Global Contact lenses Market Research Report : Forecast to 2023
A contact lens is a thin lens placed directly on the surface of the eye. The increasing prevalence of visual inaccuracies and eye disorders is one of the key drivers in the contact lenses market. The prevalence of various ocular disorders, such as myopia, hypermetropia, and others is also growing at an alarming rate, worldwide. These ocular disorders are associated with a significant rise in the risks for vision impairment due to conditions such as high myopia and other diseases. According to the World Health Organization (WHO), the prevalence of myopia will be much higher in high-income regions of Asia-Pacific, i.e., in the East and South-East Asia and is also predicted to increase to 24% by 2050. According to the Journal of Ophthalmology, 2018 the National Health and Nutrition Examination Survey (NHANES) reported the annual direct cost of correcting distance vision impairment due to refractive errors to be between USD 3.9 billion and USD 7.2 billion in the US
Contact lenses are now commonly used to correct myopia, hyperopia, astigmatism, and presbyopia. There are other eye conditions as well, such as keratoconus and aniseikonia that are better corrected with contact lenses.
The growing adoption of contact lenses for the correction of multiple vision detects including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, is propelling the growth of the market. Additionally, technological advancements in contact lenses and increasing preference for contact lenses in young adults are expected to contribute to the growth of the market during the forecast period. However, alternative therapies for the correction of refractive errors such as LASIK and PRK and safety concerns related to the use of contact lenses may hamper the growth of the market.
The global contact lenses market is expected to reach USD 11036.45 million by 2023 at a CAGR of 5.7% during the assessment period.
Based on type, the market is segmented into corrective lens, therapeutic lens, and cosmetic and lifestyle-oriented lens. The corrective lens segment accounted for the largest market share, in 2017, whereas the cosmetic and lifestyle-oriented lens segment is expected to be the fastest growing segment at a CAGR of 6.14% during the forecast period.
Based on material, the market is segmented into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. The silicone hydrogel soft contact lens segment accounted for the largest market share of global contact lenses market, in 2017and is expected to register a CAGR of 5.61% during the forecast period.
Based on design, the market is segmented into spherical, toric, multifocal, and others. The spherical segment dominated the global contact lenses market, registering USD 4362.85 million in 2017 and expected to reach USD 6038.36 million by 2023 at the rate of 5.57% during the forecast period.
Based on regions, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas dominated the contact lenses market. The contact lenses market for the Americas was valued at USD 2902.21 million in 2017 and is expected to reach USD 4071.77 million by 2023 at a CAGR of 5.81% during the forecast period.
Johnson &Johnson Vision Care, Novartis AG, Cooper, Bausch + Lomb, Neovision Co, Ltd, NEOVISION CO, LTD, Hoya Corporation, Seed Co. Ltd, Menicon Co., Ltd, Bescon Co., Ltd, Oculus Private Limited, CAMAX OPTICAL CORP, and St. Shine Optical Co., Ltd.
• To provide a detailed analysis of the market structure along with a forecast of various segments and sub-segments of the global contact lenses market
• To provide insights into factors influencing and affecting the market growth
• To provide historical and forecast revenue of market segments and sub-segments with respect to countries
• To provide historical and forecast revenue of market segments based on channels, applications, and regions for the global contact lenses market
• To provide strategic profiling of key players in the market and comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• To provide economic factors that influence the global contact lenses market
• To provide a detailed analysis of the value chain and supply chain of the global contact lenses market
• Manufacturers & Suppliers
• Contract Research Organizations (CROs)
• Research and Development (R&D) Companies
• Government Research Laboratories
• Independent Research Laboratories
• Government and Independent Regulatory Authorities
• Academic Institutes and Universities
• The Americas accounted for the largest market share in the global contact lenses market, with USD 2902.21 million in 2017 and is expected to reach USD 4071.77 million by 2023 at the fastest CAGR of 5.81%
• Corrective lens held the largest market share of 43.4% in the global contact lenses market, by type, in 2017
• Silicone hydrogel soft contact lens contributed a remarkable share of the market registering 66.2% in 2017
o North America
o South America
o Rest of Europe
o South East Asia
o Republic of Korea
o Rest of Asia-Pacific
• Middle East & Africa
o Middle East