USD 15.5 billion
Report ID:
SQMIG30L2194 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
117
|Figures:
76
Contact Lens Market size was valued at USD 15.4 Billion in 2023 and is poised to grow from USD 16.06 Billion in 2024 to USD 22.53 Billion by 2032, growing at a CAGR of 4.3% during the forecast period (2025-2032).
Contact lenses are tiny lenses designed to be applied to the eye's surface to correct eyesight. Depending on the type, comfort, and reusability of the lenses, they are either hard or soft. The primary factors driving the market expansion during the forecast period are the rising acceptance of these devices in developing nations and the global increase in the prevalence of refractive defects. Research conducted recently projected that 116.3 million people worldwide had moderate to severe visual impairment brought on by uncorrected refractive error, according to a BMC Public Health report released in 2019. Refractive errors are predicted to affect more people worldwide, and people are becoming more aware of how these eye disorders can be treated with contact lenses to correct refractive vision. To correct refractive defects and make up for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism, a corrective lens is preferred. As a result, the market is anticipated to grow throughout the course of the forecast due to an increase in graphic inconsistencies.
The quantity of outdoor activities is growing, which is accelerating market expansion. Optics and optometry have seen a great amount of research and development to advance the technology. The market for contact lenses has expanded as a result of innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology. For instance, IMEC and SEED Co. Ltd, a global R&D hub, formed a partnership to work together on the development of a smart contact lens in November 2018. This contact lens will have a number of parts, including an ultra-thin silicon microchip, an LED light, and a radio-frequency antenna that would be sufficient for wireless energy transfer. Additionally, the interconnections are created using a thin stretchable sheet. Increase knowledge of the advantages of detachable lenses versus reusable ones, such as avoiding side effects from cleaning solutions, such as eye discolouration.
The market's top players are also engaged in developing awareness campaigns and introducing cutting-edge products, which are expected to encourage the growth of daily disposables. Precision1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens created for astigmatic patients in the U.S., for instance, was announced by eye care product producer Alcon Vision LLC in January 2021.
US Contact Lens Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 15.5 billion
Largest Segment
Reusable
Fastest Growth
Reusable
Growth Rate
7.6% CAGR
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Global Contact Lens Market is segmented by Usage, Design, Material, Colour Variation, Application, Distribution Channel and Region. Based on Usage, the market is segmented into Daily Wear, Extended Wear, Traditional Wear. Based on Design, the market is segmented Spherical, Toric, Multifocal, Monovision, Cosmetic. Based on Material, the market is segmented into Silicone Hydrogel, Gas Permeable, Hybrid, PMMA. Based on Colour Variation, the market is segmented into Opaque Contact Lenses, Enhanced Contact Lenses, Visibility Tinted Contact Lenses. Based on Application, the market is segmented into Conventional, Orthokeratology, Decorative. Based on Distribution Channel, the market is segmented into Retail Stores, Hospitals and Clinics, E-Commerce. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Contact Lens Market Analysis by Modality
On the basis of Modality, the global contact lens market is segmented into the reusable and disposable lenses. The largest portion of the contact lens market was made up of reusable products. The rise in demand for these goods among patients with refractive problems can be attributed to both the growing population of wearers and patients with refractive faults. For instance, the Vision Council's analytical report from 2020 estimates that around 125 million people worldwide wear contact lenses, with 42.2 million of those individuals residing in the United States. The category is anticipated to rise as a result of the rising use of reusable lenses and the rising prevalence of contact lens wearers worldwide. Reusable lenses' advantages, such as their comfort and durability, are also boosting the market's growth over the course of the forecast period.
The disposable segment, however, experienced a sizable growth rate during the projection period. It can be attributed to the population's growing propensity for daily disposable lenses, which lessen wearing issues. This fuels the segment in the global market, along with the launch of fresh disposable lenses by top players.
Contact Lens Market Analysis by Design
On the basis of design, the global contact lens market is segmented into toric, multifocal, and spherical. The market is dominated by the spherical segment because of the growing technological advancements in this segment. For example, the PRECISION1 contact lens with smart surface technology was launched by Alcon in May 2021. It was focused on increasing consumer preference and comfort. The growing focus of key players in this market to launch technologically advanced products offering increased adoption of spherical lenses is predicted to support the growth in this segment. Moreover, increased adoption of the spherical lens by the adult population as a replacement for spectacles is also aiding to the growth of this segment.
Contact Lens Market Analysis by Distribution Channel
Based on the distribution channel, the market is divided into ophthalmologists, brick-and-mortar stores, and online retailers. In 2020, the retail shop's industry held the biggest market share. Manufacturers' initiative to introduce cutting-edge products at competitive rates in retail stores, along with sales promotions and the entry of larger store chains, are credited with the segment's dominance. The robust network of retail outlets in developed countries is another factor contributing to the rapid expansion of the retail pharmacy segment on the worldwide market.
On the other hand, compared to the other sub-segments, the online retailers' segment is predicted to record a greater CAGR. The development of regulatory laws enabling these device sales online in developed countries and the introduction of major e-pharmacy businesses into the industry are credited with the increased growth of online channels. The pandemic problem has also significantly influenced consumers' choice of internet retailers over brick-and-mortar establishments. For instance, the Vision Council found that, in 2021, close to 35% of customers used the internet in some capacity to make their most recent contact lens purchase. The inclination of contact lens wearers to compare and buy lenses online, together with the rise in the number of manufacturers building robust e-commerce platforms, are factors that are expected to boost the segment's growth.
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North America held the majority of the contact lens market share of 35% for contact lenses. Refractive error sufferers are increasing in number, patients are more aware of vision correction treatments, and market players are putting more emphasis on strategic partnerships and collaborations. These are the primary causes of the market expansion in North America, so to speak. For instance, Menicon, a top producer of cutting-edge lenses, and Johnson & Johnson Vision announced a global strategic partnership in April 2021. The goal of this partnership was to develop therapeutic lenses to stop the spread and progression of myopia in children, a condition that is becoming more and more common. Additionally, it's probable that gradually more Americans will start wearing lenses.
As stated by the U.S. According to an Environment Protection Agency report, 31 million Americans used contact lenses in 2021. It is projected that the growing user base brought on by a shift in consumer preference toward eyewear will promote market expansion in North America. The second-largest market share in the worldwide market was also accounted for by Europe. This can be ascribed to a huge patient base with eye conditions like myopia and presbyopia, as well as to the region's increased use of innovative technologies and regulatory approvals for novel lenses.
According to the Association of Optometrists, Sweden has the highest contact lens penetration, at 14.8%, followed by Denmark (13.19%) and Norway (11.37%). It is estimated that this will soon fuel market expansion. However, during the projection period, the Asia Pacific market is predicted to grow at the fastest rate. As per reports, China has the highest percentage of female contact lens wearers at 79%. The region's increasing prevalence of visual impairment and the advancement of ocular illness diagnosis methods at the on-site laboratories of ophthalmologists' clinics and hospitals are propelling the market expansion in Asian nations.
Additionally, the rising disposable income in the region's emerging nations is creating ideal conditions for the market's expansion. Latin America has a smaller market share than the Middle East and Africa combined. However, growth is anticipated to be fueled by expanding use of these devices in these countries as well as rising cases of vision impairment throughout the course of the projected period.
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Contact Lens Market Driver
Regional and national government organisations’ efforts to increase awareness to curb the prevalence of refractive errors to boost the market growth.
Increased research and development and coming-age advanced technology in contact lenses to boost the global contact lens market.
Increasing Geriatric Population –
Contact Lens Market Restraint
Alternative refractive error treatment to slow the global contact lens market growth.
Lesser recognition for contact lens compared to spectacles.
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Alcon, Bausch + Lomb, Cooper Companies Inc., and Johnson & Johnson Vision Care, Inc. have a robust distribution network that has helped them dominate the market. Cooper Companies Inc., Alcon, and Johnson & Johnson Vision Care, Inc. are among the leading companies that have consolidated the global market. The broad range of products offered by these devices, clever alliances, and a powerful distribution network is credited with these businesses' supremacy in the market. The major market players are introducing technologically sophisticated products to obtain an advantage over rival market competitors. For instance, Alcon announced in January 2022 that Dailies TOTAL1 would be available to astigmatic patients in the United States. The first water gradient lens was introduced to give patients a comfortable fit. The other market participants, such as Carl Zeiss Meditec AG, Hoya Corporation, and Menicon Co., Ltd., are also concentrating on expansion strategies to serve emerging markets around the world.
Contact Lens Market Top Player's Company Profiles
Contact Lens Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Contact Lens Market Analysis, a rise in graphic inaccuracies is expected to drive the market over the forecast period. Research and development and coming-age advanced technology in contact lenses to further boost the global contact lens market. However, alternative refractive error treatment to slow the global contact lens market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 15.5 billion |
Market size value in 2031 | USD 30.2 billion |
Growth Rate | 7.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Contact Lens Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contact Lens Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contact Lens Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contact Lens Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Report ID: SQMIG30L2194
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