The Indian contact lens industry, which was once nearly stagnant, has now been transformed into one of the country’s fastest growing segments. This can be attributed to the entry of many organised players into the industry, a substantial increase in the demand for eyewear in terms of volume sales, significant changes in customer tastes and attitudes toward contact lenses, and so on. The burgeoning Contact Lens industry has also prompted industrial behemoths such as Reliance and Titan to enter the market.
- Definition / Scope
- Market Overview
- Market Risks
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Contact lenses are typically thin plastic-like lenses placed on the eyeball’s surface to improve vision. Contact lenses are medical devices regulated by the, but cosmetic and prescription contact lenses must be recommended by a physician. The use of contact lenses to correct a variety of vision problems, such as myopia, hyperopia, astigmatism, and presbyopia, is expected to propel the global contact lenses market forward during the forecast period.
The Contact Lens Market in India is valued at US$ 138.9 Million in 2020 and is poised to grow at a CAGR of 7.08% to reach a Market Size of US$ 197.28 Million in 2025.
The market is divided into three types of materials: gas permeable, silicone hydrogel, and hybrid. Over the forecast era, the hybrid lens segment is expected to expand significantly. A hybrid lens combines gas permeable and silicone hydrogel materials. It consists of an RGP central zone surrounded by a soft or silicone hydrogel material peripheral skirt. It combines the softness of a soft lens with the visual clarity of an RGP lens. People with astigmatism and keratoconus are expected to use hybrid lenses more often, which is expected to boost segment development.
Silicone hydrogel lenses have a number of advantages over gas permeable lenses, including greater comfort and flexibility. When compared to their counterparts, gas permeable are more breathable, lowering the risk of infection. However, due to the significant benefits associated with soft lenses, this category is expected to continue losing market share.
The market is divided into four categories based on usage: daily disposable, disposable, regularly disposable, and conventional (reusable) lenses. From 2020 to 2025, the daily disposable segment is expected to grow at a CAGR of 8.0 percent. Over the forecast era, the segment is expected to remain the most dominant. Since a new set of lenses offers greater comfort to the consumer, regular disposable lenses are becoming more common. As a result, many players have begun to develop regular disposable lenses. Most users consider these lenses to be the healthiest contact lens choice. Regular disposable lenses are now being prescribed by eye care professionals because they help to avoid the complications that come with wearing contact lenses.
The daily disposable lens is made of a soft, flexible plastic material that is commonly used by people who lead an active lifestyle. A daily disposable lens is preferred by those who participate in sports and other events on a regular basis. Furthermore, due to a variety of health benefits, the use of these contact lenses is on the rise. To increase consumer acceptance, vendors in the market are focusing on providing higher rebates on regular disposable lenses. The regular-disposable lens is replaced on a two-week, monthly, or quarterly basis. Traditional (reusable) lenses are more cost-effective for full-time wearers since they can be used for a long time.
The major risk posing as threat to the growth of the Contact Lens Market in India are
The Contact Lens Market in India is highly fragmented with lots of companies entering into the business ranging from larger established companies to startups. The market has lower barrier for entry as it involves lower investment. There exist a large number of local players in the market and they offer products to the local markets at a much lower price when compared to the organized international players. The factors leading to the fragmentation of the Contact Lens Market in India are no economies of scale and strong competition in the market.
Top Market Opportunities
The top opportunities for SMEs and Startups in the Contact Lens Market in India are
Expansion of Product Lines
Indians now have a plethora of economic opportunities as a result of increasing urbanization. People can now afford to spend a few extra dollars on contact lenses, which are no longer considered a luxury commodity, thanks to a sharp rise in disposable income and high-paying employment. The middle class, not just the upper crust, is considered a target market for contact lens manufacturers.
Large contact lens manufacturers are taking advantage of this opportunity to extend their product lines. Another recent development is the growth of the organized eyewear market, which is slowly but steadily engulfing the retail industry.
Evolution of Contact Lenses into a Fashion Accessory
The contact lens market offers enormous opportunities, and the industry has recently transformed from a requirement to a significant fashion accessory. Though consumers in metros such as Delhi, Mumbai, Bengaluru, and other tier-I cities experiment with brands, smaller towns remain fragmented and underserved, forcing consumers to rely solely on unorganized retailers. In these places, there is certainly a lot of space for branded contact lenses.
Opportunities in the Premium Segment
Consumers are becoming more willing to pay more for high-quality, premium goods, indicating that India’s market is maturing. In addition to their versatility, image consciousness and rising fashion awareness among consumers have led to a growing focus on contact lens design. Increased penetration of international brands in India has aided this significantly.
The Key factors driving the growth of the Contact Lens Market in India are
Growing prevalence of myopia
Myopia, hyperopia, astigmatism, and presbyopia are all vision disorders that can be corrected with contact lenses. Although the prevalence of myopia has increased across the world, it is still the most prevalent. Myopia is most common in India, according to the WHO. Myopia and high myopia are predicted to affect 494 million and 92 million people in India by 2050, respectively. The rising prevalence of myopia and rising spending on ophthalmic goods, such as contact lenses, as a corrective measure for refractive errors are expected to propel the contact lens market forward in the coming years.
Increasing adoption of contact lenses among Teens
The Indian consumer base is young, and the country’s population will remain young throughout the forecast period. These customers are willing to try new things and adapt to changing fashion trends, which will boost contact lens sales. Increased contact lens adoption among children is also expected to boost market growth. According to a study published in September 2018 by The Center for Ocular Research & Education, 97 percent of practicing optometrists reported fitting contact lenses to children under the age of 18.
The use of contact lenses has increased as a result of increased product innovation. Bausch & Lomb, for example, released Soflens Multifocal Contact Lenses in March 2019. This trifocal lens has three focal lengths: intermediate, distance, and near. Over the forecast period, rising developments in contact lenses with drug-delivery capabilities are expected to fuel market demand.
The Primary Factors hindering the growth of the Contact Lens Market in India are
Lack of Access to Affordable Contact Lens
The shortage of affordable contact lenses is the primary problem in the Contact Lens market. Due to opaque pricing and mark-ups, the price difference between unbranded and branded contact lenses is important. The main cause of this problem is that the market has become highly fragmented, with too many unorganized players, and that customers prefer low-cost contact lenses to high-quality contact lenses.
Side effects caused due to prolonged use of contact lens
Long-term contact lens use can result in side effects, which is expected to stymie the global contact lens market’s growth. Microbial infections caused by protein or lipid materials accumulation on the lens surface are among the most common side effects that contact lens wearers experience. These side effects may lead to severe vision problems that cause a lot of pain and discomfort. Furthermore, factors such as inadequate hygiene, inconsistent cleaning practices, and long-term use raise the risk of infection.
Increasing Trend of Spectacles for Aesthetic Purposes
The Growing Use of Spectacles for Aesthetic Reasons is Slowing Revenue Growth in developing countries such as India and China. Wearing high-end spectacle frames has become a fashion statement. Furthermore, this trend has been visible in emerging countries such as India, China, and Brazil, thanks to the widespread use of social media and the internet. If this trend continues, revenue generation will suffer in the coming years, negatively impacting the market. Fashion labels accounted for 20% of eyewear retail sales in India in 2020, according to Eyewear Industry Statistics.
The major challenges faced by the Players in the Contact Lens Market in India are
Shortage of ophthalmologists
Despite the fact that the demand for ophthalmologists has grown dramatically in tandem with the global population, the number of ophthalmologists has not. This is especially noticeable in developing countries. There are an estimated 20,000 to 25,000 ophthalmologists in India, with one ophthalmologist for every 100,000 people. This is much less than the World Health Organization’s suggested ratio of one ophthalmologist per 20,000 people, indicating a severe manpower shortage.
Highly Unbranded Market
The Contact Lens market is still largely unbranded, with only 20% of the market being branded. This presents a significant challenge to any organized player who enters the category. Price differences between branded and unbranded lens, the sale of illegal novelty contact lenses, and the challenging local conditions in India could all stalemate the industry’s growth.
The emergence of Disruptive technologies has significantly influenced the growth of the Contact Lens Market in India, some of the key technologies shaping the emergence of Contact Lens Market in India are
Augmented Reality (AR) Lens
For people with low vision, a smart contact lens with a built-in visual display is designed to magnify images. The proprietary lens, created by Mojo Vision, is capable of projecting content from a smartphone.
Another company, Innovega, is developing a soft contact lens that can view information anywhere in the eye’s field of vision. The iOptik device, according to the company, will increase the protection of hands-free tasks such as driving, surgery, and military operations. However, the technology is still years away from being consumer-ready.
Presbyopic patients with astigmatism had to wear custom-ordered contact lenses or risk compromising their vision. The first multifocal toric contact lens available as a regular offering in an eye care professional’s office is Bausch + Lomb Ultra Multifocal for Astigmatism (Bausch + Lomb). Bausch + Lomb Ultra for Astigmatism and Bausch + Lomb Ultra for Presbyopia form the foundation of the new lens. It includes the OpticAlign concept for astigmatism and the 3-Zone Progressive design for presbyopia.
As a result, the Ultra Multifocal for Astigmatism provides consistent outcomes and smooth vision at all distances. Ultra’s MoistureSeal Technology is also included. With two add powers and three-cylinder powers, the lens is available in powers ranging from +4.00 to -6.00 D.
Different contact lenses have their own set of advantages and disadvantages. Different types of contact lenses fall into different price ranges, particularly when it comes to affordability. Even monthly use lenses come with the expense of cleaning products for sterilizing and storing them, which can be more expensive if they are used often.
Contact lenses from reputable brands such as Acuvue (Johnson & Johnson), Bausch and Lomb, and Alcon are available. Depending on the requirement, they range from around INR 300 to Rs.2500.
In India, contact lenses are an over-the-counter commodity that can be sold by anybody, both online and offline. Contact lenses are now listed as class B medical products under the MDR amendment, and contact lenses can no longer be available without a prescription off-line or online after 2022.
Class B products are low to medium risk products that can only be purchased from a licenced retailer with a doctor’s prescription. Optometrists will almost certainly be able to recommend glasses and contact lenses after the AHP bill is implemented.
Other Key Market Trends
Impact of COVID-19 on the Contact Lens Market in India
The emergence of the pandemic, i.e., covid-19, has had a negative effect on the contact lens industry. The demand growth rate is slowing in the first half of 2020 due to lockdown constraints and a ban on foreign flights. Optometric shops, hospitals have all been closed as a result of the government’s abrupt implementation of lockdowns. The use of frequent disposable contacts has decreased as a result of the nationwide lockdown. Furthermore, people are choosing glasses over contact lenses, resulting in a market decline. By 2021, however, market shares are projected to return to normal levels.
In August 2020, the Ministry of Health and Family Welfare in India proposed guidelines on healthy ophthalmology practices in the Covid-19 scenario, such as eye-care facilities should facilitate tele-counseling and teleconsultation to reduce patient visits or/and an appointment system can be used to call patients who need examinations, eye treatments, or inquiries.
Market Size and Forecast
The Contact Lens Market in India is expected to reach INR 11 Billion (US$ 150 Million) in 2021 from a market size of US$ 138.9 Million in 2020.
Over the forecast period from 2021 to 2025 the Contact Lens Market in India is expected to reach a Market Size of US$ 197.28 Million in 2025 growing at a CAGR of 7.08% from 2021 to 2025.
Market Size based on Material
Depending on the Material, the market is segmented into gas permeable, silicone hydrogel, and hybrid.
The Silicone Hydrogel lens segment dominates the market on the basis of Material accounting for 80% of the market share and US$ 111.12 Million in market size in 2020 and is projected to grow at a CAGR of 6.8% to reach US$ 166.74 Million in 2025.
Hybrid Lens sub-segment is the fastest growing and accounts for 8% of the market share of the Material segment and is poised to reach market size of US$ 19.68 Million in 2025 from US$ 11.12 Million in 2020 growing at a CAGR of 10.4% in the forecast period (2020 – 2025).
Permeable Lens sub-segment constitutes 12% of the market share and estimated to be worth US$ 16.67 Million in 2020 and is poised to grow at a CAGR of 7.1% to reach US$ 23.49 Million in 2025
Market Size based on Usage
Based on usage, the market is divided into a daily disposable, disposable, frequently disposable, and traditional (reusable) lens
From 2020 to 2025, the daily disposable sub-segment is expected to grow at a CAGR of 8.0 percent. Over the forecast period, the segment is expected to remain the most dominant clocking a market revenue of US$ 81.64 Million in 2025 from US$ 55.56 Million in 2020.
Disposable sub-segment is the accounts for 25% of the market share of the Usage segment and is poised to reach market size of US$ 48.47 Million in 2025 from US$ 34.72 Million in 2020 growing at a CAGR of 6.9% in the forecast period (2020 – 2025).
Frequently Disposable sub-segment constitutes 15% of the market share and estimated to be worth US$ 20.83 Million in 2020 and is expected to grow at a CAGR of 7.8% to reach US$ 30.32 Million in 2025
Re-Usable sub-segment occupies 20% of the market share and is valued at US$ 27.8 Million in 2020 and is projected to grow at 7% to reach a market size of US$ 38.99 Million in 2025.
Market Size based on Distribution Channel
Based on the distribution channel, the market is divided into e-commerce, Eye-Care Professionals (ECP), and retail.
Independent eye-care practitioners sell the bulk of the lenses made, they account for around 70% of the market share and generated revenues to the tune of US$ 97.23 Million in 2020 and is projected to grow at a CAGR of 6.7% to reach a Market Size of US$ 134.47 Million in 2025.
Online Retailing sub-segment is the fastest growing sub-segment and accounts for 12% of the market share based on the Distribution Channel and is poised to reach market size of US$ 25 Million in 2025 from US$ 16.7 Million in 2020 growing at a CAGR of 8.4% in the forecast period (2020 – 2025).
The Retail segment constitutes 18% of the Market Share and produced revenue of US$ 25 Million in 2020 and is expected to exceed growth rate of 7.1% to reach a Market Size of US$ 35.23 Million in 2025.
Over the forecast period of 2020 to 2025, the India contact lenses market is expected to show an upward trend, with a CAGR of 7.05 percent in terms of revenue.
India’s young population has created a large market for contact lenses in the country. Increased consumer awareness of contact lens hygiene practices will result from increased contact lens adoption. With existing players investing in raising awareness about the use of contact lens solutions and new players entering the market, the category could grow quickly in the coming years. The primary stumbling block to the market’s expansion in India is the fact that most Indian consumers are still conservative.
The primary impediment to the market’s growth in India is that most Indian consumers are skeptical of contact lenses and believe that they are more expensive than spectacles.
The industry has seen a substantial rise in research and development activities in the area of optometry and optics. The introduction of dynamic soft contact lenses with advanced technology, for example, has increased demand for contact lenses. In November 2020, for example, IMEC and SEED Co. Ltd, an international R&D centre, collaborated on the creation of a smart contact lens. A LED lamp, an ultra-thin silicon microchip, and a radio-frequency antenna for wireless energy transfer are all included in this contact lens.
Distribution Chain Analysis
The market is divided into three categories based on the distribution channel: e-commerce, Eye-Care Professionals (ECP), and retail. Independent eye-care practitioners sell the bulk of the lenses made. As a result, online shopping is projected to have the lowest market share. As a result, market penetration in the ECP channel represents a significant profit potential. Over the projected era, the e-commerce distribution channel is expected to grow at the fastest rate of 6.6 percent.
Contact lenses used to require regular removal and extensive cleaning procedures. Furthermore, consumers traditionally purchased eye lenses from eye practitioners; however, the advent of disposable soft contact lenses that consumers wear for just a few weeks, as well as the advancement of non-practitioner lens vendors, such as e-commerce contact lens retailers, altered market dynamics. The e-commerce industry has streamlined distribution and enabled manufacturers to extend their geographic footprint globally.
Emerging e-commerce firms, such as lenskart.com, are offering appealing cost-effective offers in order to capture market share; rising competition among market main players is expected to drive contact lens prices lower, boosting demand for contact lenses over the forecast period. The widespread availability of disposable, colored, and low-cost contact lenses has resulted in a massive increase in their use as fashion accessories around the world.
In India, Johnson & Johnson Vision Care Inc maintained its lead in the contact lens segment in 2020, with a 34 percent retail value share. Bausch & Lomb Eyecare (India) Pvt Ltd came in second with a 32 percent retail value share. Both companies have a large retail and online presence in India, where they sell the latest versions of their foreign brands including Soflens 59, Acuvue Oasys, 1-Day Acuvue Moist, and Acuvue 2. Consumers are wary of purchasing contact lenses because of safety issues, but they choose reputable foreign brands that they believe adhere to international quality requirements.
To broaden their product range, major players in the global contact lens market are focusing on launching smart contact lenses. Bausch + Lomb, for example, will release the Bausch + Lomb INFUSE silicone hydrogel (SiHy) regular disposable contact lens in August 2020.
Similarly, Mojo Vision revealed in January 2020 that it is working on the Mojo Lens, the world’s first true smart contact lens.
Key Market Players
The major players operating in the contact lenses market of India include Bausch & Lomb India Private Limited, Acuvue, Alcon AG, Diamond Eye, Polo House USA, Johnson & Johnson Private Limited, Novartis AG, CooperVision, Inc., Vision Express, Hoya Medical India Pvt. Ltd.
Bausch & Lomb India Private Limited is a company that designs, produces, and sells optical products in India. Contact lenses, generic and prescription pharmaceuticals, intraocular lenses, and other cataract and refractive surgery products are available from the company. Bausch & Lomb has clients all over the world.
Johnson & Johnson Vision Care, Inc. provides Optical supplies, The company sells ophthalmic frames, lenses, sunglasses, and disposable contact lenses, among other things. Johnson & Johnson Vision Care sells its goods all over the world.
Alcon AG is a medical technology company headquartered in Switzerland. The company’s primary business is eye care devices. Surgical and Vision Care are the two segments that Alcon AG focuses on. The Vision Care segment makes contact lenses and lens care products, including dry eye products, contact lens care, ocular allergies, ocular supplements, and redness relievers.
Novartis AG is a pharmaceutical company headquartered in Switzerland. The company creates, produces, and distributes branded and generic prescription drugs, as well as APIs, biosimilars, and ophthalmic products.
Cooper Companies, Inc. is a medical device manufacturer based in the United States. CooperVision, Inc. and CooperSurgical, Inc. are the company’s two business divisions. CooperVision is a vision correction company that makes soft contact lenses. CooperVision is a contact lens company that produces, manufactures, and sells a variety of single-use, two-week, and monthly lenses.
Vision Express is a subsidiary of the world’s largest optical retailer, opened its doors in 2009. It’s a partnership between Reliance Retail Limited, a Reliance Industries subsidiary, and Grand Vision Europe, a global leader in optical retail.
In India the contact lens market is booming due to factors like easy availability, technical advances, and, of course, rising consumer demand. The trend has already started, and it’ll only be a matter of time before the spectacles industry catches up.
- SMEs – Small & Medium Enterprises
- R&D – Research & Development
- CAGR – Compounded Annual Growth Rate
- INR – Indian National Rupee
- US$ – US Dollars
- AR – Augmented Reality