Contact lens market in India to reach USD 1.05 Billion by 2025

The Contact Lens Market was valued at USD 653.7 million in 2019 and is estimated to reach USD 748.42 million by the year 2020.

It is expected to grow at the CAGR of 7.05% within the time horizon of 2020-2025 because of the rising incidences of optical disorders and growing geriatric population.

Its market value will reach USD 1049.69 million by the end of the year 2025.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Trends
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Market Size and Forecast
Market Outlook
Technology Roadmap
Distribution Chain Analysis
Competitive Landscape
Key Market Players
Strategic Conclusion
References
Appendix

Definition / Scope

Contact lens is a thin small, round and curved piece of transparent medical device worn on the eye surface to correct the multiple vision defects and improve the compromised vision.

It can be made of silicone hydrogel, gas permeable, hydrogel, polymethyl methacrylate and hybrid designed as multifocal, spherical, toric, and ortho-k lenses.

It is very sensitive and should be handled properly to avoid infections and dislocation. They are used for therapeutic, lifestyle-oriented, prosthetic, cosmetic and corrective purposes.

In India, the most popular contact lenses are Bausch & Lomb softens 59 contact lenses, fresh look one-day color pure hazel powerless, soft eye diamond eye 3 pair, Bausch & Lomb optima38 contact lens, and clear contact lens monthly power.

The contact lens market is concerned with the design, manufacture, distribution, and sale of the contact lens. Based on materials and wear type, the contact lens market is segmented as follows:

Market Overview

Globally, the market size of the contact lens is valued at USD 12.79 billion in 2019 and is expected to grow at the CAGR of 5% within the forecasted time horizon of 2020-2025.

The market size of the global contact lens market will reach USD 17.13 billion by the end of the year 2025. In the context of India, almost 4 million pairs of contact lens are sold annually.

The total market size of the Indian Contact Lens Market is valued at USD 699.45 million in 2019, increased from USD 653.7 million in 2018. Its market value is expected to reach USD 748.42 million by the end of the year 2020.

It is estimated to grow at the CAGR of 7.05% within the forecasted period of 2020-2025. Its market size is expected to reach USD 1049.69 million by the year 2025.

Based on the preference of contact lens wear type, the disposable contact lens segment is dominating its market with the market share of almost 90% of the total Indian contact lens market.

The market size of this segment is valued at USD 629.51 million in 2019. Rising optical disorders and growing geriatric population are the major factors driving the growth and development in the contact lens market in India.

However, side effects associated with contact lenses and preferences towards the spectacles for the correction of optical disorders might create the risk for the growth and development of the contact lens market in India.

The key market players engaged in this market are Purecon lenses, Ciba vision, Pari Vision Care, Johnson & Johnson, and Bausch & Lomb eyecare Ltd.

Market Risks

Side effects associated with contact lens

In the context of India, almost 800,000 population are using the contact lens in 2019 and this number is increasing by almost 15-20% every year. However, the daily use of contact lenses is associated with the number of health effects.

The most common side effects associated with its use effects are dry eyes, conjunctivitis, irritation, diminished corneal reflex, and corneal abrasion. These side effects might create a risk for the growth and development of the contact lens market in India.

Top Market Opportunities

Growing geriatric population

In India, the population age more than 60 years accounts for 8% of the total population in 2019. This proportion is expected to increase to almost 20% by the end of the year 2050.

Along with increasing age, the chances of getting eye-related disorders also increases. The number of the geriatric population is expected to reach 320 million by the year 2050. The four most common age-related eye problems are glaucoma, dry eyes, macular degeneration, cataracts, and temporal arteritis.

This increasing proportion of the geriatric population will further increase age-related eye disorders. It will create a significant opportunity for the growth and development of the contact lens market.

Rise in use of electronic gadgets

The use of electronic gadgets such as mobile phones, laptops, television, tablets is an increasing trend in the context of India. In 2019, almost 137.2 million smartphones are sold and the number of smartphone users is expected to reach 442 million by the year 2022.

Similarly, almost 166 million laptops are sold in 2019, which increased from 156.8 million in 2016.

These digital devices emit blue light, which can lead to eye-related diseases and disorders such as dry eye disease, near-sightedness, eye fatigue, etc.

A cross-sectional study conducted among school children in Gurugram, India has established a positive significant association between the prevalence of myopia and children playing computer/video/mobile games more than 2 hours per day.

These increasing use of electronic digital gadgets are also developing a conducive environment for the development of these eye-related issues, which in turn will create the opportunity for the growth of the contact lens market in India.

Market Trends

Increasing the availability of contact lens

The contact lens is available through a variety of retail and online stores. In the context of India, the number of distribution channels providing the optical products including the contact lens is increasing.

For instance, Lenskart, one of the eyewear retailer of India, the number of retail stores has been increased from 330 stores to 500 stores in more than 90 cities of 2019.

Similarly, GKB Optical, another retailer of optical products selling lenses and other optical accessories, has more than 70 stores all across India.

This increasing number of retail shops is increasing access to the contact lens, which in turn will drive the growth and development of the contact lens market in India.

High burden of optical disorders

The most common optical disorders are hyperopia, myopia, astigmatism, glaucoma, cataract and refractive errors. In India, the incidence and prevalence of these eye disorders are in increasing trend.

Almost 12 million people are suffered from glaucoma, which accounts for almost one-fifth of the total global burden of glaucoma.

A cross-sectional study conducted among school children in Gurugram, India has revealed that the prevalence of myopia among them is 21.1%. Another cross-sectional study conducted among adults in India has found that the prevalence of refractive errors as 53.1%.

Similarly, another cross-sectional study conducted among the older population (above 50 years) in Tamil Nadu, India found that the prevalence of the cataract as 62.8% in the study population.

These findings indicate the high prevalence of optical disorders in children, adults, and the old population. It is driving the growth and development of the contact lens market in the context of India.

High use of skeptical for optical corrections

Based on the use of the optical products for the optical corrections, the spectacles segment accounts for almost 74% of total eyewear sales while contact lenses account for just 3% of total eyewear sales.

Every year, almost 386 million people use spectacles, which accounts for almost 35% of the total population of India.

Although the use of the contact lens is in the increasing trend, still the number of the consumer using the skeptical are high in the context of India. It might restrain the growth and development of the contact lens market.

Industry Challenges

Inadequate professional eye care health workers

There are almost 20,000 ophthalmic assistants, 20,000 optometrists and 9000 optometrists for the total population of India. In the rural areas of India, the ratio of the ophthalmologist to the population is 1:219,000 population and in the urban areas, its ratio is about 1:25,000.

The number of eye care professionals is limited to deliver quality eye care services for eye issues. As the trained professionals for required for the optical surgery of the cataract and other eye disorders, it is quite challenging for the key market players to utilize the available professionals effectively and efficiently.

Technology Trends

Advanced technology is creating a favorable environment for the growth and development of the contact lens market. Some of the key technological changes that have occurred in this market are discussed as follows:

Smart contact lens: It is an electronic device with a radio-frequency antenna for wireless energy transfer, LED light and ultra-thin silicon microchip. It is based on solar power sensors and piezoelectric sensors. Solar power sensors convert the light to electrical power and piezoelectric sensors convert the mechanical eye movement of blinking into electrical power.

Lathe cutting technology: It consists of the computer-controlled precision cutting technology and tools to cut the lathe-cut soft contact lens. It is quite time-consuming in comparison to the injection molding technology.

Injection molding: In this technological process, the soft contact lens is heated and injected into computerized molds under pressure. This method is quite less expensive than the lathe cutting process.

Pricing Trends

The price of the contact lens depends upon the type of lens, size of the lens, wear type, brand name, and materials composition of the lens. For instance, the price of Aryan 3 tone blue yearly contact lens is USD 20.99 per unit while the price of Bausch and Lomb HO4 with Biotrue 60ml solution is USD 11.15 per unit.

The price of the anti-reflective lens is about USD 21 per unit and the aspheric lens is about USD 13.78 per unit. The cost of the transition lens is about USD 39.38 per unit while the cost of the Hi-index lens is about USD 22.97 per unit.

The price of the polarized lens is USD 10.5 per unit and the photochromic lens is about 5.25 per unit.

Regulatory Trends

In the context of India, the Optometry Council of India is the regulatory authority for the development and implementation of best practices standards of eye care practitioners.

The optical society of India is conducting and coordinating the research activities in the field of optics. Some of the regulatory trends related to the eye care services including the contact lens are discussed as follows:

Optometry registration policy: This policy was revised on 25^th March 2017, which consists of ten criteria for the registration in Optometry Council.

According to it, the individual must complete either 2 years diploma course in optometry of 3/4 years bachelor’s in optometry/ophthalmic techniques.

Good standing certificate: it is issued by the Optometry Council of India to state the professional conduct of the optometrist and inform about the public complaint against the professional conduct of the optometrist.

Market Size and Forecast

Globally, the market size of the contact lens is valued at USD 12.79 billion in 2019 and is expected to grow at the CAGR of 5% within the forecasted time horizon of 2020-2025. The market size of the global contact lens market will reach USD 17.13 billion by the end of the year 2025.

It is estimated to grow at the CAGR of 7.05% within the forecasted period of 2020-2025. Its market size is expected to reach USD 1,049.69 million by the year 2025. Almost 4 million pairs of contact lens are sold annually.

Based on the preference of contact lens wear type

The disposable lens segment is dominating the market with a market share of almost 90% of the total Indian contact lens market. The market size of this segment is valued at USD 629.51 million in 2019.
The re-useable lens segment accounts for 10% of the total contact lens market in India. The market size of this segment is valued at USD 69.94 million in 2019.

Market Outlook

The contact lens market is expected to grow at the CAGR of 7.05% within the forecasted period of 2020-2025 because of rising optical disorders and growing geriatric population. The contact lens market in India will reach USD 1049.69 million by the year 2025

Technology Roadmap

Introduction of new technology such as smart contact lens, computerized technology for molding and casting the contact lenses are creating the conducive environment for the development of contact lens market.

Along with this, the distribution of the optical devices including the contact lens through the online platforms are increasing and driving the consumers towards the online stores for the disposable contact lens.

Digitalization in marketing, distribution, and sale of the contact lens is widening the scope for the development of the contact lens market.

Distribution Chain Analysis

The key stakeholders involved in the operation of the contact lens market are contact lens manufacturers; distributors, eye-care professionals, and eye care health institutions, retail sales and online retailing.

Firstly, the contact lens are manufactured by the manufacturing companies and the eye care services related to the use of the contact lenses for the correction of the optical disorders are provided in the eye care health institutions by the trained professionals.

Besides this, the disposable contact lenses are available at the online and retail stores for cosmetic purposes.

Competitive Landscape

The key market players engaged in this contact lens market are Bausch and Lomb, Johnson & Johnson, Purecon contact lens, Freshlook Contact lens, and Pari vision care limited market.

Among all these market players, Johnson & Johnson is the leading manufacturers of contact lenses in India, which accounts for almost 34% of the total contact lens market of India. It is followed by Bausch and Lomb Company, which accounts for the market share of almost 32% of the total contact lens market.

Remaining market players such as fresh look contact lens, Purecon contact lens account for the remaining market share of the contact lens market of India.

Key Market Players

Short profile of the key market players engaged in the contact lens market of India is as follows:

Purecon lenses: It is the company engaged in the manufacture, export, whole selling, distribution and supply of lathe-cut contact lenses, special contact lenses and accessories. The major products of this company are UV filter lenses, prolong wear lenses, prosthetics, natural eyes color disposable lenses, Aryan color cosmetic lenses, etc.

Bausch & Lomb eyecare Ltd: It is the US-based company producing semi-soft and hard contact lenses. It accounts for almost 32% of the total contact lenses market in India.

Freshlook Contacts: It manufactures and distributes the wide variety of color contact lenses using the 3 in 1 technology for the naturally beautiful look.

Johnson & Johnson: It is one of the leading optical companies for the manufacture of the contact lenses, which accounts for almost 34% of the total market share of the total contact lens market of India. Acuvue is the part of this company, which provides the lenses for the treatment of myopia/hyperopia, astigmatism, and presbyopia.

Pari Vision Care: It is one of the contact lenses manufacturing non-governmental organizations of India with its headquarter in New Delhi. Along with this, it imports contact lenses from other countries.

Strategic Conclusion

The contact lens market in India is growing at a rate of 7.05% because of rising optical disorders and growing geriatric population.

However, side effects associated with contact lenses and preferences towards the spectacles for correction of optical disorders might restrain the growth of its market.

So, the market players must be focused on the development of the smart contact lenses for the minimization of the side effects associated with its use.

References

Appendix

USD= United States Dollar
CAGR= Compound Annual Growth Rate