Contact Lenses Market | Acumen Research and Consulting

Contact Lenses Market Highlights

• Global contact lenses market revenue is poised to garner USD 20.3 billion by 2032 with a CAGR of 7.4% from 2024 to 2032
• North America contact lenses market value occupied around USD 4.1 billion in 2023
• Asia-Pacific contact lenses market growth will record a CAGR of more than 8.1% from 2024 to 2032
• Among material, the silicone hydrogel sub-segment generated around USD 9.3 billion revenue in 2023
• Based on application, the corrective sub-segment generated 44% contact lenses market share in 2023
• Expansion of online retail channels for contact lens distribution is a popular contact lenses market trend that fuels the industry demand

The increasing number of ophthalmic disorders is the primary reason fueling the contact lenses market value in the coming years. Additionally, growing demand for outdoor activities is another factor that is driving the contact lens market share. Furthermore, introduction to technologically advanced lenses is a prominent contact lenses market trend that is strengthening the industry growth. Contact lenses or contacts are thin lenses designed to place directly on the surface of the eye. These can be worn by the people to correct vision or for therapeutic, or cosmetic, or as a prosthetic.

Global Contact Lenses Market Dynamics

Market Drivers

• Growing number of eye-related disorders
• Increasing incidences of refractive errors
• Reluctance towards eyeglasses
• Growing prosthetics industry

Market Restraints

• Rising acceptance of refractive surgeries
• Shortage of ophthalmologists
• High costs associated with specialty contact lenses

Market Opportunities

• Rapid growth in myopia
• Increasing elderly population
• Rising demand for cosmetic and colored contact lenses

Contact Lenses Market Report Coverage

Contact Lenses Market Insights

The growing prevalence of myopia and other ophthalmic disorders is driving the market growth. The growing geriatric population whose vision gets easily blurred is expected to drive growth over the forecast period from 2024 to 2032. The increasing preference for contact lenses over prescription eyeglasses along with the high preference for cosmetic contact lenses is proliferating the market value. Furthermore, untapped emerging markets and the increasing number of players with advanced lenses like smart contact lenses are projected to create potential opportunities over the forecast period. On the other side, the shortage of ophthalmologists in some regions, growing acceptance of refractive surgeries, and problems associated with contact lenses are anticipated to limit the growth to an extent during the forecast period from 2024 to 2032.

Covid-19 Impact on the Contact Lenses Industry

The global pandemic of the corona virus has resulted in nationwide lockdowns that result in the shutdown of retail stores as well as disrupted the supply chain. The major market players have experienced a reduction in sales especially for daily/weekly wear contact lenses which have badly affected the growth of the market across the globe. Additionally, the pandemic has also badly affected the financials of people, as a fact people have delayed the purchase of new pairs of contact lenses for the period.

Contact Lenses Market Segmentation

The worldwide market for contact lenses is split based on material, wear type, design, application, distribution channels, and geography.

Contact Lens Market By Material

• Silicone Hydrogel
• Hydrogel
• Gas Permeable
• Hybrid
• Polymethyl Methacrylate (PMMA)

According to contact lenses industry analysis, the silicone hyrdrogel material dominated the overall market by recording the largest share of the market and will continue the same trend in the forecast period. On the other hand, the hybrid material will grow with the fastest growth rate in the coming years from 2024 to 2032. A hybrid lens combines gas permeable and silicone hydrogel materials. It is made up of an RGP centre zone and a soft peripheral skirt consisting of soft or silicone hydrogel material.

Contact Lens Market By Wear Type

• Daily Disposable Lenses
• Disposable Lenses
• Frequent Replacement Lenses
• Conventional Lenses

According to our contact lenses market forecast, the daily disposable lenses wear type gathered a 33% amount of share in 2023 and is expected to do so in the coming years. The popularity of daily disposable lenses is growing since a new set of lenses gives the wearer with better comfort. Also, the segment is anticipated to attain a substantial growth rate during the projected timeframe from 2024 to 2032.

Contact Lens Market By Design

• Spherical
• Toric
• Multifocal
• Others

Based on the design, the spherical sector will account for more than 60% of the overall contact lens market. However, the multifocal design is expected to develop at a moderate CAGR between 2024 and 2032. Furthermore, rising demand for toric lenses is expected to drive market growth in the near future. Toric lenses are used to treat astigmatism caused by variations in the curvature of the cornea.

Contact Lens Market By Application

• Corrective
• Therapeutic
• Cosmetic
• Prosthetic
• Lifestyle-Oriented

In 2023, the corrective application generated the largest contact lens market revenue with over 44% share. Multifocal, bifocal, toric, and spherical are majorly recognized corrective lenses. However, cosmetic lens application is gaining traction in the market owing to the incresing need for an improved aesthetic appeal of eyes. Then again, therapeutic contact lenses gatheres a significant market share in 2023.

Contact Lens Market By Distribution Channel

• Retail Stores
• Silicone Hydrogel & Hydrogel
• E-Commerce

By distribution channel, retail stores are leading the market with major revenue share owing to their easy and convenient availability for the end-users. The availability of a diverse range of branded products in retail stores is boosting its growth in the global market. Furthermore, the segment is followed by hospitals & clinics and e-commerce accounted for the least share in the market. Moreover, the e-commerce segment is anticipated to experience the fastest growth with a major CAGR (%) during the forecast timeframe due to the increasing number of online shoppers and rising competition. The growing competition in the e-commerce market results in price reduction for the end-user which is supporting its fastest growth in the estimated period.

Contact Lenses Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Contact Lenses Market Regional Analysis

Asia-Pacific is estimated to experience fastest growth during the contact lenses market forecast period. The major economies of the region Japan, China, and India are the major contributors to the fastest growth over the forecast period. The increasing discretionary income, spending power of people, rising number of optical clinics and professions are supporting the regional market growth. The increasing number of contact lens manufacturers in the region is another major factor bolstering the regional market value. Additionally, the changing lifestyle is accelerating the people with ophthalmic disorders that destroy sharp and central vision is additionally bolstering the market growth.

Contact Lenses Market Players

Some of the top contact lenses companies offered in our report includes Abbott Medical Optics, Inc., Alcon Vision LLC, Bausch & Lomb, Carl Zeiss AG, Contamac, CooperVision, Inc., Essilor International S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, SynergEyes, Inc., and X-Cel Specialty Contacts.