DUBLIN, Sept. 28, 2020 /PRNewswire/ -- The "Contact Lenses Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The contact lenses market by revenue is expected to grow at a CAGR of over 5% during the period 2019-2025.
The global contact lenses market has observed a decline of around $1,409.62 million due to the outbreak of the COVID-19 pandemic, which has accounted for over 10% decrease in the market revenue.
The contact lenses segment constitutes an essential component of the global vision care market. The demand for contact lens is continually increasing with the growing prevalence of visual dysfunctions and eye disorders both in developed and developing countries. The adoption of contact lenses to improve looks is also significantly propelling the market. However, due to the COVID-19 impact across the globe, distribution channels have been disturbed and the availability has become reduced for contact lenses. The need to restore multiple vision dysfunctions, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, therapeutic benefits of contact lenses include corneal protection corneal pain relief and healing is expected to drive market growth during the forecast period.
Global Contact Lenses Market Segmentation
The global contact lenses market research report includes a detailed segmentation by material, design, usability, application, distribution, and geography. In 2019, silicone hydrogel contact lenses accounted for a share of over 68% in the global contact lenses market. They are advance soft lens material, which is aimed at increasing oxygen permeability (increased comfort, longer wear and better eye health), wettability (better comfort) and clinical performance of contact lenses. Hence, the presence of these benefits is likely to drive the growth of the segment. With the availability of exceptional health benefits, silicone hydrogel lenses are expected to witness high popularity among wearers, thereby influencing the market growth.
In 2019, the spherical contact lenses segment accounted for a share of over 68% in the global contact lenses market. Increase in the prevalence of vision corrective disorders such as myopia and hyperopia and the high preference for contact lenses for vision correction are driving the segment. Key players are offering a diverse range of spherical design, which feature specialized technology that improves optical comfort along with provision of vision correction.
The corrective segment is expected to reach over $7.2 billion by 2025. Changing lifestyle and increasing environmental pollutions increase the number of eye disorders such as refractive error, cataract, and glaucoma. The increase in the diabetic population contributes to the rise of eye disorders such as glaucoma, retinopathy, cataracts, and temporary blurring of vision. All these factors will propel the demand for corrective contact lenses.
In 2019, the therapeutic segment accounted for a share of over 35% in the global market. The increase in the prevalence of ocular disorder is expected to propel the therapeutic contact lenses market during the forecast period. Continuous advances in technology witnessing in the overall vision care industry have led to the development of therapeutic contact lenses with improved features, which have increased the efficiency of ocular surgeries.
Daily disposable contact lenses are becoming a preferred choice among eye care professionals as well as users in several countries. The single use modality offers many advantages over reusable ones, including convenience, which includes no requirement for supplemental care solutions, and has also been reported to be beneficial for patients with seasonal allergies. The usage of daily contact lenses has increased as they are handy to use and comfortable for longer durations and free from maintenance make them an attractive option for consumers in developing and developed countries.
The retail segment dominated the market and accounted for a share of over 65% in 2019. Retail stores have increased in developing regions such as Latin America and Asia. Factors such as market reputation, brand awareness, and customer satisfaction have increased the loyalty of customers, thereby driving the preference for retail stores. In 2019, the hospital and eye clinics distribution segment accounted for a share of over 23%. Hospitals and eye care centers are the point of contact for major patient populations. The presence of eye care specialists in hospitals and eye clinics is increasing the market share of the segment. The increase in the target population, which includes the rise in vision impairment or blindness, is likely to increase the reach of the segment.
INSIGHTS BY GEOGRAPHY
In 2019, the North America accounted for 35% share of the global contact lenses market. The rise in the target population is one of the driving factors in the market. The economic burden from vision loss and eye disorders in the US is in between $140 and $150 billion annually. The number of baby boomers with vision disorders and blindness is expected to double over the next three decades. By 2050, the highest prevalence of visual impairment among minorities will shift from 15% in 2015 to 16% in 2050. In addition, it is estimated that 2 million US citizens will struggle with blindness; 7 million with glaucoma by 2050. Hence, these factors are expected to play an important role in the driving the market.
INSIGHTS BY VENDORS
The revenue of contact lenses vendors has declined since the outbreak of the pandemic. For instance, the net sale reported by Alcon's Vision Care segment was $596 million, which includes the revenue of contact lenses and ocular health segments, in the second quarter of 2020, which was a decrease 27% compared to the same period in 2019. The decline in sales was primarily due to low demand for contact lenses and widespread office closures to contain the spread of the virus. The global contact lenses market is highly consolidated with the four vendors accounting for dominating shares. The market is subjected to constant technological advancements and evolving vision correction requirements and standards. Vendors compete on the basis of product variety, pricing, quality, innovation, and efficacy.
Johnson & Johnson, Alcon, The Cooper Companies, and Bausch & Lomb are the leading four players. Large players dominate the market, thereby reducing the scope for new entrants to enter the market. Several leading players are focusing on implementing several strategies such as product launches and approvals, marketing and promotional activities, acquisitions, increase R&D investment, and strengthen their distribution networks to enhance their market share and presence in the market.
Other Prominent Vendors
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