Canada Contact Lenses Market Analysis

Canada Contact Lenses Market Executive Summary

Canada Contact Lenses Market was valued at $1,371.20 Mn in 2023 and is predicted to grow at a CAGR of 8.9% from 2023 to 2030, to $2,490.55 Mn by 2030. 

Contact lenses are versatile medical devices placed directly on the eye, serving both functional and cosmetic purposes. They come in several types: soft lenses, made of flexible plastic allowing oxygen to the cornea; rigid gas permeable lenses for sharper vision; hybrid lenses combining features of both; and scleral lenses covering the cornea and sclera, useful for irregular corneas. They correct refractive errors like myopia and hyperopia and cater to cosmetic needs with colored variants. Fitting by an optometrist or ophthalmologist ensures proper selection based on individual eye health and lifestyle. Regular cleaning and adherence to wearing schedules are crucial for preventing infections and maintaining eye health. Risks include infections, dry eyes, and corneal abrasions if not used correctly. Regulated as medical devices, advancements like silicone hydrogel materials and UV-blocking capabilities enhance safety and comfort, making contact lenses a popular choice for vision correction and aesthetic enhancement globally.

Eye diseases affect a significant portion of the Canadian population, with approximately 5.5 Mn individuals, about 1 in 7 people, grappling with vision-threatening conditions. The prevalence of self-reported good vision without correction varies by age, with 75% of youth aged 12 to 19 reporting good vision compared to only about 25% of those aged 55 years or older. Utilization of eye care services among Canadians without known eye diseases shows disparities, highlighting access issues. A study from the Canadian Longitudinal Study on Aging found that 86% of Canadians aged 45 to 85 wear glasses or contact lenses, and 6% are visually impaired. Eye cancer statistics reveal that in 2022, 325 Canadians were diagnosed, leading to 52 deaths, affecting both men and women fairly equally. The high prevalence of corrective eyewear underscores the importance of eye health management across age groups in Canada.

The market therefore is driven by significant factors like the rising prevalence of myopia, increased adoption of convenience and aesthetics, and technological advancements. However, high cost, environmental impact, digital eye strain, and competition from refractive surgery restrict the growth and potential of the market.

Prominent players in this field are Bausch and Lomb, which emphasizes daily disposable contact lenses enhanced with comfort technologies and supports sustainability initiatives. On the other hand, CooperVision focuses on innovation through advanced materials, specialized solutions for myopia management, and convenient subscription services for contact lenses. Other contributors include Alcon Vision LLC, and Essilor International S.A. among others.

Market Dynamics

Market Growth Drivers

Rising Prevalence of Myopia: Statistics Canada reports that myopia (near-sightedness) is a growing concern in Canada. A 2019 study estimated that 29.4% of Canadians aged 15-49 years are myopic. This creates a significant demand for vision correction solutions, including contact lenses.

Increased Adoption for Convenience and Aesthetics: Contact lenses offer a convenient alternative to eyeglasses for many people. They can be particularly appealing for active lifestyles or those who prefer a certain aesthetic.

Technological Advancements: Introducing new materials and technologies like silicone hydrogel lenses and daily disposables has enhanced comfort, wearability, and overall user experience, attracting more people to contact lenses.

Market Restraints

High Cost: Contact lenses, particularly specialty or frequent replacement schedules, can be expensive. This can be a barrier for some Canadians, especially with limited or no insurance coverage.

Environmental Impact: Disposable contact lenses contribute to plastic waste. Growing environmental concerns and potential regulations on single-use plastics could impact the market for daily disposable lenses, a significant segment.

Digital Eye Strain: Increased screen time from smartphones, computers, and tablets can cause eye strain. While some contact lens manufacturers offer features to address this, it might lead some consumers to prioritize solutions like blue light-filtering glasses over contact lenses for certain activities.

Competition from Refractive Surgery: Laser vision correction procedures like LASIK offer a permanent vision correction solution, and advancements in these technologies might pose some competition to the contact lens market for some demographics.

Regulatory Landscape and Reimbursement Scenario

In Canada, Health Canada regulates contact lenses to ensure they meet stringent safety, efficacy, and quality standards before they can be sold or distributed. All contact lenses, whether corrective or cosmetic, require licensing, involving submission of technical documentation and compliance with applicable standards. They are classified based on risk level—Class I for low-risk and Class II for medium-risk devices, with Class II requiring more rigorous documentation, including potential clinical data. Manufacturers must adhere to international Quality Management System standards to maintain product consistency and safety, with ongoing post-market surveillance to monitor and report any adverse events.

Regarding reimbursement, contact lenses are typically not covered under provincial or territorial health insurance plans in Canada. However, exceptions may apply for medically necessary lenses prescribed by an ophthalmologist, which could qualify for partial coverage under certain provincial/territorial health plans or private insurance policies. Coverage specifics vary widely among private insurers, influencing accessibility to these devices based on individual plan details and medical necessity assessments

Competitive Landscape

Key Players

Here are some of the major key players in the Canada Contact Lenses Market

• Abbott Medical Optics, Inc.
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• ZEISS International
• Contamac
• CooperVision, Inc.
• Essilor International S.A.
• Hoya Corporation
• Medennium
• Seed Co., Ltd.