Global Contact Lenses Market Size, Share Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Contact Lenses Market Size

The global contact lenses market size stood at a value of approximately USD 14.78 billion in 2023. The market is further expected to grow at a CAGR of 7.10% in the forecast period of 2024-2032 to attain a value of around USD 27.37 billion by 2032.

Rising awareness regarding the advantages of contact lenses and their ease of use is driving the growth of the contact lens industry. Users with and without eye concerns are experimenting with various types of contact lenses to change their appearance, whether by changing their eye colour or by removing the need for spectacles. Contact lenses are increasingly becoming available in a variety of price points, catering to various eye concerns. The popularity of disposable contact lenses, including daily disposables and monthly disposables are on the rise, as new lenses provide greater freshness while wearing. Various tools are becoming widely available that aid in insertion and removal of contact lenses, further increasing their usage and demand among the population.

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Contact Lenses Market Growth

The hybrid segment accounts for a significant share of the market for contact lenses by type and is anticipated to witness considerable growth in the forecast period. Hybrid contact lenses present some distinct advantages such as the better facilitation of tear flow, lower apical clearance, and reduced fogging effect. These lenses enhance oxygen transmission and offer better comfort and stability. Additionally, hybrid contact lenses are gaining significant traction among those suffering from irregular cornea and astigmatism, thus aiding the contact lenses market.

Meanwhile, the gas permeable segment occupies a considerable share of the market, as it is known to provide sharper vision and allows the eyes to breathe better. Over the forecast period, the growing cases of near-sightedness among those who spend a considerable amount of time in front of screens are likely to provide a further impetus to the market growth.

Global Contact Lenses Market Share by Region

The Asia Pacific accounts for a sizable share of the market for contact lens statistics, driven by increasing consumer spending on ophthalmic products, owing to the rising disposable income and growing awareness about advanced and upgraded ophthalmic solutions. The rising geriatric population in India, China, and Japan and the growing prevalence of vision impairment are likely to contribute to the increasing demand for contact lenses market size. Over the forecast period, the market is anticipated to be aided by the growing number of eye specialists and ophthalmologists in this region.

Contact Lenses Industry Segmentation

A contact lens is defined as a thin, curved, plastic lens placed directly on the surface of the eye to correct visual defects or for aesthetic purposes. Contact lenses can be either hard or soft and while they are naturally, coloured versions are also available.

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Based on material, the market is segmented into:

• Gas Permeable

• Silicone Hydrogel

• Hybrid

On the basis of design, the market is divided into:

• Spherical Lens

• Toric Lens

• Multifocal Lens

• Others

Based on application, the market is divided into:

• Corrective

• Therapeutic

• Cosmetic

• Prosthetic

• Lifestyle-Oriented

On the basis of distribution channel, the market is segmented into:

• Eye Care Professionals

• Retail

• Online

The regional markets for contact lenses are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Contact Lenses Market Trends

The contact lenses market is experiencing dynamic growth, driven by several emerging trends that are shaping its future. One of the most significant trends is the increasing demand for daily disposable contact lenses. These lenses offer convenience and hygiene, which are particularly appealing to consumers with busy lifestyles. The growing awareness of eye health and hygiene is boosting the popularity of these lenses, making them a preferred choice for many.

Another key trend in the contact lenses market is the rising adoption of colored and cosmetic lenses. These lenses are not only used for vision correction but also as a fashion accessory. With the growing influence of social media and beauty influencers, more consumers are exploring colored lenses to enhance their appearance, driving the demand for cosmetic contact lenses.The market is also witnessing advancements in contact lens technology, such as the development of smart contact lenses. These lenses are designed to monitor health conditions, such as glucose levels, or provide augmented reality experiences. The integration of technology with contact lenses is expected to revolutionize the market, offering new opportunities for growth.

Increasing Prevalence of Myopia, Astigmatism, Hyperopia, and Presbyopia to Boost the Growth of the Contact Lenses Market

The growing prevalence of myopia, astigmatism, hyperopia, and presbyopia, owing to the prolonged exposure of IT professionals, doctors, and others to gadget screens are major cosmetic contact lenses market trends driving the market. Contact lenses can help correct myopia by reducing refractive error and moving the focus point. The market for contact lenses is anticipated to be augmented by the rising therapeutic applications of the product, owing to the growing cases of corneal and ocular surface diseases (OSD). Therapeutic contact lenses aid in visual disorders and facilitate corneal healing. In addition, the growing demand for contact lenses for cosmetic purposes is expected to further contribute to the market growth over the forecast period.

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Key Players in the Global Contact Lenses Market

The report gives a detailed analysis of the following key players in the global contact lenses market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Alcon Vision LLC

• Bausch & Lomb, Incorporated

• Johnson & Johnson Vision Care, Inc.

• CooperVision, Inc.

• Essilor International S.A.

• HOYA Vision Care

• Carl Zeiss AG

• Menicon Co., Ltd.

• UltraVision CLPL

• TruForm Optics Inc.

• Valley Contax Inc.

• SynergEyes®, Inc.

• Art Optical Contact Lens, Inc.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

Contact Lenses Market Report Snapshots

Contact Lenses Market Size

Contact Lenses Market Growth

Contact Lenses Market Share

Contact Lenses Companies