Bandage Contact Lenses Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.93 Billion |
| Market Size (2029) | USD 8.64 Billion |
| CAGR (2024 - 2029) | 7.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Bandage Contact Lenses Market Analysis
The Bandage Contact Lenses Market size is estimated at USD 5.93 billion in 2024, and is expected to reach USD 8.64 billion by 2029, growing at a CAGR of 7.80% during the forecast period (2024-2029).
The rising prevalence of corneal disorders around the world, such as keratitis and dry eye disease, is a major factor driving the market growth, as it is expected to boost the usage of bandage contact lenses. For instance, according to an article published by the journal UpToDate in February 2023, the prevalence of dry eye disease (DED) ranged from 5% to 50% globally. The source also stated that a study in the United States showed that the pooled prevalence of dry eye disease was 8.1% in 2022. Hence, the high prevalence of such corneal disorders is expected to drive the adoption of bandage contact lenses, thereby driving the growth of the market studied.
Moreover, the growing burden of cataracts is anticipated to drive the demand for bandage contact lenses, as they are often used after cataract surgeries. For instance, according to the data updated by the World Health Organization (WHO) in August 2023, around 94 million people around the world in 2022 were diagnosed with cataracts, which caused distance vision impairment or blindness. Thus, the high prevalence of cataracts is expected to enhance the usage of bandage contact lenses. Moreover, various sources have stated that diabetic patients are associated with diabetic corneal alterations, such as delayed epithelial wound healing, edema, recurrent erosions, and neuropathy or loss of sensitivity. Therefore, people with diabetes are more likely to develop corneal diseases, which is predicted to increase demand for bandage contact lenses and stimulate market expansion.
In addition, new product launches and strategic activities by major players in the market are expected to positively affect the market's growth. For instance, in September 2022, Johnson & Johnson Vision Care, Inc., a part of Johnson & Johnson MedTech, launched the ACUVUE OASYS MAX 1-DAY contact lenses and ACUVUE OASYS MAX 1-Day MULTIFOCAL contact lenses for presbyopia. The contact lenses helped in reducing discomfort by providing visual clarity with new technologies to filter blue-violet light. Thus, owing to such developments, the market studied is expected to witness significant growth over the forecast period. However, the availability of alternative products and lack of knowledge about bandage contact lenses are likely to impede market growth.
Bandage Contact Lenses Market Trends
The Post-ocular Surgery Segment is Expected to Witness Significant Growth Over the Forecast Period
Bandage contact lenses are widely used after ocular surgeries, especially cataract surgeries. They help the eye heal after the surgery. The major factors driving the growth of the segment include the rising burden of cataracts, the rising geriatric population, and the rising use of bandage contact lenses after cataract surgery.
According to an article published by the International Journal of Ophthalmology in January 2022, the prevalence of cataracts in developing countries is estimated to be very high. The age of onset is earlier, and Asia is said to contribute to the majority of cataract cases. The article also stated that a study in China showed that the overall prevalence of cataracts in Chinese people over 50 years old was 27.45%. In rural areas, it was 28.79%, and in urban areas, it was 26.66%. The overall coverage rate of cataract surgery was 9.19%. Thus, the high prevalence of cataracts, coupled with good coverage for cataract surgery, is expected to boost segment growth.
Furthermore, according to the data published by the UK government in May 2024, there were over 516,073 admissions to hospitals for cataract surgery in England in 2023, which showed a rate of 4,679 per 100,000 population. The source also stated that the country's aging population had a significant burden of cataracts. Thus, the increasing number of cataract procedures and the rising geriatric population are also expected to boost segment growth.
Moreover, as per the data updated by the Australian Institute of Health and Welfare (AIHW) in July 2024, Australia’s population is aging due to increasing life expectancy and declining fertility rates. The number of people who are old is growing, and older people represent an increasing share of the total population. Such an anticipated increase in the elderly population may boost the number of cataract surgeries performed yearly, which is expected to drive the segment growth.
Hence, the factors above, such as the rising prevalence of cataracts and the rising geriatric population, are expected to boost the segment growth during the forecast period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to hold a significant share of the market owing to factors such as the easy availability of technologically advanced products and the increase in the adoption of bandage contact lenses. The rising prevalence of various corneal diseases and the increasing geriatric population in the region are also among the key factors contributing to the market growth in North America.
For instance, according to a survey conducted by EyeonEyeCare in February 2023, dry eye disease (DED) affected an estimated 50 million people in the United States in 2023, with approximately 35 million undiagnosed. The source also stated that the prevalence increases each year due to a variety of intrinsic and extrinsic factors that practitioners suggest could include increasing digital device usage, age, diet, autoimmune and systemic disease, and environmental conditions. Thus, with the increasing burden of such corneal diseases across the country, the segment is expected to witness strong growth.
Moreover, the growing elderly population is expected to drive the growth of the market segment. For instance, according to the data published by the UN World Population Fund Dashboard in 2024, the population aged 65 and above as a percentage of the total population was estimated to be 18% in the United States in 2024, 20% in Canada, and 9% in Mexico. In addition, according to the data published by Statistics Canada in July 2022, around 7,330,605 people were aged 65 years or older in Canada. As the elderly are more prone to corneal diseases, their needs may drive the market's growth.
Therefore, due to the high prevalence of various corneal diseases and the increasing geriatric population, the market studied is anticipated to flourish in North America.
Bandage Contact Lenses Industry Overview
The bandage contact lenses market is fragmented due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known. Some of the key market players include Alcon Inc., Bausch & Lomb Incorporated (Bausch Health Companies Inc.), Clearlab SG Pte Ltd, CooperVision (The Cooper Companies Inc.), Excellent Hi-Care Pvt. Ltd, and Johnson & Johnson Vision Care Inc. (Johnson & Johnson).
Bandage Contact Lenses Market Leaders
-
Alcon Inc.
-
Bausch & Lomb Incorporated (Bausch Health Companies, Inc.)
-
CooperVision (The Cooper Companies, Inc.)
-
Johnson & Johnson Vision Care, Inc. (Johnson & Johnson)
-
Advanced Vision Technologies
*Disclaimer: Major Players sorted in no particular order
Bandage Contact Lenses Market News
- June 2024: Kits Eyecare Ltd launched its KITS branded daily contact lens line-up. The new 30-pack of KITS Daily Silicone Hydrogel lenses was priced significantly lower than other daily silicone hydrogel branded lenses.
- June 2024: Bausch + Lomb officially introduced its INFUSE for Astigmatism daily disposable contact lenses in the United States. The silicone hydrogel daily disposable lenses contain a blend of osmoprotectants, electrolytes, and moisturizers to provide stable vision and keep eyes comfortable for 16 hours.
Bandage Contact Lenses Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Prevalence of Corneal Disorders
4.2.2 Increasing Adoption of Advanced Ocular Lenses
4.3 Market Restraints
4.3.1 Availability of Alternative Products and Lack of Knowledge About Bandage Contact Lenses
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Lens Type
5.1.1 Soft Lens
5.1.1.1 Silicon Hydrogel
5.1.1.2 Hydrogel
5.1.1.3 Other Soft Lenses
5.1.2 Rigid Lens
5.2 By Application
5.2.1 Corneal Disorders
5.2.2 Post-ocular Surgery
5.2.3 Other Applications
5.3 By Distribution Channel
5.3.1 Hospital Pharmacy
5.3.2 Retail Pharmacy
5.3.3 Online Pharmacy
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Advanced Vision Technologies
6.1.2 Alcon Inc.
6.1.3 Bausch & Lomb Incorporated (Bausch Health Companies Inc.)
6.1.4 Clearlab Sg PTE Ltd
6.1.5 CooperVision (The Cooper Companies Inc.)
6.1.6 Excellent Hi-Care Pvt. Ltd
6.1.7 Johnson & Johnson Vision Care Inc. (Johnson & Johnson)
6.1.8 Metro Optics
6.1.9 UltraVision CLPL
6.1.10 X-Cel Specialty Contacts (Walman)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bandage Contact Lenses Industry Segmentation
As per the scope of the report, bandage contact lenses are worn in the eyes for an extended period. A bandage contact lens is worn to protect the front part of the eye (cornea) during healing.
The bandage contact lenses market is segmented by lens type (soft lens and rigid lens), application (corneal disorders, post-ocular surgery, and other applications), distribution channel (hospital pharmacy, retail pharmacy, and online pharmacy), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers market sizes and forecasts in terms of value (USD) for the above segments.
| By Lens Type | |||||
| |||||
| Rigid Lens |
| By Application | |
| Corneal Disorders | |
| Post-ocular Surgery | |
| Other Applications |
| By Distribution Channel | |
| Hospital Pharmacy | |
| Retail Pharmacy | |
| Online Pharmacy |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Bandage Contact Lenses Market Research Faqs
How big is the Bandage Contact Lenses Market?
The Bandage Contact Lenses Market size is expected to reach USD 5.93 billion in 2024 and grow at a CAGR of 7.80% to reach USD 8.64 billion by 2029.
What is the current Bandage Contact Lenses Market size?
In 2024, the Bandage Contact Lenses Market size is expected to reach USD 5.93 billion.
Who are the key players in Bandage Contact Lenses Market?
Alcon Inc., Bausch & Lomb Incorporated (Bausch Health Companies, Inc.), CooperVision (The Cooper Companies, Inc.), Johnson & Johnson Vision Care, Inc. (Johnson & Johnson) and Advanced Vision Technologies are the major companies operating in the Bandage Contact Lenses Market.
Which is the fastest growing region in Bandage Contact Lenses Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bandage Contact Lenses Market?
In 2024, the North America accounts for the largest market share in Bandage Contact Lenses Market.
What years does this Bandage Contact Lenses Market cover, and what was the market size in 2023?
In 2023, the Bandage Contact Lenses Market size was estimated at USD 5.47 billion. The report covers the Bandage Contact Lenses Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bandage Contact Lenses Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bandage Contact Lenses Industry Report
Statistics for the 2024 Bandage Contact Lenses market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bandage Contact Lenses analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
