Contact Lenses Market Size:
The global contact lenses market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032. The market is experiencing moderate growth driven by the increasing vision correction needs, rapid technological advancements, expanding aging population, emerging middle-class in developing countries, and rising adoption of cosmetic contact lenses.
|Market Size in 2023
|US$ 8.5 Billion
|Market Forecast in 2032
|US$ 13.7 Billion
|Market Growth Rate 2024-2032
Contact Lenses Market Analysis:
- Market Growth and Size: The market is witnessing moderate growth, driven by the increasing awareness about vision correction and the desire for a more convenient alternative to glasses.
- Technological Advancements: Technological advancements have been a key driver in this industry, with innovations such as silicone hydrogel lenses, daily disposables, and smart contact lenses. These innovations have improved comfort, safety, and ease of use for consumers.
- Industry Applications: Contact lenses are widely used for vision correction and also for therapeutic purposes such as, orthokeratology and drug delivery. Additionally, they have found applications in the cosmetic industry for changing eye colors.
- Geographical Trends: The market exhibits regional variations, with North America and Europe being the largest markets. However, Asia-Pacific is showing significant growth due to rising disposable incomes and an aging population.
- Competitive Landscape: The market is highly competitive, with major players such as, Johnson & Johnson, Alcon, and Bausch + Lomb dominating. Smaller players often focus on niche markets or innovative technologies to gain a competitive edge.
- Challenges and Opportunities: Challenges include regulatory hurdles, especially regarding safety standards, and price competition. Opportunities lie in expanding product portfolios, targeting emerging markets, and addressing the growing aging population.
- Future Outlook: The future of the contact lenses market looks promising, driven by aging demographics and the increasing use of digital devices. Continued innovation in materials and technology is expected to shape the industry, offering opportunities for growth and diversification.
Contact Lenses Market Trends:
Increasing Vision Correction Needs
Vision problems, such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism, affect millions of individuals worldwide. As the incidence of these vision issues continues to rise due to factors such as, increased screen time and genetics, the demand for vision correction methods such as, contact lenses is also on the rise. Contact lenses offer a convenient and non-invasive solution for individuals seeking clearer vision without the need for eyeglasses. This increasing need for vision correction is a primary driver of the global contact lenses market. Furthermore, with the growing elderly population, the prevalence of age-related vision problems, such as presbyopia, is also increasing. Contact lenses designed to address presbyopia have gained popularity, catering to the needs of this demographic. Overall, the rising incidence of vision disorders and the desire for improved visual comfort contribute significantly to the growth of the contact lenses market.
Rapid Technological Advancements:
Technological advancements have played a pivotal role in the evolution of contact lenses. The development of silicone hydrogel materials, for instance, has led to lenses that are more breathable, comfortable, and safer for extended wear. Moreover, the introduction of daily disposable lenses has simplified lens care routines and reduced the risk of infections. Smart contact lenses, equipped with sensors and microelectronics, are another technological breakthrough. These lenses have the potential to monitor health metrics, such as glucose levels in diabetics or intraocular pressure in glaucoma patients, opening up new avenues for both medical and consumer applications. Such innovations drive market growth by attracting tech-savvy consumers and expanding the utility of contact lenses beyond vision correction.
Expanding Aging Population
The global aging population is a significant demographic trend driving the contact lenses market. As people age, their eyes are more susceptible to vision issues such as presbyopia and cataracts. Contact lenses designed to address these age-related vision problems, including multifocal and toric lenses, have gained prominence. Additionally, older individuals often prefer contact lenses for cosmetic reasons and enhanced comfort compared to eyeglasses. The desire to maintain an active lifestyle and a youthful appearance fuels the adoption of contact lenses among the elderly population. The aging demographic, particularly in regions such as, North America and Europe, serves as a substantial market driver for contact lens manufacturers and practitioners specializing in vision correction.
Emerging Middle-Class in Developing Countries
Developing countries, especially in Asia-Pacific and Latin America, are witnessing the rise of an emerging middle-class population with increased disposable income. This socio-economic shift is accompanied by changing lifestyle preferences, including a growing interest in personal appearance and convenience. Contact lenses offer an attractive alternative to eyeglasses, as they are considered more fashionable and less obtrusive. The desire to embrace a modern, active lifestyle and the perception of contact lenses as a symbol of sophistication drive the demand in these emerging markets.
Rising Adoption of Cosmetic Contact Lenses
Cosmetic or colored contact lenses have gained immense popularity in recent years. These lenses allow wearers to change the color of their eyes, enhancing their overall appearance. They are due after by individuals with vision issues and by those looking to experiment with their looks or achieve specific aesthetic goals. Celebrities and influencers endorsing colored contact lenses on social media platforms have contributed to their widespread acceptance. Additionally, these lenses are used in the entertainment industry for theatrical and costume purposes, further fueling demand. The availability of a wide range of colors and designs, along with advancements in comfort and breathability, has made cosmetic contact lenses a sought-after fashion accessory. This trend is expected to continue driving market growth, especially among younger consumers seeking versatility in their appearance.
Contact Lenses Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on material, design, usage, application, and distribution channel.
Breakup by Material:
- Gas Permeable
- Silicone Hydrogel
Silicone hydrogel accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the material. This includes gas permeable, silicone hydrogel, hybrid, and others. According to the report, silicone hydrogel represented the largest segment.
Silicone hydrogel contact lenses are a dominant force in the contact lens market, known for their exceptional breathability and comfort. These lenses are made from a flexible material that incorporates silicone, allowing for increased oxygen permeability while maintaining softness. One of the primary advantages of silicone hydrogel lenses is their ability to maintain eye health by delivering more oxygen to the cornea, reducing the risk of complications such as, dry eye syndrome and corneal hypoxia. This increased breathability has made them the preferred choice for extended and overnight wear. Silicone hydrogel lenses are highly versatile and available in various types, including daily disposables, monthly disposables, and toric lenses for astigmatism correction. Their adaptability and comfort have made them a popular choice for a wide range of vision correction needs, from myopia and hyperopia to presbyopia.
Gas permeable contact lenses, often referred to as RGP (Rigid Gas Permeable) lenses, are a durable and long-lasting option in the contact lens market. They are made from rigid, breathable materials that allow oxygen to pass through to the cornea, promoting eye health and comfort. RGP lenses offer excellent optical clarity and are known for providing sharp vision correction, making them suitable for individuals with more complex vision needs such as astigmatism or presbyopia. They maintain their shape on the eye, which can be advantageous for maintaining consistent vision throughout the day. These lenses are also highly durable and resistant to protein deposits and debris, making them relatively low-maintenance. However, they may require a longer adaptation period compared to soft lenses due to their rigidity.
Hybrid contact lenses combine the advantages of both rigid gas permeable (RGP) and soft contact lenses. They consist of a rigid center and a soft peripheral skirt, offering the crisp vision of RGP lenses with the comfort of soft lenses. The rigid center corrects vision precisely, making hybrid lenses suitable for individuals with astigmatism, irregular corneas, or challenging prescriptions. The soft skirt provides comfort and stability by conforming to the shape of the eye. Hybrid lenses are often recommended for patients who find traditional RGPs uncomfortable or experience discomfort with soft lenses due to irregular corneas or specific eye conditions. They can offer the best of both worlds, providing clear vision and comfort.
Breakup by Design:
Spherical accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the design. This includes spherical, toric, multifocal, and others. According to the report, spherical represented the largest segment.
Spherical contact lenses are the most common and widely prescribed type of contact lens. They are primarily designed to correct common refractive errors such as myopia (nearsightedness) and hyperopia (farsightedness). These lenses have a uniform curvature across their entire surface, allowing them to focus light evenly on the retina, thereby correcting the vision. Spherical contact lenses offer excellent clarity and comfort for individuals with straightforward vision issues. They are available in various materials, including traditional hydrogel and advanced silicone hydrogel, catering to different wearers' preferences and needs. These lenses are ideal for those who need vision correction but do not have astigmatism or presbyopia.
Toric contact lenses are specifically designed to correct astigmatism, a common refractive error characterized by irregular corneal curvature. Unlike spherical lenses, toric lenses have different curvatures in different meridians to counteract the astigmatism and provide clear vision. These lenses are a crucial option for individuals with astigmatism, as they help address the distortion and blurriness caused by irregularly shaped corneas. Toric contact lenses are available in various designs, including soft toric lenses for mild to moderate astigmatism and rigid gas permeable (RGP) toric lenses for more severe cases.
Multifocal contact lenses are designed to address presbyopia, a natural age-related vision condition that affects the ability to focus on close-up objects. These lenses incorporate multiple prescriptions into a single lens, allowing wearers to see clearly at different distances, such as reading, intermediate, and distance vision. Multifocal contact lenses are a game-changer for individuals over 40 who require both vision correction for distance and reading. They eliminate the need for bifocals or reading glasses, providing a seamless transition between near and far vision. The multifocal contact lens segment has witnessed significant growth as the aging population seeks convenient and aesthetically pleasing solutions for presbyopia. Manufacturers continue to refine multifocal lens designs, enhancing comfort and vision performance for this demographic.
Breakup by Usage:
- Daily Disposable
- Frequently Replacement
Daily disposable accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the usage. This includes daily disposable, disposable, frequently replacement, and traditional. According to the report, daily disposable represented the largest segment.
Daily disposable contact lenses have gained significant popularity in recent years. These lenses are designed to be worn for a single day and then discarded, eliminating the need for cleaning and storage. This segment is driven by convenience and hygiene, as users can start each day with a fresh pair, reducing the risk of infections and discomfort associated with long-term use. The demand for daily disposables is rising due to the fast-paced lifestyles of consumers who seek hassle-free vision correction. Additionally, they are preferred by individuals with allergies or dry eye conditions as they minimize the chances of debris buildup or protein deposits on the lens surface.
Disposable contact lenses are designed to be replaced on a regular schedule, typically every two weeks or monthly. These lenses offer a balance between convenience and cost-effectiveness, as users need to clean and store them but not as frequently as traditional lenses. This segment appeals to individuals who prefer to change their lenses regularly while still benefiting from the convenience of not having to clean their lenses daily. Disposable lenses are available in various types, including spherical, toric, and multifocal, catering to a broad range of vision needs. Advances in lens materials, such as silicone hydrogels, have improved the oxygen permeability and comfort of disposable lenses. Additionally, manufacturers offer options with UV protection, enhancing eye health.
Frequent replacement contact lenses are designed to be replaced on a regular basis, typically every one to three months. These lenses require periodic cleaning and disinfection, offering an intermediate option between daily disposables and traditional lenses. This segment is favored by users who value the convenience of less frequent replacements but also want to maintain a consistent lens hygiene routine. Frequent replacement lenses are available for various prescriptions, including toric and multifocal designs, accommodating a diverse range of vision needs. Advances in lens materials and surface treatments have made frequent replacement lenses more comfortable and resistant to protein deposits, ensuring prolonged wear without discomfort. Users appreciate the reduced maintenance compared to traditional lenses while still enjoying the benefits of regular replacement.
Traditional contact lenses, also known as extended wear or planned replacement lenses, are designed to be replaced less frequently, often every six months or annually. These lenses require regular cleaning and storage in a lens case. This segment caters to users who are accustomed to traditional lens care routines and prefer the cost savings associated with less frequent replacements. Traditional lenses are available for various prescriptions, including toric and multifocal designs. While traditional lenses have a dedicated user base, they have faced competition from more convenient options such as, daily disposables and frequent replacement lenses. However, advancements in materials have improved the comfort and oxygen permeability of traditional lenses, making them a viable choice for those who prefer extended wear.
Breakup by Application:
Corrective accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the application. This includes corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented. According to the report, corrective represented the largest segment.
Corrective lenses constitute the largest and most traditional segment in the contact lenses market. These lenses are designed primarily to address common vision issues such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism. They offer wearers a clear and comfortable alternative to eyeglasses, allowing for improved vision without the need for surgical interventions such as, LASIK. Corrective lenses are available in various types, including spherical, toric (for astigmatism), and multifocal (for presbyopia). Technological advancements, such as silicone hydrogel materials and daily disposable options, have enhanced the comfort and convenience of these lenses. As a result, they enjoy widespread adoption across all age groups.
Therapeutic contact lenses serve a crucial medical role beyond vision correction. They are used to manage and treat various eye conditions and disorders. Conditions such as, keratoconus, corneal injuries, and post-surgery recovery often require specialized therapeutic lenses. These lenses are designed to provide therapeutic benefits such as improved comfort, enhanced healing, and protection for damaged or sensitive corneas. They can be custom-fitted to individual patients, ensuring precise treatment and comfort. Additionally, therapeutic lenses are used for orthokeratology (Ortho-K), a non-surgical method to temporarily correct myopia by reshaping the cornea overnight. This treatment is particularly popular among children and teenagers as it can slow down the progression of myopia.
Cosmetic or colored contact lenses have gained immense popularity for their ability to change the appearance of the eyes of the wearer. These lenses come in a wide range of colors and designs, allowing individuals to experiment with different eye colors and styles. Celebrities, influencers, and actors often use cosmetic lenses for photo shoots, performances, and red-carpet events. Social media platforms have further amplified the trend, with users showcasing their unique looks and transformations. Cosmetic lenses are not designed for vision correction but are purely aesthetic. They are available as both prescription and non-prescription options. Comfort and safety are paramount in this segment, with advancements ensuring wearers can enjoy their desired eye color without compromising on eye health.
Prosthetic contact lenses serve a specialized purpose in restoring the appearance of damaged or disfigured eyes. They are primarily used for medical and cosmetic reasons to cover eye abnormalities, including scars, irregularities, or congenital eye conditions. These lenses are custom-made to match the color and shape of the healthy eye, providing a natural appearance. Prosthetic lenses offer psychological and aesthetic benefits, helping individuals regain self-confidence and a sense of normalcy. Additionally, prosthetic lenses are used in medical procedures to protect and promote healing of injured or damaged eyes. They serve as a valuable tool for ophthalmologists and optometrists in the rehabilitation of patients with eye trauma or congenital eye defects.
Lifestyle-oriented contact lenses cater to individuals seeking convenience and enhancement in their daily lives. These lenses include daily disposables, extended wear lenses, and specialty lenses for specific activities such as, sports and outdoor adventures. Daily disposable lenses are favored for their hassle-free maintenance, as users discard them at the end of the day. Extended wear lenses, on the other hand, provide the flexibility of wearing lenses continuously for an extended period, often up to a week or even a month. Specialty lifestyle lenses are designed to enhance performance in specific conditions. For instance, sports enthusiasts can opt for lenses that provide superior peripheral vision and stability during physical activities.
Breakup by Distribution Channel:
- Eye Care Practitioners
- Retail Stores
Retail stores accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes e-commerce, eye care practitioners, and retail stores. According to the report, retail stores represented the largest segment.
Retail stores, including optical shops and pharmacies, have traditionally been a popular channel for purchasing contact lenses. These physical outlets offer a tangible shopping experience, allowing consumers to physically inspect products and receive immediate assistance from trained staff. Retail stores often stock a range of contact lens brands and types, catering to the immediate needs of consumers. This channel is particularly convenient for individuals who prefer in-person shopping and those who need a quick replacement for lost or damaged lenses. Additionally, some consumers may discover contact lenses for the first time through retail stores, as these outlets provide opportunities for in-store trials and consultations with knowledgeable staff.
E-commerce has witnessed significant growth in the distribution of contact lenses over the past decade. This channel allows consumers to conveniently purchase contact lenses online, often with a wide selection of brands and types. Several factors contribute to the prominence of e-commerce in the contact lenses market. The ease of access and the ability to compare prices and products from the comfort of the home of an individual have attracted consumers to online platforms. Additionally, e-commerce offers competitive pricing, subscription models for regular contact lens users, and the convenience of doorstep delivery. Moreover, the COVID-19 pandemic accelerated the shift toward e-commerce as in-person shopping was limited. Many consumers who initially relied on eye care practitioners or retail stores turned to online platforms for their contact lens needs, and this trend is likely to persist.
Eye care practitioners, including optometrists and ophthalmologists, have historically been a traditional and trusted channel for obtaining contact lenses. These professionals play a crucial role in prescribing and fitting contact lenses, ensuring proper vision correction and eye health. Patients often consult eye care practitioners for comprehensive eye examinations, during which their suitability for contact lenses is assessed. Eye care practitioners provide valuable guidance on lens selection, care, and maintenance, ensuring that patients receive the most suitable lenses for their needs. Furthermore, eye care practitioners offer the advantage of ongoing care, monitoring, and adjustments for contact lens wearers. This personalized service is particularly important for those with specialized vision requirements like toric or multifocal lenses.
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
North America leads the market, accounting for the largest contact lenses market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others); Latin America (Brazil, Mexico, and Others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
North America stands as one of the largest and most mature markets for contact lenses. The region comprises the United States and Canada, with a well-established healthcare infrastructure and a high level of awareness about vision correction options. The prevalence of vision issues such as, myopia and presbyopia, driven partly by increased screen time, continues to fuel demand for contact lenses. In addition to medical needs, cosmetic contact lenses are popular among consumers seeking to change or enhance their eye colors.
Europe represents another significant segment in the global contact lenses market. Countries within the European Union, such as the United Kingdom, Germany, and France, have a well-developed healthcare system and a large aging population, which drives the demand for presbyopia-correcting lenses. Cosmetic contact lenses are also popular among European consumers. The market in Europe benefits from technological advancements and the presence of leading contact lens manufacturers. Furthermore, increasing awareness about eye health and the convenience of contact lenses continue to expand the consumer base. Regulatory standards ensure the safety and quality of contact lenses, instilling trust among consumers.
Asia Pacific is a region of significant growth and opportunity in the global contact lenses market. Countries such as, China, India, Japan, and South Korea are experiencing a rise in demand for contact lenses, driven by a combination of factors. The rising middle-class population with disposable income, increased urbanization, and a strong desire for lifestyle enhancement are key drivers. Myopia is highly prevalent in Asia Pacific, particularly among children, leading to a substantial need for vision correction. Moreover, cosmetic contact lenses, popularized by celebrities and social media influencers, have become a fashion trend among younger generations.
Latin America is emerging as a promising market for contact lenses. Countries such as Brazil, Mexico, and Argentina are experiencing increased awareness about vision correction and a growing middle-class population with the ability to afford contact lenses. Myopia and presbyopia are prevalent, driving demand for both medical and cosmetic contact lenses. Cosmetic contact lenses, especially those with vibrant colors, are gaining popularity among Latin American consumers who seek to change their eye appearance for fashion or cultural reasons. Manufacturers are actively marketing these products in the region.
The Middle East is a niche, however, growing market for contact lenses. Countries, such as the United Arab Emirates, Saudi Arabia, and Qatar, have seen increased demand for contact lenses, primarily driven by a desire for cosmetic lenses to enhance natural eye colors. The relatively young and affluent population of the region is inclined toward fashion and lifestyle choices, making cosmetic contact lenses an attractive option. Additionally, increasing awareness about eye health and the convenience of contact lenses have contributed to market growth. Although the Middle East market is smaller compared to other regions, it offers untapped potential for manufacturers. The market is characterized by a preference for premium and high-quality products, which presents opportunities for innovative offerings.
Leading Key Players in the Contact Lenses Industry:
The key players in the global contact lenses market are actively engaged in several strategic initiatives to maintain and expand their market presence. These initiatives revolve around innovation, product diversification, marketing efforts, and geographical expansion. In terms of innovation, major manufacturers, such as Johnson & Johnson, Alcon (a division of Novartis), and Bausch + Lomb, continuously invest in research and development to create advanced contact lens materials and designs. They focus on enhancing wearer comfort, improving oxygen permeability, and developing specialized lenses for various vision conditions. These innovations cater to medical needs and also target the cosmetic and lifestyle preferences of consumers.
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Alton Vision LLC
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- Contamac Holdings Limited
- EssilorLuxottica SA
- Hoya Corporation
- Johnson & Johnson Services, Inc.
- Menicon Co. Limited
- SEED Co. Limited
- SynergEyes Inc.
- Cooper Companies Inc.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
- July, 2023: Zeiss Group will invest about Rs 2,500 crore in India on a new plant at Karnataka, mainly to increase its spectacle glasses manufacturing capacity. Carl Zeiss India, the group's arm in the country, expects to employ around 5,000 people when the new plant becomes fully operational.
- June, 2023: EssilorLuxottica and Jimmy Choo have recently entered into an exclusive licensing agreement, marking a significant collaboration in the world of eyewear. Under this agreement, EssilorLuxottica will take on the responsibilities of designing, manufacturing, and globally distributing Jimmy Choo Eyewear. This partnership is noteworthy for several reasons. Firstly, it showcases the strategic move of EssilorLuxottica, a renowned eyewear conglomerate, in expanding its portfolio by adding a prestigious luxury brand such as Jimmy Choo. Jimmy Choo, known for its high-end fashion and footwear, is extending its brand into the eyewear sector, leveraging its reputation for style and sophistication.
- June, 2023: Bausch + Lomb Corporation has recently finalized a formal agreement with Novartis, outlining the acquisition of XIIDRA (lifitegrast ophthalmic solution). This strategic move signifies Bausch + Lomb's commitment to expanding its portfolio of ophthalmic products and strengthening its position in the eye care market. Under this definitive agreement, Bausch + Lomb is set to gain ownership of XIIDRA, a noteworthy ophthalmic solution with clinical significance in the treatment of dry eye disease. This acquisition aligns with Bausch + Lomb's mission to provide comprehensive eye care solutions that address various eye health needs.
Contact Lenses Market Report Scope:
|Base Year of the Analysis
| Historical Period
|Scope of the Report
|Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
- Distribution Channel
|Gas Permeable, Silicone Hydrogel, Hybrid, Others
|Spherical, Toric, Multifocal, Others
|Daily Disposable, Disposable, Frequently Replacement, Traditional
|Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-Oriented
|Distribution Channels Covered
|E-Commerce, Eye Care Practitioners, Retail Stores
|Asia Pacific, Europe, North America, Latin America, Middle East and Africa
|United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
|Alton Vision LLC, Bausch & Lomb Incorporated, Carl Zeiss AG, Contamac Holdings Limited, EssilorLuxottica SA, Hoya Corporation, Johnson & Johnson Services, Inc., Menicon Co. Limited, SEED Co. Limited, SynergEyes Inc., Cooper Companies Inc. etc.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
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Key Benefits for Stakeholders:
- IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the contact lenses market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the global contact lenses market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the contact lenses industry and its attractiveness.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.