Contact Lenses Market US$ 11 Bn Expected To Reach by 2023 with Size, Share and Revenue – Market Research Future

The Global Contact Lenses Market Size and Share anticipated overwhelming growth by 2023 owing to developments in vision care. Subscription services, developments in lenses and funding by venture capital firms are factors likely to galvanize market demand in the coming years.

Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) --

Contact Lenses Market Highlights

The Global Contact Lenses Market size is poised to exceed USD 11 Billion by 2023, as per a new report by Market Research Future (MRFR). Contact lenses are medical devices used in correcting poor vision of consumers. Its ability to provide peripheral vision without being a bother like spectacles is likely to attract demand for lenses. In addition, they do not retain moisture or obstruct the view. It can be worn in conjunction with sunglasses and other eyewear without a prescription. This can work in favor of the market leaders launching new lenses annually.

Contact Lenses Adoption Rate to Rise

Developments and breakthroughs with regards to function and design have catapulted the product as a must-have in social circles. High prevalence of eye disorders is expected to be one of the primary factors driving market growth. For instance, the National Health and Nutrition Examination Survey (NHANES) reported the cost of correcting vision to be in the range of USD 3.9-7.2 Bn, giving an impetus to adoption of contact lenses. Furthermore, changing lifestyles of consumers and sedentary lifestyle choices are other factors which can have a positive impact on demand in the coming years.

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Competitive Scenario

Key market players include CAMAX OPTICAL CORP, Johnson & Johnson (J&J), BAUSCH + LOMB, CooperVision, Inc., NEOVISION CO, LTD., Menicon Co., Ltd, Seed Co. Ltd, CLEARLAB SG Pte, Ltd., Hoya Corporation, Oculus Private Limited, Novartis AG, Bescon Co., Ltd., and St. Shine Optical Co., Ltd. Among these, Bausch + Lomb, J&J, Novartis AG,CooperVision, and Novartis AG accounted for nearly 95% share of the market. Companies are investing in research and development (R&D) to increase their product offering. Acquisitions are a common strategy to gain a larger market share as evident by the accession of TearScience, Sightbox, and Abbot Medical Optics by J&J.

Subscription Services to Bring Relief

Concerns with one’s outward appearance have catapulted the need for contact lenses. Furthermore, availability of lenses according to iris shape and size is ensured to attract the attention of millennials. In order to capitalize on this trend, manufacturers have launched annual subscription services to make it easier for consumers. Buttressed by the aid of the Internet and ecommerce stores, consumers will have easy pickings. For instance, UK-based Waldo is launching is such a service for its customers in 2018. This can be beneficial for consumers traveling abroad to attain their prescribed lenses at affordable prices.

Investments by venture capital firms are expected to boost the market valuation in the coming years. Companies such as JetLenses are gaining funds to conceive and launch new designs. New brands are emerging to provide consumers with a bevy of options as evident by Two of a Kind, a Singapore-based firm, which functions on a monthly subscription model.

Contact Lenses Market Segmentation Analysis

The Worldwide Contact Lens Market is segmented by type, material, design, and region. Cosmetic & lifestyle-oriented lens, therapeutic lens, and corrective are types of lenses discussed in the report. The corrective lens segment is likely to grow at a 5.22% CAGR over the forecast period owing to high prevalence of genetic eye disorders. Other factors driving the segment demand include rising cases of eye problems and the growing geriatric populace. In addition, corrective lenses are a cost-effective procedure to revamp the one’s physical appearance and can attain high demand over the forecast period.

Major materials used for the production of these lenses include gas-permeable, methacrylate hydrogel, silicone hydrogel, and others. The silicone hydrogel contact lens segment accounted for a major share of the market in 2017 owing to its long-term use. Furthermore, its high use in treating astigmatism can spur the segment growth over the forecast period.

Various designs covered include multifocal, spherical, toric, and others. The spherical segment holds over 50% share of the market, with this number to increase in the coming years. Increasing incidence of myopia and other corrective disorders is expected to facilitate the segmental growth till 2023. The multifocal segment possesses the potential of expanding rapidly till the end of the review period.

APAC – the Fastest Growing Region

Regions covered include Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. The Americas is estimated to showcase a 5.8% CAGR over the forecast period. This can be attributed to rapid adoption of lenses by the young populace and prevalence of eye-related disorders. The Europe market can also enjoy immense growth owing to the well-developed healthcare sector and investments by vision care providers.

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The APAC market can register a 6.2% CAGR owing to the presence of various companies. The rapid urbanization of cities and subsequent migration of consumers to cities for employment opportunities is expected to propel market demand. The media & entertainment and hospitality sectors are likely to beckon the biggest demand owing to the emphasis on external appearance.

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