table on Comparison by Product

• 5.3 Daily soft contact lens - Market size and forecast 2021-2026 
• Exhibit 29: Chart on Daily soft contact lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Data Table on Daily soft contact lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 31: Chart on Daily soft contact lens - Year-over-year growth 2021-2026 (%)
• Exhibit 32: Data Table on Daily soft contact lens - Year-over-year growth 2021-2026 (%)

• 5.4 Weekly replacement lens - Market size and forecast 2021-2026 
• Exhibit 33: Chart on Weekly replacement lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Data Table on Weekly replacement lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 35: Chart on Weekly replacement lens - Year-over-year growth 2021-2026 (%)
• Exhibit 36: Data Table on Weekly replacement lens - Year-over-year growth 2021-2026 (%)

• 5.5 Monthly replacement lens - Market size and forecast 2021-2026 
• Exhibit 37: Chart on Monthly replacement lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Data Table on Monthly replacement lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 39: Chart on Monthly replacement lens - Year-over-year growth 2021-2026 (%)
• Exhibit 40: Data Table on Monthly replacement lens - Year-over-year growth 2021-2026 (%)

• 5.6 Others - Market size and forecast 2021-2026
• Exhibit 41: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 44: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 5.7 Market opportunity by Product 
• Exhibit 45: Market opportunity by Product ($ million)

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 46: Chart on Application - Market share 2021-2026 (%)
• Exhibit 47: Data Table on Application - Market share 2021-2026 (%)

• 6.2 Comparison by Application 
• Exhibit 48: Chart on Comparison by Application
• Exhibit 49: Data Table on Comparison by Application

• 6.3 Corrective lens - Market size and forecast 2021-2026
• Exhibit 50: Chart on Corrective lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Corrective lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Corrective lens - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Corrective lens - Year-over-year growth 2021-2026 (%)

• 6.4 Therapeutic lens - Market size and forecast 2021-2026
• Exhibit 54: Chart on Therapeutic lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Therapeutic lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Therapeutic lens - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Therapeutic lens - Year-over-year growth 2021-2026 (%)

• 6.5 Cosmetic lens - Market size and forecast 2021-2026
• Exhibit 58: Chart on Cosmetic lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Cosmetic lens - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Cosmetic lens - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Cosmetic lens - Year-over-year growth 2021-2026 (%)

• 6.6 Market opportunity by Application 
• Exhibit 62: Market opportunity by Application ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 63: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Geographic Landscape

• 8.1 Geographic segmentation 
• Exhibit 64: Chart on Market share by geography 2021-2026 (%)
• Exhibit 65: Data Table on Market share by geography 2021-2026 (%)

• 8.2 Geographic comparison 
• Exhibit 66: Chart on Geographic comparison
• Exhibit 67: Data Table on Geographic comparison

• 8.3 North America - Market size and forecast 2021-2026
• Exhibit 68: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 69: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 70: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 71: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 8.4 Europe - Market size and forecast 2021-2026
• Exhibit 72: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 73: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 74: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 75: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 8.5 APAC - Market size and forecast 2021-2026
• Exhibit 76: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 77: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 78: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 79: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 8.6 South America - Market size and forecast 2021-2026
• Exhibit 80: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 81: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 82: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 83: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 8.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 84: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 85: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 86: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 87: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 8.8 US - Market size and forecast 2021-2026
• Exhibit 88: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 89: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 90: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 91: Data Table on US - Year-over-year growth 2021-2026 (%)

• 8.9 Germany - Market size and forecast 2021-2026
• Exhibit 92: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 93: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 94: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 95: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 8.10 China - Market size and forecast 2021-2026
• Exhibit 96: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 97: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 98: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 99: Data Table on China - Year-over-year growth 2021-2026 (%)

• 8.11 UK - Market size and forecast 2021-2026
• Exhibit 100: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 101: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 102: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 103: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 8.12 Japan - Market size and forecast 2021-2026
• Exhibit 104: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 105: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 106: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 107: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 8.13 Market opportunity by geography 
• Exhibit 108: Market opportunity by geography ($ million)

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2021 and 2026

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 112: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 113: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 11.3 Advanced Vision Technologies 
• Exhibit 115: Advanced Vision Technologies - Overview
• Exhibit 116: Advanced Vision Technologies - Product / Service
• Exhibit 117: Advanced Vision Technologies - Key offerings

• 11.4 Bausch Health Companies Inc. 
• Exhibit 118: Bausch Health Companies Inc. - Overview
• Exhibit 119: Bausch Health Companies Inc. - Business segments
• Exhibit 120: Bausch Health Companies Inc. - Key news
• Exhibit 121: Bausch Health Companies Inc. - Key offerings
• Exhibit 122: Bausch Health Companies Inc. - Segment focus

• 11.5 BenQ Corp. 
• Exhibit 123: BenQ Corp. - Overview
• Exhibit 124: BenQ Corp. - Product / Service
• Exhibit 125: BenQ Corp. - Key offerings

• 11.6 Carl Zeiss AG 
• Exhibit 126: Carl Zeiss AG - Overview
• Exhibit 127: Carl Zeiss AG - Business segments
• Exhibit 128: Carl Zeiss AG - Key offerings
• Exhibit 129: Carl Zeiss AG - Segment focus

• 11.7 HOYA Corp. 
• Exhibit 130: HOYA Corp. - Overview
• Exhibit 131: HOYA Corp. - Business segments
• Exhibit 132: HOYA Corp. - Key offerings
• Exhibit 133: HOYA Corp. - Segment focus

• 11.8 Johnson and Johnson 
• Exhibit 134: Johnson and Johnson - Overview
• Exhibit 135: Johnson and Johnson - Business segments
• Exhibit 136: Johnson and Johnson - Key news
• Exhibit 137: Johnson and Johnson - Key offerings
• Exhibit 138: Johnson and Johnson - Segment focus

• 11.9 Menicon Co. Ltd. 
• Exhibit 139: Menicon Co. Ltd. - Overview
• Exhibit 140: Menicon Co. Ltd. - Product / Service
• Exhibit 141: Menicon Co. Ltd. - Key news
• Exhibit 142: Menicon Co. Ltd. - Key offerings

• 11.10 Novartis AG 
• Exhibit 143: Novartis AG - Overview
• Exhibit 144: Novartis AG - Business segments
• Exhibit 145: Novartis AG - Key offerings
• Exhibit 146: Novartis AG - Segment focus

• 11.11 SEED Co. Ltd. 
• Exhibit 147: SEED Co. Ltd. - Overview
• Exhibit 148: SEED Co. Ltd. - Product / Service
• Exhibit 149: SEED Co. Ltd. - Key offerings

• 11.12 The Cooper Companies Inc. 
• Exhibit 150: The Cooper Companies Inc. - Overview
• Exhibit 151: The Cooper Companies Inc. - Business segments
• Exhibit 152: The Cooper Companies Inc. - Key offerings
• Exhibit 153: The Cooper Companies Inc. - Segment focus

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 154: Inclusions checklist
• Exhibit 155: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 156: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 157: Research methodology
• Exhibit 158: Validation techniques employed for market sizing
• Exhibit 159: Information sources

• 12.5 List of abbreviations 
• Exhibit 160: List of abbreviations

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