Global Contact Lens Market Growth, Size, Share, Trends, and Forecast 2032

Contact Lens Market: Industry Analysis

The global Contact Lens market size accrued earnings worth approximately USD 9.15 Billion in 2023 and is predicted to gain revenue of about USD 14.81 Billion by 2032, is set to record a CAGR of nearly 5.5% over the period from 2024 to 2032.

Request Free Sample

Contact Lens Market Overview

Tiny, curved contact lenses sit on the tear film that covers the outer layer of the eye. Medical devices classify these lenses as either soft or hard, depending on their characteristics, comfort level, and reusable nature.

Factors such as the rising number of elderly individuals and the increasing prevalence of refractive disorders, including astigmatism, presbyopia, myopia, and hyperopia, may contribute to the market's expansion. As the worldwide population ages, there is a growing demand for better eye care services, which in turn leads to a favorable impact on market growth.

Contact lenses offer an improved all-around vision as well as clear peripheral image, unlike other corrective glasses available in the market. They are considered more comfortable and easy to wear as compared to the regular glasses. The benefit of using contact lens as compared to the corrective glasses is they can be worn in any kind of climatic conditions, sports, or outdoor activities. Furthermore, the expansion of improved contact lenses will propel the global contact lens market in the years to come due to its high expansion opportunities and prospects. A significant development gaining several grounds in the global market is the growing popularity and demand of eye highlights. The youngsters are continuously altering their eye colors utilizing colored or fancy contact lenses.

Request Free Sample

Global Contact Lens Market: Growth Factors

The rising aging inhabitants and increasing trend of youngsters to improve their aesthetic look are few of the most important factors that are anticipated to fuel the demand and popularity for the global contact lens market. The development of the overall financial system and the growing disposable income all over the world are additional aspects fuelling the contact lens market expansion.

Development in ophthalmology and increasing demand and popularity for the more competent and innovative glaucoma administration approach are the major aspects likely to fuel the development of global contact lens market. Growing occurrence of glaucoma, rising cases of diabetes associated to several complications such as cataract, eye disorders, and blindness, increasing aging demographics along with presbyopia, intensifying demand, and popularity for self-monitoring devices, and consumer-friendly factor are some of the aspects that are propelling the development of the global contact lens market. As per the American Diabetes Association, several diabetes patients are almost 45% more at risk to glaucoma and 65% more probable to build up cataract than individuals who do not suffer from diabetes and the vulnerability to diabetes-associated glaucoma grows with age.

Contact Lens Market Report Scope

Global Contact Lens Market: Segmentation

The contact lens market has been categorized based on the end user, application, and geography. In terms of application, the contact lens market is bifurcated into intraocular pressure monitoring and continuous glucose monitoring. In terms of end-user type, the contact lens market is bifurcated into clinics and home-care settings.

Based on modality, we divide the market into two segments: reusable and disposable. In 2023, the reusable category held the majority share of the market. Rising prevalence of refractive defects among patients and an increasing number of individuals using contact lenses contribute to the segment's rise. Based on the statistics released by Alcon in January 2023, individuals suffering from astigmatism show a preference for using reusable lenses. Furthermore, we expect the use of these lenses to continue growing in the foreseeable future as the number of astigmatism cases rises.

The design divides the market into toric, multifocal, and spherical segments. In 2023, the spherical segment dominated the market due to its user-friendly surface design, precise fits, and versatile applications, including treating hyperopia or myopia. As a result, the causes described above contribute to the growing use of these lenses, which in turn fuels the demand for them in the projected timeframe. We anticipate significant growth in the toric segment during the forecast period, primarily due to the increasing prevalence of astigmatism in the population.

We categorize the market into soft, gas-permeable, and other materials. We divide the gas-permeable segment into three subcategories: orthokeratology, scleral, and other materials. Consumers' increasing awareness of soft contact lenses' potential advantages, such as improved eyesight compared to spectacles, drove the market in 2023. Disposable soft lenses are more popular since they are convenient to use, store, and clean.

Distribution channels divide the market into ophthalmologists, retail stores, and online stores. In 2023, the retail shops segment achieved the most market share. The increasing inclination of customers towards retail storefronts is driving the expansion of this segment, as it provides convenient access for consumers who require instant availability to physically try on lenses. In addition, retail outlets provide a diverse selection of options and brands, facilitating shoppers in finding suitable products.

Regional Analysis

The market in Japan is anticipated to experience massive growth prospects and opportunities in the contact lens market, due to circle lenses which are particularly designed to improve the look of the eyes. The circle/round lenses cover up with the white section/part of eyes with the iris. Presence of the majority of the contact lens manufacturing in the Asia Pacific is a major factor driving the growth of the contact lens market. Also, it has been expected that these products have created inroads in the U.S. province. The development of cosmetic lenses, enthused by growing utilization of cosmetic lenses in the entertainment and media division, anticipate boosting the demand for the contact lens market.

The South American market is also likely to witness high development rate in the coming future.

Competitive Players

Some of the most important market players in the global contact lens market are

• INTEROJO
• NeoVision
• CAMAX OPTICAL
• The Cooper Companies
• Hoya
• Clerio Vision
• BenQ Materials
• SEED
• CARL ZEISS
• UltraVision CLPL
• Ginko International
• Sensimed
• ZEISS
• Menicon
• Alcon
• SynergEyes
• Contamac
• Shine Optical
• Essilor International
• Bausch & Lomb
• Visioneering Technologies
• Johnson & Johnson

Global Contact Lens Market: Regional Segment Analysis

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