Dublin, Nov. 26, 2018 (GLOBE NEWSWIRE) -- The "Contact Lenses Market by Model, Design, Material, Application, Distribution Channel - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global contact lenses market is projected to reach USD 9.2 billion by 2023 from an estimated USD 7.2 billion in 2018, growing at a CAGR of 4.9% from 2018 to 2023.
Growing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses are the major factors driving the growth of this market. On the other hand, shortage of trained ophthalmologists and regulatory barriers in the contact lenses market are some of the factors restraining market growth.
The daily wear contact lenses segment is expected to register the highest CAGR during the forecast period.
On the basis of model, the contact lenses market is segmented into daily wear, extended wear, and traditional contact lenses. The daily wear contact lenses segment is expected to register the highest CAGR during the forecast period. The high growth of this segment can primarily be attributed to the advantages offered by daily wear contact lenses, such as easy wearability, no requirement of lens cleaning (in the case of disposable daily wear contact lenses), and no requirement of overnight wear. Also, these contact lenses do not have the issue of day-to-day accumulation of lens deposits and are more affordable as compared to other types of contact lenses.
Multifocal contact lenses are expected to grow at the highest CAGR during 2018 to 2023.
Based on design, the contact lenses market is segmented into spherical, toric, multifocal, cosmetic, and monovision contact lenses. The multifocal contact lenses segment is expected to grow at the highest CAGR during the forecast period. Multifocal contact lenses are used to treat myopia, hyperopia, presbyopia, and astigmatism (in some cases). These lenses are soft as they avoid the risk of infection and are designed to adjust at various site zones so as to avoid the use of extra eyeglasses along with multiple contact lenses.
Gas-permeable contact lenses are expected to register the highest growth rate during the forecast period.
Based on material, the contact lenses market is segmented into silicone hydrogel, hydrogel, gas-permeable, hybrid, and polymethyl methacrylate (PMMA) contact lenses. Gas-permeable contact lenses are expected to register the highest CAGR during the forecast period. These lenses have essentially replaced non-porous PMMA contact lenses. These are hard, PMMA-like lenses, but are porous in nature. As a result, they allow oxygen to pass through them to the cornea.
Orthokeratology contact lenses to grow at the highest CAGR during the forecast period.
Based on application, the contact lenses market is segmented into conventional, orthokeratology, and decorative (Plano) contact lenses. The orthokeratology contact lenses segment is projected to register the highest CAGR during the forecast period. The increasing prevalence of myopia and willingness to adopt advance procedures to treat myopia are major drivers for this segment. Orthokeratology or Ortho-K is a lens fitting procedure that uses specially designed rigid gas-permeable (RGP) contact lenses to change the curvature of the cornea for improving the eye's ability to focus on objects temporarily. This procedure is primarily used for the correction of myopia. These lenses are commonly prescribed to be worn while sleeping for at least eight hours each night.
India and China are projected to witness the highest growth during the forecast period.
Emerging countries such as China and India is expected to witness the highest CAGR during the forecast period. This growth can be attributed to the rapidly developing healthcare industry in China and India, growth in aging population, rising prevalence of myopia, rising per capita income, increasing investments in these countries by key market players, the expansion of private-sector hospitals & clinics to rural areas, the availability of low-cost labor for manufacturing, presence of a favorable regulatory environment, and emergence of local market players with the offerings of low priced contact lenses.
The contact lenses market is dominated by top four players, namely, Johnson & Johnson (US), Alcon, Inc. (US), CooperVision, Inc. (US), and Bausch + Lomb (US). Some of the other key players in this market are Carl Zeiss Meditech AG (Germany), HOYA Corporation (Japan), Essilor Group (France), SEED Co., Ltd. (Japan), Menicon Co., Ltd. (Japan), and BenQ Materials Corporation (Taiwan).
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Scope of the Study
1.4 Currency
1.5 Stakeholders
1.6 Limitations
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Market Share Estimation
2.5 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Contact Lenses: Market Overview
4.2 Global Market: Developed vs Developing Countries/Region (USD Million)
4.3 Global Market: Major Countries
4.4 Geographic Mix: Global Market
4.5 Asia Pacific: Global Market, By Application and Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics: Impact Analysis
5.2.1 Market Drivers
5.2.1.1 Growing Prevalence of Myopia
5.2.1.2 Increasing Preference for Contact Lenses Over Prescription Eyeglasses
5.2.1.3 Growing Geriatric Population
5.2.2 Market Opportunities
5.2.2.1 Untapped Emerging Markets
5.2.3 Market Challenges
5.2.3.1 Regulatory Barriers
5.2.3.1.1 North America
5.2.3.1.2 Europe
5.2.3.1.3 Asia Pacific
5.2.3.2 Shortage of Ophthalmologists
6 Technological Scenario
6.1 Key Technologies in the Contact Lenses Market
6.1.1 Hydraclear Technology
6.1.2 ASD Technology
6.1.3 Lacreon Technology
6.1.4 Peg Technology
6.1.5 PC Technology
6.1.6 Optimized Toric Lens Geometry Technology
6.1.7 Digital Zone Optics Lens Design Technology
6.1.8 Lightstream Lens Technology
6.1.9 Smart Contact Lens Technology
6.1.10 Light Intelligent/Adaptive Technology
6.2 Contact Lenses Market: Future Outlook
7 Contact Lenses Market, By Product Type
7.1 Introduction
7.2 By Model
7.2.1 Daily Wear Contact Lenses
7.2.1.1 Daily Wear Contact Lenses to Account for the Largest Market Share in 2017
7.2.2 Extended Wear Contact Lenses
7.2.2.1 Better Oxygen Permeability of Extended Wear Contact Lenses Results in Clear Vision, Increased Comfort, Wearability, and Better Clinical Performance
7.2.3 Traditional Contact Lenses
7.2.3.1 Market for Traditional Contact Lenses is Expected to Get Cannibalized By Daily and Extended Wear Contact Lenses in the Coming Years
7.3 By Design
7.3.1 Spherical Contact Lenses
7.3.1.1 Rising Prevalence of Myopia Driving the Growth of the Spherical Contact Lenses Market
7.3.2 Toric Contact Lenses
7.3.2.1 Design of Toric Contact Lenses Enables Them to Rotate to the Proper Orientation on the Cornea for Clear Vision
7.3.3 Multifocal Contact Lenses
7.3.3.1 Multifocal Contact Lenses Segment to Register the Highest Growth Rate During the Forecast Period
7.3.4 Monovision Contact Lenses
7.3.4.1 Growing Preference Towards the Use of Multifocal Contact Lenses to Slow Down the Adoption of Monofocal Contact Lenses
7.3.5 Cosmetic Contact Lenses
7.3.5.1 Growing Trend of Changing Eye Appearance Driving the Demand for Cosmetic Contact Lenses
7.4 By Material
7.4.1 Silicone Hydrogel Contact Lenses
7.4.1.1 High Oxygen Permeability of Silicone Hydrogel Contact Lenses Resulting in Their Higher Adoption
7.4.2 Hydrogel Contact Lenses
7.4.2.1 The Contact Lenses Market is Experiencing A Notable Shift From Hydrogel to Silicone Hydrogel Contact Lenses
7.4.3 Hybrid Contact Lenses
7.4.3.1 Hybrid Contact Lenses are Majorly Indicated for Corneal Astigmatism, Post-Refractive Surgery Patients, and Other Corneal Trauma Conditions
7.4.4 Gas-Permeable Contact Lenses
7.4.4.1 Gas-Permeable Contact Lenses Have Replaced Non-Porous Pmma Contact Lenses in Recent Years
7.4.5 Polymethyl Methacrylate Contact Lenses
7.4.5.1 Growing Demand for Hydrogel and Silicone Hydrogel Contact Lenses to Significantly Decrease the Adoption for Pmma Contact Lenses
7.5 By Color Variation
7.5.1 Opaque Contact Lenses
7.5.1.1 Opaque Contact Lenses Have Greater Market Demand as They Can Be Used for Aesthetic as Well as Therapeutic Purposes
7.5.2 Enhancers/Tinted Contact Lenses
7.5.2.1 Enhancers/Tinted Contact Lenses are Best for People Who Have Light-Colored Eyes and Want to Make Their Eye Color More Intense
7.5.3 Visibility Tinted Contact Lenses
7.5.3.1 Visibility Tinted Contact Lenses Help People See the Lens Better During Insertion and Removal
7.6 By Application
7.6.1 Conventional Contact Lenses
7.6.1.1 Increasing Prevalence of Myopia is One of the Major Factors Supporting the Demand for Conventional Contact Lenses
7.6.2 Orthokeratology Contact Lenses
7.6.2.1 Technological Advancements in GP Contacts and Rising Prevalence of Myopia to Drive the Demand for Contact Lenses in Orthokeratology Applications
7.6.3 Decorative (Plano) Contact Lenses
7.6.3.1 Decorative Contact Lenses Market to Register A Growth Rate of 5.1% During the Forecast Period
8 Contact Lenses Market, By Distribution Channel
8.1 Introduction
8.2 Retail Stores
8.2.1 Retail Stores Accounted for the Largest Share of the Contact Lenses Market in 2017
8.3 Hospitals & Clinics
8.3.1 Growing Number of Hospitals in Developing Countries to Drive the Growth of the Hospitals & Clinics Segment
8.4 E-Commerce
8.4.1 Growing Trend of Online Purchases to Drive Market Growth
9 Contact Lenses Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 The US to the Dominate Market During the Forecast Period of 2018 to 2023
9.2.2 Canada
9.2.2.1 The Prevalence of Myopia in Canadian Children is on the Rise, Which Increases the Demand for Refractive Measures in Canada
9.3 Asia Pacific
9.3.1 Japan
9.3.1.1 Japan Accounted for the Second-Largest Share of the Market in 2017
9.3.2 China
9.3.2.1 The Contact Lenses Industry in China is Highly Regulated, Serving as Major Challenge for Market Players to Compete in China
9.3.3 India
9.3.3.1 The Presence of A Large Patient Population and Emergence of Local Players With Low-Priced Offerings of Drive the Growth of the Indian Market
9.3.4 Rest of Asia Pacific (RoAPAC)
9.4 Europe
9.4.1 UK
9.4.1.1 Growing Preference for Contact Lenses Over Prescription Eyeglasses in the UK is A Major Factor Driving Market Growth
9.4.2 Italy
9.4.2.1 Inflexible Regulations for Medical Devices in Italy Increase the Challenges for Contact Lens Manufacturers in the Country
9.4.3 Germany
9.4.3.1 The Rising Prevalence of Refractive Errors Will Ensure A Steady Demand for Corrective Lenses in the German Market
9.4.4 France
9.4.4.1 Shortage of Trained Ophthalmologists is A Major Challenge in France
9.4.5 Spain
9.4.5.1 The Percentage Population Using Contact Lenses in Spain is Very Low, Reflecting High Growth Opportunities for Contact Lens Manufacturers
9.4.6 Rest of Europe
9.5 Latin America
9.6 Middle East & Africa
10 Competitive Landscape
10.1 Introduction
10.2 Product Portfolio Analysis
10.3 Geographical Assessment of Major Players in the Market
10.4 Market Share Analysis
10.4.1 Contact Lenses Market Share Analysis, 2017
10.5 Competitive Situations and Trends
11 Company Profiles
11.1 Bausch + Lomb (Valeant Pharmaceuticals International)
11.2 Alcon (Novartis International AG)
11.3 Johnson & Johnson
11.4 Carl Zeiss Meditec AG
11.5 Hoya Corporation
11.6 The Cooper Companies
11.7 Seed Co., Ltd.
11.8 Essilor Group
11.9 Menicon Co., Ltd.
11.10 Benq Materials Corporation
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