Contact Lenses Market

Contact Lenses Market Size (2023 to 2028)

As per our analysis report, the global contact lenses market is expected to reach USD 23.33 billion by 2028 from USD 16.11 billion in 2023, growing at a compound annual growth rate (CAGR) of 7.68 % during the forecast period.

Contact Lenses Market Share Insights:

• North America is the largest market for contact lenses. It is predicted to continue its dominating trend in the years to come due to the vibrant health conditions and high-end healthcare facilities.
• The U.S. contact lenses market accounted for 25.4% of the global contact lenses market in 2022.
• The disposable contact lenses market is expected to see significant growth soon.
• In 2022, the majority share of the global contact lenses market was occupied by the companies such as CooperVision, Bausch & Lomb Incorporated, Alcon Vision LLC, and Johnson & Johnson Inc. These manufacturers are expected to continue their domination in the market during the forecast period.

MARKET DRIVERS:

The growing patient volume suffering from vision problems is propelling the contact lenses market growth. Across the world, the number of people suffering from visual impairments is growing considerably. The incidence of various eye diseases such as myopia, hyperopia, and presbyopia are also increasing with the growing age among people, promoting contact lens usage. Myopia has become a prevalent eye disorder worldwide, and the population affected is increasing each year. According to retinatoday.com, in 2010, 27% of the world's population, i.e., around 1.9 billion, had myopia, and this value is predicted to grow to 52% by 2050. According to the reports published by the World Health Organization (WHO), an estimated 2.2 billion people worldwide have near or distant vision impairment. The incidence of vision loss is more among aged people. For instance, according to data published by the Centers for Disease Prevention and Control (CDC), around 12 million people aged above 40 years in the United States have vision impairment.

The growing aging population is another notable factor contributing to the contact lenses market growth. According to the World Health Organization (WHO), the population of 60+ years of age is expected to cross 1.4 billion by 2030. With increasing age, the vision ability of people decreases gradually and they may also diagnose with diseases such as presbyopia and cataracts. In such situations, contact lenses can help significantly and also is a safe and effective way to correct their vision. The growing need to eliminate wearing spectacles all the time among the elderly is boosting the usage of contact lenses. Currently, people are living longer than ever before and the need for contact lenses among the elderly is expected to grow promisingly in the coming days and drive market growth.

Technological advancements in the contact lens domain are positive and are expected to favor contact lenses market growth during the market period. In recent days, technological developments have brought several changes in the design, materials and features and made contact lenses more comfortable, convenient, and effective. One such technological development in contact lenses is using improved materials in the manufacturing of contact lenses that can offer better oxygen permeability which reduces the risk of eye infections and improves overall eye health. In recent years, the trend of customized contact lenses can be seen. Customized contact lenses are made as per the share of the eye of an individual and prescription and these provide a better fit and improved visual acuity. Smart contact lenses are another noteworthy example of the recent technological advancements in the market and the adoption of smart contact lenses is growing continuously owing to the benefits of smart contact lenses such as intraocular pressure, glucose levels, and hydration.

In addition, growing adoption of contact lenses, rising demand for daily disposable contact lenses, increasing importance for contact lenses over prescription eye lenses, increasing disposable income, rising prevalence of eye diseases and injuries, and the high healthcare expenditure promote the growth rate of the contact lenses market. Furthermore, the growing number of R&D activities happening in the optometry industry and the need to eliminate the usage of spectacles add fuel to the market's growth rate.

MARKET RESTRAINTS:

The presence of alternative options for vision correction such as spectacles, the shortage of expert ophthalmologists, stringent regulatory environments, and the high cost of contact lenses majorly hamper the contact lenses market growth. In addition, poor awareness and adoption of contact lenses in some countries and unfavorable reimbursement policies hinder the market growth. Concerns about eye health with the usage of contact lenses and the inconvenience of contact lenses further showcase a negative impact on the contact lenses market growth.

Impact of COVID-19 on the global contact lenses market:

The COVID-19 pandemic has significantly affected contact lens instruction, as educational institutions are moving to online distribution worldwide through e-commerce businesses by the healthcare industry. In addition, during the COVID-19 pandemic, there is a link between the perceived risk of infection and CL dropout and a tendency to change the wearing frequency of the CL, with a rise in occasional wear of the CL. Therefore, eye care practitioners should strengthen CL patient education during the current pandemic to reduce the risk of SARS-CoV-2 infection and CL-related complications that require clinical care. The emergence of the COVID-19 pandemic has negatively impacted the contact lenses market. Due to lockdown restrictions and a ban on international flights, there has been a slowdown in the market growth rate during the first half of 2020. However, due to the government's sudden introduction of lockdowns, optometric stores, clinics, and retail stores have closed. The usage of daily disposable contacts was reduced due to the global lockdown restrictions. Moreover, people opt for glasses instead of contact lenses, leading to the market downfall.

On the other hand, the population suffering from vision correction and myopia has increased during the COVID-19 pandemic owing to the increasing usage of screens and virtual meetings, which is favoring the growth of the contact lenses market. During the COVID-19 pandemic, the adoption of telemedicine has grown rapidly and many people used these platforms for eye-related health issues, which is another favorable sign for the contact lenses market. Furthermore, the impact of the COVID-19 pandemic is gradually reducing and people are increasingly habituating to the new normalization, which is expected to boost the demand for contact lenses and fuel the market’s growth rate in the coming years.

REPORT COVERAGE:

This research report on the global contact lenses market has been segmented & sub-segmented based on the material, application, design, modality, distribution channel, and region.

Contact Lenses Market - By Material:

• Soft Contact Lenses
• Silicone Hydrogel Lenses
• Rigid Gas Permeable (RGP) Contact Lenses
• Hybrid Contact Lenses
• Polymethyl Methacrylate (PMMA) Contact Lenses

Based on material, the soft contact lenses segment is expected to hold the highest share of the global contact lenses market during the forecast period. The growing population suffering from vision problems, increasing preference from people for contact lenses over traditional spectacles and benefits of soft contact lenses such as comfort, convenience and breathability drive the segmental growth.

In contrast, the rigid gas permeable (RGP) contact lenses segment is estimated to showcase the highest CAGR during the forecast period. The growing demand for high-quality vision correction, particularly among people with complex vision problems that cannot be corrected with soft contact lenses primarily boosts the segment’s growth rate.

On the other hand, the hybrid contact lenses segment is anticipated to register a healthy CAGR in the coming years owing to the increased use of hybrid lenses by people with astigmatism and keratoconus. The growth of the segment is further driven by the growing need for customized vision correction options that can provide both comfort and sharp vision.

Contact Lenses Market - By Application:

• Therapeutic Contact Lenses
• Cosmetic Contact Lenses
• Corrective Contact Lenses
• Prosthetic Contact Lenses

Based on the application, the corrective contact lenses market held the largest share of the worldwide market in 2022 and is anticipated to lead the market during the forecast period, growing at a CAGR of 6%. These contact lenses are designed for medical purposes, which aid in relieving eye pain and healing the cornea. The rising prevalence of vision problems and the growing preference for contact lenses over eyeglasses majorly promote segmental growth.

The therapeutic contact lenses segment had a substantial share of the global market in 2022 and is expected to rise at a promising CAGR during the forecast period. The increasing patient population suffering from eye diseases such as dry eyes, corneal ulcers, and other forms of eye trauma primarily boosts the segment’s growth rate. The rising demand for non-invasive treatment options for vision correction is another key factor propelling segmental growth.

The cosmetic contact lenses segment is estimated to showcase a notable CAGR during the forecast period owing to the growing demand for aesthetic options and the rising popularity of special effects in movies and TV shows.

The prosthetic contact lenses segment is predicted to witness a healthy CAGR during the forecast period. The segmental growth is majorly driven by the rising demand for specialized vision correction options and the growing acceptance of contact lenses as a viable treatment option for eye disorders.

Contact Lenses Market - By Design:

• Spherical
• Bifocal
• Orthokeratology
• Toric     

Based on the design, the spherical lens segment is predicted to occupy the most significant share of the global market during the forecast period. The segmental growth is majorly driven by the increasing prevalence of refractive errors worldwide, the availability of a wide range of spherical contact lenses and the rising adoption of contact lenses.

The toric segment was the second biggest segment in the worldwide contact lenses market in 2022 and is expected to showcase a healthy CAGR during the forecast period. Factors such as the growing patient population suffering from astigmatism, the increasing aging population, availability of a wide range of toric contact lenses and growing awareness about the benefits of using toric contact lenses over glasses, such as better visual acuity, improved comfort, and reduced dependence on glasses majorly accelerates the segment’s growth rate.

Contact Lenses Market - By Modality:

• Conventional
• Disposable
  • Daily
  • Monthly
  • Other Disposable Modalities

Based on modality, the disposable segment is forecasted to register the highest CAGR during the forecast period owing to the awareness regarding the benefits associated with disposable contact lenses. The growing demand for convenience and reduced risk of eye infections associated with disposable lenses and increasing adoption of technological advancements in the manufacturing processes are boosting the growth rate of the segment. Under the sub-segments, the daily disposable segment is predicted to showcase rapid growth during the forecast period due to the convenience and hygiene benefits they offer.

The conventional segment accounted for a substantial share of the global market in 2022 and is expected to grow at a moderate CAGR during the forecast period.

Contact Lenses Market - By Distribution Channel:

• Eye Hospitals and Spectacle stores
• Online

Based on the distribution channel, the eye hospitals and spectacle stores segment accounted for the major share of the contact lenses market in 2022 and is expected to grow at a healthy CAGR during the forecast period. Factors such as the growing prevalence of vision disorders, especially among the aging population, and the rising demand for corrective lenses and other vision aids majorly drive segmental growth.

However, the online segment is gaining attention and is expected to witness a boom soon and is predicted to display a CAGR of 7.45% during the forecast period. The growing consumer preference for e-commerce and the convenience of ordering contact lenses from the comfort of one's home is one of the key factors propelling segmental growth. In addition, the growing availability of contact lenses online, with major manufacturers and retailers expanding their online presence and rising adoption of e-commerce platforms and the growing trend of online eyewear shopping further promote the growth rate of the segment.

Contact Lenses Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American contact lenses market is expected to hold the largest share of the global contact lenses market during the forecast period. Common eye diseases related to age, increasing healthcare expenditure, and increasing disposable income are the key factors propelling the market demand in this region. The United States had the most significant share of the global market in 2021 and is anticipated to account for the largest share of the North American market in the coming years. On the other hand, the Canadian market is predicted to showcase a healthy CAGR during the forecast period in this region.

The European contact lenses market held the second-largest global market share in 2021. During the forecast period, the European region is estimated to have a decent occupancy in the global market. The growing adoption of technological developments in manufacturing contact lenses is one of the major factors propelling the European market growth. U.K. and Germany had the major share of the European region in 2021 and are likely to continue dominating the European region during the forecast period. In addition, the aging population across the European region is growing consistently, which is expected to contribute to the regional market's growth.

The APAC contact lenses market is one of the potential regions worldwide and is expected to grow the fastest during the forecast period. The Chinese market is expected to showcase healthy growth in the coming years as the adoption of contact lenses from China is witnessing significant growth. On the other hand, the Japanese market is expected to witness considerable growth during the forecast period. To increase the appearance of the eyes, consumers in Japan are importantly adopting contact lenses, propelling the market growth in Japan. On the other hand, the Indian market is anticipated to project the fastest growth during the forecast period owing to the increasing awareness among people regarding contact lenses and improved willingness from people towards contact lenses.

The Latin American contact lenses market is predicted to witness notable growth in the upcoming years.

The MEA contact lenses market is expected to gain momentum and register healthy growth during the forecast period. Increasing agreements to manage contact lenses, develop healthcare facilities, develop medical tourism, improve the healthcare industry, and raise knowledge about contact lenses are contributing to the growth of contact lenses in the countries of the Middle East and Africa.

KEY MARKET MANUFACTURERS:

Johnson & Johnson, Bausch & Lomb, Cooper Vision, Hydrogel Vision Corp, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Carl Zeiss AG, CIBA Vision, Essilor International, and Contamac are some of the noteworthy companies operating in the global contact lenses market and profiled in this report.

Companies such as Johnson & Johnson, Novartis, The Cooper Companies, and Bausch & Lomb occupy most global contact lenses market shares. The key market participants focus on bettering their brand value and customer base to acquire the best possible market share and joining long-term associations with the suppliers and distributors to increase their sustainability and strengthen their regional presence.

NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:

• In April 2021, Johnson & Johnson Vision, one of the leading companies in the worldwide contact lenses market, collaborated with Menicon, which is a Japanese contact lens manufacturer for the development of therapeutic contact lenses for children suffering from myopia.
• In June 2020, Bausch& Lomb introduced its early enlarged depth of focus IOL and a new monofocal IOL in Europe for the first time. 'LuxSmart' and 'LuxGood' are new technologies that decrease dysphotopsia, and a common problem occurs in some IOLs and understanding vision.
• In July 2019, Clerio Vision collaborated with Hydrogel Vision Corporation, a producer and dealer of high-performance contact lenses. The lens is made from a restorative material that holds 99% moisture. In addition, Clerio is advancing a multifocal lens product expected to enter the market in 18 months.
• In November 2019, CooperVision announced that it had won FDA approval for MiSight. It is recommended for children of age 8-12 years. 
• In October 2019, Johnson & Johnson Company introduced Acuvue RevitaLens as a multi-purpose decontaminate solution. It is the company's early expansion of contact lenses.