Contact Lenses Global Market Report 2022: Direct-to Consumer, Subscription Services & Online Sales Gain Traction and Drive Growth - ResearchAndMarkets.com

The "Contact Lenses - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Contact Lenses Market to Reach US$15.8 Billion by the Year 2026

Growth in the global market is buoyed by growing awareness of the use of contact lenses to correct vision disorders, growing incidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Awareness programs conducted in various developing countries are particularly expected to continue to boost demand for vision care devices, including contact lenses.

Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Growing demand for cosmetic lenses in emerging countries further aids market growth.

Amid the COVID-19 crisis, the global market for Contact Lenses estimated at US$13 Billion in the year 2022, is projected to reach a revised size of US$15.8 Billion by 2026, growing at a CAGR of 5.5% over the analysis period.

Direct-to Consumer, Subscription Services & Online Sales Gain Traction

Subscription services comprise an upcoming model in the contact lenses market. The subscription model combines the convenience of delivery and payments by shipping contacts directly to the patient homes at regular intervals for a monthly subscription price. The service includes quarterly, semi-annual, or annual contact lens deliveries and can also be combined with vision insurance benefits. One of the noteworthy trends in the eyewear industry over the recent years has been the rise of Internet and mail order as a highly potential channel for selling eyeglasses and contact lenses. Thanks to the growing popularity of E-commerce and Internet based sales transactions, the revenue inflow for eyeglasses and contact lenses from cyberspace is increasingly on the rise. Internet represents the fastest growing retail channel in the total prescription contact lens market.

This paradigm shift in consumer purchasing habits is buoyed by the ongoing shift to disposable lenses which have a planned replacement regime ranging from daily to quarterly to annually. This factor has played an important role in expanding the market for mail-order and online stores as these providers offer a quick and easy way to order and purchase lenses. Though contact lenses are treated as medical devices, consumers often forego ocular health exams while obtaining replacement lenses from online retailers.

Key Players

• Bausch & Lomb Incorporated
• BenQ Materials Corp.
• HOYA Corporation
• Johnson & Johnson Vision Care, Inc.
• Menicon Co. Ltd.
• SEED Co. Ltd.
• Shanghai Haohai Biological Technology Co., Ltd.
• SynergEyes Inc.
• The Cooper Companies Inc.
• ZEISS International

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• As Sustainability Becomes a Global Agenda, Contact Lens Manufacturers Focus on Plastic Free Lenses
• New Contact Lens Technologies Go Beyond Vision Correction
• Contact Lenses Enter the Diagnosis Space
• Johnson & Johnson Vision Develops Contact Lenses to Tackle Eye Allergies
• Manufacturers Work towards Development of Lenses with Robust Antimicrobial Properties
• High-tech Contact Lenses to Redefine Market Landscape
• Smart Contact Lenses Emerge as Next Stop for Sophisticated Wearable Technology
• Potential Applications
• Lenses to Measure Eyeball Pressure
• Contact Lenses Worn During Sleep
• Lenses to Block Harmful UV Ray
• Telescopic Contact Lenses
• Advanced Contact Lenses to Monitor Glucose Levels
• Drug Delivery through Contact Lenses: An Emerging Area of Interest
• Innovation Trends in Contact Lenses
• Demand for Multifocal contact lenses on the Rise
• Online Exams for Vision: A New Route to Widen Reach
• Contact Lens with Switchable Capability to Address AMD
• Contact Lenses to Address Concerns over Excess Digital Device Usage
• Water Gradient Contact Lenses: A Novel Development
• Addressing the Contact Lens Discomfort
• Scleral GP Lenses Continue to Draw Opportunities led by Material Design
• Presbyopes:Another Opportunity Market for Scleral Contact Lenses
• Craze for Tints Opens New Avenues
• Manufacturers Gear up to Recycle Contact Lenses
• Safety of Contact Lenses: A Major Concern
• Competition on Rise from Advanced Vision Correction Technologies
• Pure-Play Retailers Challenge Independent Optometry Channels
• Rise in Online Stores
• Direct-to Consumer and Subscription Services Gain Traction
• Diversity in Contact Lens Purchasing Patterns
• Urbanization: A Megatrend with Significant Implications for Contact Lenses Market

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

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