Market Research Report
Contact Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Contact Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: March 1, 2021
Mordor Intelligence Pvt Ltd
Content info: 125 Pages
Delivery time: 2-3 business days
The Contact Lenses Market is expected to register a CAGR of nearly 5% during the forecast period, with a revenue of approximately USD 9,785 million in 2020 and expected to reach 12,995 million by 2026.
The impact of COVID-19 on the market growth may be negative in the year 2020, due to a smaller number of eye care consultations. Moreover, the market may prevail with the normal growth rate in near future. For instance, as per the Centers for Disease Control and Prevention and the American Academy of Ophthalmology, it is estimated that there was a nearly 80% initial decrease in ophthalmology visits and that as of mid-June there was still a cumulative decrease in ophthalmology visits of 40% in the United States.
The growth of the contact lens market is attributed to the rising prevalence of optical disorders, the rising tendency to improve aesthetics and increasing disposable incomes. According to WHO, in 2019, it was estimated that around 2.2 billion people have vision impairment or blindness. Also, an emerging important cause of visual impairment in the developed regions of the world is uncorrected refractive errors. Rising geriatric population if further aggravating the prevalence of ophthalmic disorders, the leading causes of vision impairment are uncorrected refractive errors and cataracts, and most people with vision impairment are over the age of 50 years.
A significant increase in research and devlopment activities in the field of optometry and optics has been observed in the market. Advent such as the intoduction of dynamic soft contact lenses integrated with advanced technology have boosted the demand for contact lenses. For instance, in November 2018, IMEC and SEED Co. Ltd, an international R&D hub had colloborated to develop a smart contact lens. This contact lens will components, such as a LED light, an ultra-thin silicon microchip and radio-frequency antenna for wireless energy transfer.
The increasing product innovations have increased the adoption of contact lenses. For instance, In March 2019, Alcon Vision LLC launched AcrySof IQ PanOptix Trifocal IOL in the United States. This trifocal lens can be used for intermediate, distance, and near vision. Increasing developments in contact lenses with drug-delivering capabilities are further expected to drive the market demand over the forecast period. However, factors such as availability of alternative techniques and complications associated with lens is likely to hamper the market growth.
The outbreak of COVID-19 showed an impact on the corrective lenses segment because eye care services were significantly reduced due to social distancing measures taken by governments across the globe. However, the ophthalmology practices are being continued with preventive measures. In August 2020, in India, the Ministry of Health and Family Welfare proposed guidelines on safe ophthalmology practices in COVID-19 scenario such as eye-care facilities should ensure that tele-counseling and teleconsultation should be promoted to lessened patient visits or/and appointment system can be followed to call patients needing examination/eye procedures/investigations.
Corrective lenses are the lenses that have been made specifically to match the wearer's vision defects. The purpose of the corrective lens is being made to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), presbyopia, and astigmatism.
The rising product launch has increased the adoption of corrective contact lenses. In November 2019, the U.S. FDA approved Coopervision Inc.'s Misight 1 day, the first corrective contact lens designed to slow the progression of myopia, or near-sightedness, in children. The disposable, single use, soft contact lens is made for children who are diagnosed with myopia and begin Misight treatment at an early age.
With available vision correction solutions and rising awareness about vision impairment conditions, the demand for these devices is increasing. Even in the developed regions of the world, the trend seems to be still rising owing to growing vision correction, due to factors such as the growing geriatric population. For instance, according to the 2017-18 National Health Survey (NHS) of Australia, the percentage of the population with visual impairment has been rising over the past few years in Australia. This is expected to help the growth of the market.
For contact lenses specifically during COVID-19, with limited social interaction and travel restrictions, the reduction in typical usage occasions has resulted in a decrease in contact lens wear.
The United States and Canada have developed and well-structured healthcare systems. These systems also encourage research and development. The supportive government policies are encouraging global market players to enter the United States and Canada. As a result, these countries have the presence of many global market players.
Moreover, a rise in the number of visual inaccuracies is expected to drive the regional market growth. For instance, as per the statistics published by National Eye Institute,2019, around 1.3 million Americans are blind and 2.9 million have low vision; and an estimated 2.2 million Americans will be blind and around 5 million Americans will have low vision by 2030. Hence, an increase in eye disorders will lead to a growing demand for contact lenses.
Rising product innovation is also bodes well for regional market growth. For instance, in 2019, Bausch + Lomb announced the U.S. launch of Bausch + Lomb ULTRA Multifocal for Astigmatism contact lenses. In 2020, Alcon Canada strengthened its robust contact lens portfolio in Canada, by launching its innovative PRECISION1 daily disposable, silicone hydrogel (SiHy) contact lenses. Thus, with several developments by companies and demand by customers, the North American region is a highly attractive and stable region for the growth of companies and consumers about the contact lenses market
The contact lenses market is highly competitive and consists of several major players. The presence of major market players, such as Essilor International SA, Novartis AG, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies are, in turn, increasing the overall competitive rivalry of the market. With moderate sustainable competitive advantage through innovative products and low competition between online and offline companies, moderate competitive rivalry is observed in this market.
The market participants enter into long-term partnerships with suppliers and distributors to gain competitive advantge and expand their product portfolio and geographical presence.