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).

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.