Global Gas Permeable Contact Lenses Market By Distribution Channel (Hospital Pharmacies, Optical Stores, Optometric Stores), By Application (Corrective Lenses, Therapeutic Lenses, Prosthetic Contact Lenses, and Cosmetic Lenses and Lifestyle-Oriented Lenses), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

Gas permeable contact lenses are an innovative technology that is likely to be used as an alternative to soft contact lenses. They are also known as rigid gas permeable or RGP. GP contact lenses are made of strong and durable plastic that can transmit oxygen. It provides excellent eye health because it is not as hydrated as soft contact lenses. It can resist deposition and is less susceptible to bacteria. GP contact lenses are easier to clean & disinfect and are easier to handle and have a long life span of one year. These contact lenses have the ability to retain their shape better and also provide a crisper vision. All these factors are contributing to the growth of the gas permeable contact lenses market and are expected to follow the same trend in the forecast period.

According to the American Optometric Association, the stats suggest that around 45 million Americans wore contact lenses in 2018. The average age is expected to be 31 years old of contact lens wearers worldwide. Around 8% of under 18 years old are contact lens wearers. An estimate of 17% is between the ages of 18-24 age group, and more than 75% of adults age 25 and above are contact lens wearer. This increasing number of contact lens wearer populations is likely to create a remarkable incremental opportunity for the gas permeable contact lens market. However, the GP lenses have an adaptation period, and wearer requires to wear the lenses regularly to get comfortable with the lenses. Also, the GP lenses are small in size, which increases the dislodging risk during sports or other activities. As the GP contact lenses can be reused and have a lifespan of 1 year, it requires more care and cleaning. All these factors are likely to slow down the adoption rate for the GP contact lens, which may impact market growth.

Additionally, the shifting trend from eyeglasses to contact lenses owing to increasing disposable income and growing interest towards contact lenses represent an alternative to eyeglasses for cosmetic purposes is expected to raise the market growth of the gas permeable contact lenses market. Moreover, growing improvements in the scleral lens design & applications with continuous upgradation in multi-focus and hybrid designs coupled with the growing interest in myopia control and corneal refractive therapy are projected to fuel the demand for gas permeable contact lenses market. Increasing governmental and non-governmental initiatives are likely to draw the attention of the population with eye-related problems and will help in increasing the awareness regarding vision care.  The World Health Organization launched Vision 2020 in 1999. The aim of the initiative was to reduce the main causes of all treatable and preventable blindness as a public health issue by the year 2020.

Nonetheless, it is observed that the top manufacturers majorly cover the gas permeable contact lenses (GP) market.  The manufacturers are focusing on advancements and offerings for specific consumer bases on target audiences demand. GP lenses are used by several end-users of various age groups and are distributed through several distribution channels such as hospital pharmacies, optical shops, online stores, and other chains. Based on distribution channel optometric stores are likely to grow with the notable CAGR growth owing to easy accessibility and economic consultation as compared to hospitals or ophthalmology clinic consultation. This trend is anticipated to gain traction in the years to come and support the growth of the target market.

The market is segmented regionally based on North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America is likely to show profitable market revenue growth for the gas permeable contact lenses market owing to favorable reimbursement policies and high awareness among the population due to regular and compulsory eye check-ups policy. In the US, vision care is included in the Medicare and Medicaid programs. The US government funds to those aged 65 years old & above, to the low-income population, and those with specific disabilities.

The global gas permeable contact lenses (GP) market can be segmented based on application and distribution channel:

Based on Application:

• Therapeutic Lenses
• Prosthetic Contact Lenses
• Corrective Lenses
• Cosmetic Lenses
• Lifestyle-Oriented Lenses

Based on Distribution Channel:

• Hospital Pharmacies
• Optical Stores
• Optometric Stores
• Online Stores
• Other Distribution Channels

Key Players:

• Johnson and Johnson
• Novartis International AG
• CooperVision, Inc.
• Bausch Health Companies Inc.
• Menicon
• NEOVision Group
• Other Key Players