Contact Lens Market Size, Share, Growth Analysis, By Modality(Reusable, Disposable), By Design(Toric, Multifocal, Spherical), By Distribution Channel(Ophthalmologists, Retail Stores, Online Stores), By Usage(Daily Disposable, Disposable, Frequently Replacement, and Traditional), By Region - Industry Forecast 2024-2031

Contact Lens Market size was valued at USD 14.6 billion in 2019 and is poised to grow from USD 15.4 billion in 2023 to USD 21.6 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

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 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. 'Alcon Inc.', 'Bausch + Lomb', 'Carl Zeiss Meditec AG', 'CooperVision Inc.', 'Essilor International S.A.', 'Contamac Ltd.', 'Hoya Corporation', 'Johnson & Johnson Vision Care Inc.', 'Menicon Co. Ltd.', 'Novartis International AG', 'Oculus Inc.', 'Seed Co. Ltd.', 'STAAR Surgical Company', 'SynergEyes Inc.', 'Tangible Science LLC', 'The Cooper Companies Inc.', 'UltraVision CLPL', 'Visioneering Technologies Inc.', 'X-Cel Specialty ContactsZEISS Group'

Regional and national government organisations’ efforts to increase awareness to curb the prevalence of refractive errors to boost the market growth.

High-tech lenses are being created by scientists for a variety of purposes, such as monitoring eye health and enlarging images for the blind. Consumer usage of these emerging lenses has not yet been authorised. Others have only recently been developed, while some are now being studied in human clinical studies. People with allergies may soon find respite from their symptoms due to a new type of contact lens that releases antihistamines. Johnson & Johnson has created a disposable lens that comes pre-filled with an anti-itching medication. The lenses continuously deliver the medication ketotifen. People who wear contact lenses and have to take their lenses out in order to apply antihistamine eye drops may find this to be of particular use.

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 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.