Top 6 factors driving global contact lenses market trends

9:37 AM, 9th February 2021
Contact lenses are thin lenses worn directly on the surface of the eyes. According to WHO, in 2018, the number of people suffering from visual impairments across the world was 1.3 billion.

Contact lenses are thin lenses worn directly on the surface of the eyes. According to WHO, in 2018, the number of people suffering from visual impairments across the world was 1.3 billion. The growing adoption of corrective lenses is due to the rising number of visual impairment cases. Also, factors such as rapidly changing consumer fashion trends and lifestyle, and the prevalence of smartphone and internet boosting online shopping will propel access to contact lenses in the coming few years.

Reportedly, global contact lenses market size, with a shipment volume of nearly 1,300 million, is projected to surpass US$14 billion in annual valuation by 2025 on account of the increasing geriatric population, global disposable income, and visual defects. Below are explained some trends expected to foster the industry outlook in the coming years.

Usability of hybrid contact lens

The hybrid lens have ability to merge the clarity of RGP lenses and comfort of soft contact lenses, which will contribute to a substantial market growth rate of over 5 percent for the hybrid lens segment in the next few years. These lenses have comparatively large diameters that render a stable vision for patients suffering from presbyopia and astigmatism.

The compactness of these glasses does not let them displace during outdoor activities, making it a perfect wearable for sportspersons.  The leading hybrid lens companies are focusing on a strategic partnership to enlarge their product portfolio. For Example, SynergEyes joined hands with Brien Holden Vision Institute in June 2018, to deliver customized and advanced vision corrections for eye patients suffering from presbyopia and myopia.

Application of hydrogel in hypoxia

The hydrogel material segment is estimated to observe a considerable market share, exceeding 80 percent by 2025, on account of increased oxygen penetration as compared to polymer. Hydrogel substance helps in avoiding the risk of hypoxia by allowing more oxygen to reach the cornea.

The growing awareness about conditions related to hypoxia and the safety during daily and extended wear will propel widespread acceptance of hydrogel material based lenses.

Lens sale on e-commerce portals

The growing prevalence of broadband services and the availability of low-cost smartphones are encouraging lens manufacturers to use e-commerce platforms in reaching out to the maximum number of potential customers. The convenience of home delivery, competitive pricing, and availability of a wide range of products are some key aspects driving the contact lens sale on e-commerce.

A volume of nearly 350 million units is projected to ship via online distribution channels by 2025 on account of the growing trend of online shopping.

Spherical lenses for farsightedness

The spherical lens segment is estimated to hold a growth rate exceeding 7 percent through 2025, with the rising number of people affected by presbyopia, myopia, and hyperopia. Reportedly, WHO in 2018 stated that there were nearly 826 million people who are suffering from myopia globally. The spherical lenses are prescribed to a person having a low level of astigmatism and to people who are having eye conditions of farsightedness and near-sightedness.

Corrective and disposal contact lenses

The corrective lenses segment recorded over 40 percent of the total market share in 2018, on account of the rise in vision-related disorders. The corrective lenses help in eliminating refractive defects such as hypermetropia and presbyopia.

The disposal daily contact lenses segment is projected to rise at over 7 percent CAGR in the coming years due to the hygiene and convenience that the product provides by self-eliminating the day-to-day accretion of lens deposits.

Expanding North America lens market

On account of the rising number of vision-related conditions, North America accounted for more than 30 percent of global contact lenses market share in 2018. Reportedly, as per the National Health Interview Survey (NHIS) data, about 26.9 million adults have vision-related defects in the US.

Leading companies in the market are emphasizing towards portfolio expansion. For instance, CooperVision introduced its innovative contact lens product, Biofinity Energys in September 2017. Companies are also seeking strategic acquisitions, such as Hoya Corporation buying Performance Optics, LLC including its subsidiaries Daemyung Optical and VISION EASE in August 2017. This acquisition enabled the company to achieve geographical expansion and more product offerings.

Get detailed analysis on the Contact Lenses Market:

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Arun Hegde

Corporate Sales, USA

Global Market Insights Inc.

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