Contact Lenses Market to Expand by USD 4.99 Billion (2023-2027) Driven by Rising Myopia Rates, AI-Enhanced Report by Technavio

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- 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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Market Driver

The contact lenses market is experiencing significant growth due to advancements in technology. Innovations such as telescopic, light controlling, 3D-printed, and augmented reality contact lenses are transforming the industry. For instance, Johnson & Johnson Vision's new ACUVUE OASYS with Transitions contact lenses feature light-intelligent technology. Soft lens improvements, like KeraSoft IC, offer comfort, health, and improved visual acuity for those with irregular corneas. Companies like Innovega and Luxexcel are pioneering smart contact lenses with augmented reality and 3D printing technology, respectively. These technological innovations and product developments are expected to fuel the growth of the global contact lenses market during the forecast period. 

Contact lenses continue to gain popularity as a vision correction solution, especially among those with myopia or nearsightedness. The genetic basis of myopia and the increasing prevalence of eye strain from digital screen exposure are key trends driving demand. Vision impairments, including astigmatism, farsightedness, and distance vision impairment, also fuel sales. Market players offer various types, such as soft, RGP, hybrid, antimicrobial, and natural eye highlight lenses. Spectacles remain competitors, but internet platforms expand reach and convenience. Myopia awareness initiatives and catalogs cater to niche products. Store availability and celebrity endorsements boost sales. Challenges include limited shelf space, infection, allergy, vitamin deficiency, and aging population. Biodegradable materials offer a sustainable solution. Global Eye Health organizations promote regular check-ups to prevent uncorrected nearsightedness. Overall, the contact lens market is dynamic, with ongoing innovation and consumer education crucial for success. 

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 Market Challenges

• The global contact lens market is subject to numerous regulatory hurdles. In the US, contact lens sales are governed by the Food and Drug Administration (FDA) and the Federal Trade Commission (FTC). The FDA classifies contact lenses as medical devices, while the Opticians Act 1989 Order 2005 regulates their sales and fitting by registered medical practitioners. The US Federal Food, Drug, and Cosmetic Act, with its Section 520, sets guidelines and requires a valid prescription for all contact lenses. These regulations add complexity, uncertainty, and cost, potentially discouraging vendors from entering the market. Federal policies impact the contact lens value chain, including development, manufacture, distribution, and sales through various channels. These regulatory barriers may impede the growth of the contact lens market during the forecast period.
• The contact lens market faces several challenges in 2023. Virtual try-on technologies are disrupting traditional sales methods, requiring established suppliers like Bausch & Lomb to adapt. Subscription services from companies like Clalen, Vassen, Desio, and Barbie Eyesland are gaining popularity, leading to market segmentation and brand loyalty. Wellness packaging and lens care products from Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, FourVision, ICK Contacts are essential to meet consumers' needs. Risks of Acanthamoeba keratitis and refractive errors continue to concern consumers. Far-sightedness remains a common vision issue. Walmart and other retailers offer corrective vision aids, including contact lenses, at competitive prices. Multipurpose solutions, such as hydrogen peroxide-based or rigid gas permeable lenses, cater to various consumer preferences. Market value and revenues continue to grow, driven by the subscription business model and email marketing. Hypermarkets, supermarkets, department stores, pharmacies, and convenience stores serve as key distribution channels. However, suppliers must address concerns over visibility tints, enhancement tints, and opaque tints to maintain consumer trust.

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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 a significant segment of the eye care industry. Companies manufacture and sell various types of contact lenses, including soft and rigid gas permeable lenses. Consumers use these lenses for correcting vision problems or for cosmetic purposes. Key players in the market include Johnson & Johnson, Alcon, and CooperVision. They invest in research and development to produce innovative products and expand their market share. The market's growth is driven by increasing consumer preference for contact lenses over glasses and rising disposable income in emerging economies.

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Research Analysis

Contact lenses are a popular alternative to glasses for correcting various vision problems such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia. Two main types of contact lenses are soft contact lenses, which are comfortable and easy to wear, and RGP (rigid gas permeable) lenses, which offer sharper vision and are suitable for certain eye conditions. Hybrid lenses combine the benefits of both types. Celebrity endorsements have played a significant role in promoting contact lens use. However, contact lenses come with risks, including infection, allergy, and vitamin deficiency, which can lead to serious eye health issues. It's essential to follow proper care instructions and consult an eye care professional regularly. Contact lenses can also be used for cosmetic purposes, such as changing eye color or enhancing eye appearance. Brands like Clalen, Vassen, Desio, Barbie Eyesland, Solotica, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, and others offer a range of options. Eye strain and digital screen exposure are increasingly common issues in today's tech-driven world, making contact lenses an attractive solution for those seeking clear vision without the need for glasses. However, it's important to remember that contact lenses are medical devices and require proper care and attention to ensure eye health and safety. The use of contact lenses can be influenced by genetic factors, and certain conditions like keratoconus may require special lenses or alternative vision correction methods. Proper diagnosis and consultation with an eye care professional are crucial for determining the best solution for individual vision needs.

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 like soft contact lenses, RGP lenses, and hybrid lenses. Celebrity endorsements have played a significant role in increasing their popularity. However, risks like infection, allergy, and vitamin deficiency are concerns. The market value is driven by the aging population, biodegradable materials, and virtual try-on technologies. Subscription services, wellness packaging, and niche 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 such as visibility, enhancement, and opaque. Established suppliers like Bausch & Lomb face competition from multichannel retailers like Walmart and internet platforms. Market segmentation includes myopia awareness initiatives, subscription business models, brand loyalty, and email marketing. Contact lenses come with multipurpose solutions and lens care products. Antimicrobial contact lenses and natural eye highlights are emerging trends. Market revenues are influenced by refractive errors, Acanthamoeba keratitis risks, and limited shelf space in hypermarkets, supermarkets, department stores, pharmacies, and convenience stores.

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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