Rapid Growth of E-commerce Predicted to Boost the Global Contact Lens Market Through 2020, Says Technavio
This research report titled ‘Global Contact Lens Market 2016-2020', provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various distribution channels, including supermarkets and hypermarkets, specialist retailers, and convenience stores.
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Close to 22% of the global sales of corrective eyewear was routed through e-commerce retailers by the end of 2014. E-commerce has simplified distribution and has enabled manufacturers to cater to new regions. The global e-commerce industry is anticipated to grow at a CAGR of 15% over the next five years. This trend will make the market more accessible for vendors, thereby driving the growth of the global contact lens market.
"The technology that goes into producing contact lenses has evolved over time, with constant innovations over the past decade. Lenses were first produced by a molding process, followed by the lathe process. Modern techniques such as injection molding and laser cutting technologies are employed today, which not only improve efficiency and reduce overall cost, but also improve the quality of the final product with greater precision than conventional methods," said Amber Chourasia, one of Technavio's lead analysts for health and wellness research.
Global contact lens market by product 2015 (% share)
- Soft contact lenses 86.76%
- RPG contact lenses 9.62%
- Hybrid Contact lenses 3.62%
Source: Technavio research
Global soft contact lens market
The global soft contact lens market was valued at USD 6.13 billion in 2015. The global soft contact lens market will exhibit rapid growth during the forecast period. The Americas and APAC will see the highest demand for soft contact lenses due to the growing popularity of colored contact lenses and hybrid disposable contact lenses in these regions. Advancements in technology have enabled companies to design and produce lenses with better fit, clarity, and vision correction.
Soft contact lens is a relatively new market offering, and it was introduced almost 50 years after rigid lenses. The ability of soft lenses to minimize the adjustment period and improve comfort has made them the prime choice for consumers, and has encouraged them to switch over from eyeglasses. First-time users mostly opt for soft contact lenses over other variants.
Global RGP contact lens market
The global RGP contact lens market was valued at USD 679.5 million in 2015. The global RGP contact lens market will decline steeply between 2015 and 2020. Although RGP contact lenses were the most popular lenses in the late '90s, the introduction of soft and hybrid contact lenses have led to a gradual fall in the market share of this segment.
However, the ability of RGP lens to easily correct astigmatism and offer clear and crisp vision leads to a fair amount of sales in this segment. In 2015, the Americas and Europe were the largest markets for RGP lenses due to the relatively early adoption of contact lenses in these regions.
Global hybrid contact lens market
The global hybrid contact lens market was valued at USD 255.5 million in 2015. The global hybrid contact lens market will grow moderately during the forecast period. Hybrid contact lenses combine the advantages of RGP and soft contact lenses and eliminate most of their disadvantages. Although hybrid contact lenses have been around for a couple of years, this segment is relatively new to the market and is gradually gaining popularity.
Browse related reports:
- Global Glass Lens Market 2016-2020
- Global Eyewear Market 2016-2020
- Global Contact Lens Market 2015-2019
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