The contact lenses market was valued at US$ 9.22 Bn in 2021 and is likely to reach US$ 13.05 Bn by 2028 at a CAGR of 5.1% between 2022 and 2028.
Contact lenses are thin and curved lenses placed on the film of tears that covers the surface of the human eye. Generally, the lens is naturally clear, but sometimes it is given a slight color tinge, making it easier to handle by the wearer.
Modern contact lenses are either soft or hard. However, people nowadays prefer wearing soft contact lenses because of their flexible quality.
The contact lenses market is characterized by the presence of various small and big companies. Market players are adopting various strategies to increase their market shares, such as new product launches, regional expansion, and technological advancements. The growing prevalence of myopia & other visual disorders, rising tendency to improve aesthetics, and increasing disposable incomes have encouraged market players to launch new products.
The increasing product launches and developments have fueled the adoption of contact lenses. Market players are investing in R&D to develop advanced technologies and gain more revenue share by acquiring regulatory approvals and marketing access.
The "Global Contact Lenses Market Analysis to 2028" is a specialized and in-depth study of the market with a special focus on the global market trend analysis. The report aims to provide an overview of the contact lenses market with detailed market segmentation by material, design, application, and distribution channel.
The global contact lenses market is expected to witness high growth during the forecast period. The report provides key statistics on the status of the leading market player and offers key trends and opportunities in the market.
The global contact lens market is segmented based on material, design, application, and distribution channels. Based on material, the market is differentiated into gas permeable, silicone hydrogel, and others. Based on the design, the market is segmented into monovision, spherical, multifocal, and toric. Based on application, the market is segmented into corrective, therapeutic, cosmetic, and others. Further, the market is segmented based on distribution channels into e-commerce, hospitals, clinics, and retail stores.
The report provides a detailed industry overview, including qualitative and quantitative information. It provides an overview and forecast of the global contact lenses market based on various segments. It also provides market size and forecast estimates from 2022 to 2028 concerning 5 major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America. Each region's contact lens market is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trends and opportunities prevailing in the region.
From the regional perspective, North America dominates the contact lenses market. The dominance of this region is majorly contributed to the growing number of patients affected by vision disorders and the high focus of market players on strategic collaboration and partnership.
Furthermore, various sectors, such as media and entertainment, are substantially using cosmetic lenses, resulting in increased adoption of cosmetic lenses in North America and boosting the overall regional market.
The below figure showcases the revenue growth trend in the global contact lenses market:
Source: The Insight Partners Analysis
The report analyses factors influencing the contact lenses market from both the demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends, during the forecast period. The report also provides a PEST analysis highlighting the factors influencing the contact lenses market in these regions.
IMPACT OF COVID-19 PANDEMIC
The COVID-19 outbreak reflected a decrease in demand for contact lenses globally. The pandemic has considerable social and economic ramifications across various industries and sectors. In the case of contact lenses, the market declined due to the limited eye care consultations.
Furthermore, major market players, such as Bausch + Lomb, The Cooper Companies Inc, and Johnson and Johnson, have reported declining sales due to decreased sales & operations. This led prominent and emerging companies to change their business strategies to adapt. Thus, the impact of COVID-19 somewhat hindered the global contact lenses market.
The reports cover key developments in organic and inorganic growth strategies in the contact lenses market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and patents and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships & collaborations. These activities have paved the way for business expansion and market players' customer base. Market players are anticipated to have lucrative growth opportunities with the rising demand for contact lenses.
The report also includes the profiles of key contact lenses market companies, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last three years, and key development in the past five years.
EssilorLuxottica; Alcon Inc.; Johnson & Johnson Services, Inc.; Bausch & Lomb Incorporated; The Cooper Companies Inc.; HOYA Corporation; SynergEyes, Inc.; STAAR Surgical Company; X-Cel Specialty Contacts; and Medenniumare are the key market players profiled in the study. Several other major companies were also studied and analyzed in this research study to get a holistic view of the contact lenses market and its ecosystem.
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the current study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Material Design Application and Distribution Channel
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
The List of Companies
1. Bausch & Lomb Incorporated.
2. Carl Zeiss Meditec AG
3. Johnson & Johnson Services, Inc.
4. Alcon (Novartis International AG)
5. HOYA Corporation
6. The Cooper Companies Inc.
7. BenQ Materials Corporation
10. SynergEyes, Inc.
11. NIDEK CO., LTD.
15. Seed Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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