The Global Contact Lenses Market Size accounted for USD 9.6 Billion in 2021 and is estimated to achieve a market size of USD 17.4 Billion by 2030 growing at a CAGR of 6.9% from 2022 to 2030. 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.
Contact Lenses Market Report Key Highlights
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
Global Contact Lenses Market Dynamics
Contact Lenses Market Report Coverage
|Market||Contact Lenses Market|
|Contact Lenses Market Size 2021||USD 9.6 Billion|
|Contact Lenses Market Forecast 2030||USD 17.4 Billion|
|Contact Lenses Market CAGR During 2022 - 2030||6.9%|
|Contact Lenses Market Analysis Period||2018 - 2030|
|Contact Lenses Market Base Year||2021|
|Contact Lenses Market Forecast Data||2022 - 2030|
|Segments Covered||By Wear Type, By Design, By Material, By Application, By Distribution Channel, And By Geography
|Contact Lenses Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||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, and others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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 2022 to 2030. 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 2022 to 2030.
Contact Lenses Market Segmentation
The worldwide contact lenses market is split based on wear type, design, material, application, distribution channel, and geography.
Contact Lenses Market By Wear Type
According to our contact lenses industry analysis, the daily disposable lenses wear type gathered a significant amount of share in 2021 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 2022 to 2030.
Contact Lenses Market By Design
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 2022 and 2030. 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 Lenses Market By Material
According to our contact lenses market forecast, 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 2022 to 2030. 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 Lenses Market By Application
In 2021, the corrective application generated the largest contact lens market revenue with over 43% 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 2021.
Contact Lenses Market By Distribution Channel
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
The Middle East & Africa (MEA)
Asia Pacific is estimated to experience fastest growth during the 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 the professional report include 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.
The market size of contact lenses market in 2021 was accounted to be USD 9.6 Billion.
The projected CAGR of contact lenses market during the analysis period of 2022 to 2030 is 6.9%.
The prominent players of the global contact lenses market are 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.
North America held the dominating contact lenses during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for contact lenses during the analysis period of 2022 to 2030.
Growing number of eye-related disorders, increasing incidences of refractive errors, and reluctance towards eyeglasses drives the growth of global contact lenses market.
Based on wear type, daily disposable lenses segment is expected to hold the maximum share contact lenses market.