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Global Spherical Soft Contact Lens Market – Industry Trends and Forecast to 2031

Healthcare

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Global Spherical Soft Contact Lens Market – Industry Trends and Forecast to 2031

  • Healthcare
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Spherical Soft Contact Lens Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 9.22 USD Billion
Diagram Market Size (Forecast Year) USD 14.42 USD Billion
Diagram CAGR %

Major Markets Players

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Global Spherical Soft Contact Lens Market, By Material (Gas Permeable, Silicone Hydrogel, and Others), Application (Corrective, Therapeutic, Cosmetic, and Others), Usage (Disposable and Reusable), and Distribution Channel (E-commerce, Hospitals and Clinics, and Retail Stores)  – Industry Trends and Forecast to 2031.

Spherical Soft Contact Lens Market Analysis and Size

The market's growth is further driven by the increasing popularity of cosmetic and colored lenses for aesthetic reasons. Moreover, users with active lifestyles, athletes, and those involved in physical activities are increasingly adopting contact lenses for greater convenience and comfort. Furthermore, the market's leading players launch innovative products, which are expected to drive product demand.                                

Data Bridge Market Research analyses that the global spherical soft contact lens market which was USD 9.22 billion in 2023, would rocket up to USD 14.42 billion by 2031, and is expected to undergo a CAGR of 5.1% during the forecast period. This indicates that the market value. “polyurethane (PU)” dominates the material segment of the global spherical soft contact lens market since polyurethane provides strength, and toughness are predicted to dominate the market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Material (Gas Permeable, Silicone Hydrogel, and Others), Application (Corrective, Therapeutic, Cosmetic, and Others), Usage (Disposable and Reusable), and Distribution Channel (E-commerce, Hospitals and Clinics, and Retail Stores)

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, South Africa, Rest of Middle East and Africa, Brazil, and Rest of South America

Market Players Covered

Alcon Vision LLC (U.S.), Bausch & Lomb, Inc. (U.S.), ZEISS International (Germany), Contamac (U.K.), CooperVision, Inc. (U.S.), Essilor International S.A. (France), Hoya Corp. (Japan), Johnson & Johnson Vision Care, Inc. (U.S.), Medennium (U.S.), Seed Co., Ltd. (Japan), STAAR Surgical Company (U.S.), SynergEyes, Inc. (U.S.), and X-Cel Specialty Contacts (U.S.)

Market Opportunities

  • Increasing cases of refractive errors
  • Increasing adoption of spherical soft lenses

Market Definition

The market refers to the collective market for soft contact lenses that correct spherical refractive errors, such as myopia (nearsightedness) or hyperopia (farsightedness). Spherical soft contact lenses are designed with a uniform curvature across their entire surface, providing vision correction for individuals with common refractive errors. This market encompasses various types of spherical soft contact lenses, including daily disposable lenses, weekly or monthly replacement lenses, and extended wear lenses.              

Spherical Soft Contact Lens Market Dynamics

Drivers

  • Increasing Prevalence of Refractive Errors

The rising prevalence of myopia (nearsightedness) and hyperopia (farsightedness) globally is a significant driver for the global spherical soft contact lens market. As more individuals are diagnosed with refractive errors, there is a growing demand for vision correction solutions such as contact lenses. Thus increasing prevalence of refractive errors will drive the global spherical soft contact lens market.

  • Technological Advancements in Contact Lens Materials and Designs

Continuous advancements in contact lens materials and designs have led to the development of more comfortable, breathable, and durable spherical soft contact lenses. Innovations such as silicone hydrogel materials, enhanced moisture retention technologies, and precision manufacturing techniques contribute to improved comfort and visual clarity, driving market growth.

  • Growing Demand for Cosmetic Contact Lenses

Spherical soft contact lenses are not only used for vision correction but also for cosmetic purposes, such as changing eye color or enhancing natural eye appearance. The increasing popularity of cosmetic contact lenses, particularly among younger demographics and fashion-conscious consumers, fuels market growth and expands the addressable market beyond individuals with refractive errors. Thus growing demand for cosmetic contact lenses will drive the global spherical soft contact lens market.

Opportunities

  • Rising Adoption of Daily Disposable Lenses

The increasing adoption of daily disposable spherical soft contact lenses presents a significant opportunity for market growth. Daily disposable lenses offer convenience, hygiene, and comfort, driving demand among consumers seeking hassle-free vision correction solutions. Manufacturers can capitalize on this trend by expanding their product portfolios to include a wider range of daily disposable options and targeting consumers with active lifestyles or concerns about lens maintenance.

  • Technological Innovations in Lens Materials and Designs

Ongoing advancements in contact lens materials and designs present opportunities for product differentiation and market expansion. Innovations such as advanced silicone hydrogel materials, breathable lens designs, and customizable lens options enable manufacturers to enhance comfort, improve visual acuity, and address specific patient needs. Companies can gain a competitive edge and attract new customer segments by investing in research and development efforts to pioneer novel materials and technologies.

Restraints/Challenges

  • Competition from Alternative Vision Correction Methods

The market competes with alternative vision correction methods such as glasses, orthokeratology (ortho-k) lenses, and refractive surgery (e.g., LASIK). Some individuals may prefer these alternatives due to factors such as cost, convenience, or perceived safety concerns, limiting the growth potential of the contact lens market.

  • Regulatory Hurdles and Compliance Requirements

Compliance with regulatory standards and requirements, including those related to product safety, manufacturing processes, and marketing claims, presents challenges for manufacturers in the market. Stringent regulatory frameworks, such as the FDA's premarket approval process in the United States and the CE marking requirements in Europe, can delay product launches, increase development costs, and limit market access for new entrants.

  • Increasing Competition and Market Saturation

The market is highly competitive, with numerous manufacturers vying for market share. Intense competition and market saturation pose challenges for companies seeking to differentiate their products and maintain profitability. In addition, the entry of new competitors and disruptive technologies further intensifies competition, making it difficult for established players to sustain growth and market dominance.

  • Product Standardization and Customization

Balancing the need for standardized manufacturing processes with the demand for customized contact lens solutions presents a significant challenge for manufacturers in the market. While standardization ensures consistency and efficiency in production, customization allows for personalized fitting and optimization of visual outcomes.

This global spherical soft contact lens market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In January 2021, Alcon Vision LLC, an eye care product manufacturer, launched PRECISION1 in the U.S., a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients
  • In 2021, the Japanese Ministry of Health, Labour and Welfare announced its approval for the combination contact lens that facilitates vision correction and the antihistamine drug ACUVUE Theravision with Ketotifen to address itchy allergy eyes

Spherical Soft Contact Lens Market Scope

The market is segmented on the basis of material, application, usage and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Material

  • Gas Permeable
  • Silicone Hydrogel

Application

  • Corrective
  • Therapeutic
  • Cosmetic
  • Others

Usage

  • Disposable
  • Reusable

Distribution Channel

  • E-commerce
  • Eye Care Professionals
  • Retail

Spherical Soft Contact Lens Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, material, application, usage and distribution channel as referenced above.

The countries covered in the global global spherical soft contact lens market report are U.S., Canada, Mexico, U.K., Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe, China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific, South Africa, Rest of Middle East and Africa, Brazil, and Rest of South America.

North America is expected to dominate  the market due to the rise of large optical lens manufacturers, the presence of major market players and increased technological advancement in the region.

Asia-Pacific is projected to observe a significant amount of growth in the market due to the rapid necessity for telemedicine and healthcare support. Moreover, the modernization and development in telecommunication are further anticipated to propel the growth of the market.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The global spherical soft contact lens market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2022.

Competitive Landscape and Spherical Soft Contact Lens Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Alcon Vision LLC (U.S.)
  • Bausch & Lomb, Inc. (U.S.)
  • ZEISS International (Germany)
  • Contamac (U.K.)
  • CooperVision, Inc. (U.S.)
  • Essilor International S.A. (France)
  • Hoya Corp. (Japan)
  • Johnson & Johnson Vision Care, Inc. (U.S.)
  • Medennium (U.S.)
  • Seed Co., Ltd. (Japan)
  • STAAR Surgical Company (U.S.)
  • SynergEyes, Inc. (U.S.)
  • X-Cel Specialty Contacts (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Spherical Soft Contact Lens Market size will be worth USD 14.42 billion by 2031
The Spherical Soft Contact Lens Market growth rate will be 5.1% by 2031.
Increasing Prevalence of Refractive Errors, Technological Advancements in Contact Lens Materials and Growing Demand for Cosmetic Contact Lenses are the growth drivers of the Spherical Soft Contact Lens Market.
The material, application, usage and distribution channel are the factors on which the Spherical Soft Contact Lens Market research is based.
The major companies in the Spherical Soft Contact Lens Market are Alcon Vision LLC (U.S.), Bausch & Lomb, Inc. (U.S.), ZEISS International (Germany), Contamac (U.K.), CooperVision, Inc. (U.S.), Essilor International S.A. (France), Hoya Corp. (Japan), Johnson & Johnson Vision Care, Inc. (U.S.), Medennium (U.S.), Seed Co., Ltd. (Japan), STAAR Surgical Company (U.S.), SynergEyes, Inc. (U.S.), and X-Cel Specialty Contacts (U.S.).
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