Contact Lens Market

Contact Lens Market: Overview

Contact lenses are extensively used in order to correct vision inaccuracies and compensate for vision problems such as presbyopia, hypermetropia/hyperopia, and astigmatism. These lenses are coated with scratch resistance materials, ultraviolet protection, and anti-refractive material to provide best therapeutic experience along with comfort to the user.

As per the U.S. FDA, the contact lenses has been categorized into class II and class III medical devices on the basis of their usage. Regular use contact lenses are defined as class II medical devices by the U.S. FDA, as these contact lenses may pose threat to users, if used without correct advice of physician. Further, contact lenses used for an extended time period is categorized as class III medical devices. These lenses pose a higher degree of risk in terms of safety and health, if used without advice of physician.

Besides use of contact lenses as refractive lenses, contact lenses are also used for esthetic and cosmetic purpose to alter the color of eye. With social-media exposure, people are very much following the trend of using contact lenses for cosmetic purpose.

Meanwhile, the contact lenses market is specifically driven by increasing incidents of visual inaccuracies. In addition, growing trend of outdoor participation is also paving opportunities for expansion of the global contact lenses market during the forecast period.

As per data provided by the National Eye Institute, in 2014, approximately 2.9 million people in the U.S. were diagnosed with low vision. Moving forward, count of such patients is more likely to multiply in years to come. It is predicted that the digits would reach equivalent to 5 million by end of 2030.

Another report published by the Centre of Disease Control and Prevention (CDC), in 2015, claims that approximately 40.9 million people above 18 years of age wear contact lenses. The number is equivalent to 16.7% of the entire adult population of the U.S.

Registering the adoption rate of contact lenses around the globe, the market is anticipated to spur in years to come globally.

As per a report published by Transparency Market Research, the global contact lenses market is estimated to scale at a promising CAGR of 7.4% during the forecast period (2018-2026).

In recent years, substantial rise in research and development activities have been observed in the field of optometry and optics in the global contact lenses market. These research and developments have resulted in development of dynamic soft contact lenses. These soft contact lenses are incorporate with advanced technologies. This, in turn, is propelling demand for contact lenses around the globe.

For example, recently, IMEC and SEED Co. Ltd.- an international R&D firm collaborated to develop a smart contact lens. The contact lens is equipped with a radio-frequency antenna for wireless energy transfer, an ultra-thin silicon microchip, and LED light. The contact lens is designed to form interconnections.

Hence, the soft lenses market is more likely to account for prominent market share during the forecast period (2018-2026). On the other hand, the gas permeable lenses market is likely to proliferate on back of increasing incident of corneal irregularities and astigmatism.

Growing Geriatric Population Drives Demand for Multifocal Lens

On the basis of designs, the global contact lens market is classified into toric lens, multifocal lens, and spherical lens among others that include ortho-k lenses and orthokeratology.

The multifocal lenses segment is anticipated to witness progressive demand rate over the forecast period. This is due to versatility of the contact lens to accommodate multiple prescriptions. Such lenses are prescribed to treat age-related ophthalmic disorders such as presbyopia. The lens category is known to provide various benefits such as visual acuity to users.

As per statistics provided by the American Optometric Association, approximately 123 million individuals in the U.S. are likely to be affected by presbyopia by the end of 2020.

On the other hand, the spherical lens segment is estimated to hold prominent position in the global contact lens market in forthcoming years. The segment is anticipated to prominent market share in coming years. Meanwhile, toric lenses are extensively prescribed in order to correct astigmatism problems that occur due to variation in cornea curvature. The segment is anticipated to witness moderate growth rate during the forecast period.

North America Emerges as Prominent Regional Market

As per market analysts, the global contact lens market is categorized into different regions- Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. Among all the regions, North America market is anticipated to hold major share in the global contact lens market in the tenure of forecast period, followed by Europe.

Prominence of these regions is attributed to new product launch and several organic and inorganic growth strategies undertaken by key companies operating in the regional market.

Meanwhile, contact lens market in Asia Pacific is likely to scale at a progressive rate during the forecast period between 2018 and 2026. The growth rate is ascribed to increased participation of the regional players.

On the other hand, the contact lenses market in Middles East and Africa and Latin America is projected to be driven by rise in demand for cosmetic contact lenses during the forecast period.

Some of the key players operating in the global contact lens market include Abbott Medical Optics Inc., Johnson & Johnson Vision Care Inc., Hoya Corporation, Essilor International S.A., STAAR Surgical Company, Alcon Vision LLC, ZEISS International, Cooper Vision Inc., Bausch & Lomb Incorporated, X-Cel Specialty Contacts, Contamac, SynergEyes Inc., Seed Co. Ltd., and Medennium.