Contact Lenses Market Size, Share & Trends Analysis, 2032

Contact Lenses Industry Prospective:

The global contact lenses market size was worth around USD 7.01 billion in 2023 and is predicted to grow to around USD 14.04 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.02% between 2024 and 2032.

The report covers forecasts and analyses for the contact lenses market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

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Contact Lenses Market: Overview

Contact lenses are thin and curved which are placed on the surface of the eye to correct the vision or as a cosmetic to enhance the personal appearance. Contact Lenses lenses are devices which are regulated by Food and Drug Administration hence they require the prescription of an ophthalmologist. There are various types of contact lenses such as silicone hydrogel contact lenses, soft contact lenses, and hard contact lenses.

According to the National Eye Institute’s estimation, over 2.9 million people in North America suffered low vision in 2014. The rising number of ophthalmological disorders, visual inaccuracies, and refractive errors due to a birth defect or infection are expected to drive the growth of the contact lenses market in future. The eEmergence of innovative products and technological advancementst is are also expected to fuel the growth of the market. Changing lifestyle, increase in disposable income, and changing fashion trends are some of the factors which will also fuel the growth of contact lenses market globally. Growth in aging population and rise in the number of youngsters for the enhancement of their appearance has also anticipated anticipates propelling the growth of the contact lenses market. However, the increase in preference for LASIC surgery and other technologies to get cured is expected to hamper the growth of the global contact lenses market.

The study includes drivers and restraints for the contact lens market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the contact lenses market on a global level.

In order to give the users of this report a comprehensive view of the contact lenses market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides a company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and product and regional expansion of major participants involved in the market.

Contact Lenses Market: Segmentation

The study provides a decisive view of the contact lens market by segmenting it on the basis of product, design type, usage, material, distribution channel, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By product, the contact lenses market is segmented into soft lenses and hard lenses. The soft lenses segment is expected to dominate the contact lenses market. Soft lenses segment accounted for approximately 80% of the total contact lenses market revenue in the year 2016. Convenience in carrying them, better vision & durability, and better oxygen permeability are the main driving factors of the soft lenses segment.

On the basis of design type, the contact lenses market is segmented into spherical, toric, and cylindrical. The spherical segment is estimated to dominate the contact lenses market in the forecast period. Increase in the number of myopia and hypermetropia patients is expected to drive the growth of this segment. The eEmergence of automation technology is expected to drive the cost- effectiveness and bulk production of the product.

The usage segment is divided into corrective, therapeutic, cosmetic, and prosthetic. In 2016, corrective lenses segment approximately accounted for the 40% of the total global market share. Increasing shift of population from spectacles to lenses for improved lifestyle, high comfort, and suitability in wearing it for outdoor activities or sports are the major factors driving the growth of the corrective lenses.

On the basis of material, the contact lenses market is segmented into the hydrogel, silicone hydrogel, and polymers. Silicone hydrogel segment is expected to dominate the contact lenses market in the forecast period. Visual acuity, simple to fit, high initial comfort, minimal spectacle, and blur little adaptation are the factors driving this segment’s growth.  Increased chances of bacterial contamination may affect the growth of hydrogel material segment.

The distribution channel segment is further segmented into optical stores, independent brand stores, online stores, and general retail stores. Optical stores segment is expected to lead the market. In 2016, optical stores segment accounted for over 20% of the total distribution channel segment. Different services offered by optical stores such as eye check-up facility is the main factor driving the demand of this segment. Independent brand showrooms are are also expected to show significant growth due to increased brand awareness among consumers.

Contact Lenses Market: Report Scope

Contact Lenses Market: Regional Analysis

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa with its further bifurcation into major countries including the U.S., UK, Germany, France, China, Japan, India, Brazil, etc. This segmentation includes demand for the contact lenses market based on all segments in all the regions and countries.

North America is expected to dominate the contact lenses market due to the increasing middle- aged and senior ophthalmological patients and rise in vision problem among the young generation. Asia Pacific is anticipated to show the highest CAGR in the forecast period due to the rapid increase in the disposable income, the presence of branded retail outlets, and growth in online sales.

Contact Lenses Market: Competitive Analysis

The global contact lenses market is dominated by players like:

• Johnson & Johnson Services, Inc.
• Bausch & Lomb Incorporated
• CooperVision, Inc.
• CIBA Vision
• Carl Zeiss AG
• Valeant Pharmaceuticals
• Novartis International AG
• Abbott Medical Optics
• Essilor International S.A.
• SynergEyes, Inc

This report segments the global contact lenses market as follows:

Global Contact Lenses Market: Product Segment Analysis

• Soft Lenses
• Hard Lenses

Global Contact Lenses Market: Design Type Segment Analysis

• Spherical
• Toric
• Cylindrical

Global Contact Lenses Market: Usage Segment Analysis

• Corrective
• Therapeutic
• Cosmetic
• Prosthetic

Global Contact Lenses Market: Material Segment Analysis

• Hydrogel
• Silicone Hydrogel
• Polymers

Global Contact Lenses Market: Distribution Channel Segment Analysis

• Optical Stores
• Independent Brand Showrooms
• Online Sales
• General Retail Stores

Global Contact Lenses Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa