DUBLIN--(BUSINESS WIRE)--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.
The following factors are likely to contribute to the growth of the contact lenses market during the forecast period:
- Paradigm Shift toward Premium Priced and Cosmetic Contact Lenses
- Rise in E-Commerce as a Preferred Distribution Channel
- Advent of Smart Contact Lenses
- Increased Target Population Coupled with Aged Patient Demographics
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.
Prominent Vendors
- Johnson & Johnson
- Alcon
- The Cooper Companies
- Bausch & Lomb
Other Prominent Vendors
- CARL ZEISS
- Essilor International
- Hoya
- Menicon
- SynergEyes
- UltraVision CLPL
- Ginko International
- Shine Optical
- Visioneering Technologies
- Sensimed
- BenQ Materials
- Contamac
- Clerio Vision
- NeoVision
- CAMAX OPTICAL
- SEED
- INTEROJO
- ZEISS
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Impact Of COVID-19 Pandemic On The Contact Lenses Market
8.1 Overview
8.2 Impact of COVID-19 on Global Supply Chain
9 Market Opportunities & Trends
9.1 Paradigm Shift Towards Premium Priced And Cosmetic Contact Lenses
9.2 Rise In E-Commerce As A Preferred Distribution Channel
9.3 Advent Of Smart Contact Lenses
9.4 New Product Approvals And Launches
10 Market Growth Enablers
10.1 Increased Target Population With Aged Patient Demographics
10.2 Increasing Demand For Contact Lenses In Emerging Markets
10.3 High Acceptance Of Daily Disposable Silicone Hydrogel Contact Lenses
10.4 Product Innovations & Technological Advancements
11 Market Restraints
11.1 Complications Associated With The Usage Of Contact Lenses
11.2 Increased Availability Of Wide Range Of Eyeglasses Coupled With Lasik
11.3 Low Accessibility, Affordability, & Financial Exclusion For Large Patient Pool
12 Value Chain Analysis
12.1 Value Chain Overview
13 Supply Chain Analysis
13.1 Supply Chain Overview
14 Market Landscape
14.1 Market Overview
14.2 Market Size & Forecast
14.3 Five Forces Analysis
15 Material
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Silicone Hydrogel Contact Lenses
15.4 Hydrogel Contact Lenses
15.5 GP/RGP Contact Lenses
15.6 Others
16 Application
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Corrective Contact Lenses
16.4 Therapeutic Contact Lenses
16.5 Cosmetic Contact Lenses
17 Design
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
17.3 Spherical Contact Lenses
17.4 Toric Contact Lenses
17.5 Multifocal Contact Lenses
18 Usage
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.3 Daily Disposable Contact Lenses
18.4 Frequent Replacement Contact Lenses
18.5 Product Segmentation
18.6 Monthly Use Contact Lenses
18.7 Weekly Use Contact Lenses
18.8 Other Frequent Replacement Contact Lenses
19 Distribution Channel
19.1 Market Snapshot & Growth Engine
19.2 Market Overview
19.3 Retail Stores
19.4 Hospitals And Eye Clinics
19.5 Online Stores
20 Geography
For more information about this report visit https://www.researchandmarkets.com/r/nslvaf
