Contact Lenses Market Size is Expected to Reach at USD 17.4 Billion by 2030, Registering a CAGR of 6.9%, Owing to Increasing Prevalence of Vision Impairments
The Global Contact Lenses Market Size is predicted to reach USD 17.4 Billion by 2030 from USD 9.6 Billion in 2021, at a CAGR of 6.9% between 2022 and 2030, as per the Acumen Research and Consulting
The contact lens market has evolved significantly over the past few decades. One of the major developments has been the introduction of disposable contact lenses, which have made it easier and more convenient for people to use and care for their lenses. Another important development has been the introduction of advanced materials, such as silicone hydrogels, which allow more oxygen to reach the eye and provide greater comfort for the wearer. There has also been an increase in the availability of specialized contact lenses, such as those for correcting astigmatism and presbyopia, and those that change the color of the eye. In recent years, there has also been a trend towards the use of daily disposable contact lenses, which are worn for a single day and then thrown away, rather than being cleaned and reused.
The contact lens market refers to the industry involved in the production, distribution, and sale of contact lenses. Contact lenses are thin, curved lenses that are worn on the surface of the eye to correct vision or for cosmetic purposes. There are several types of contact lenses available, including those for correcting nearsightedness, farsightedness, and astigmatism, as well as colored and special-effect lenses. The contact lens market is a large and growing industry, with millions of people worldwide using contact lenses as a vision correction option. In recent years, the market has seen the introduction of new materials and technologies, such as silicone hydrogels and daily disposable lenses, which have increased the comfort and convenience of contact lens use.
Contact Lenses Market Statistics
- Global contact lenses market value was worth USD 9.6 Billion in 2021, with a 6.9% CAGR from 2022 to 2030
- According to the CDC, 8% of contact lens consumers are under the age of 18, 17% are between the ages of 18 and 24, and 75% of adults aged 25 and above wear contacts
- North America contact lenses market share occupied around 38.1% in 2021
- Asia-Pacific contact lenses market growth is estimated to attain 7.3% CAGR from 2022 to 2030
- Increasing adoption of contact lenses for cosmetic purposes, propel the contact lenses market revenue
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Contact Lenses Market
Increasing Prevalence of Vision Impairments Drives the Contact Lenses Market
The increasing prevalence of vision impairments, such as myopia (nearsightedness), hyperopia (farsightedness), and presbyopia, is a major driver of the contact lens market. As the population ages, the incidence of presbyopia, which is a condition that causes the loss of the ability to see objects up close, is expected to increase, leading to increased demand for contact lenses as a vision correction option. In addition, the increasing use of digital devices, such as smartphones and computers, has been linked to an increase in the prevalence of myopia, particularly among children and young adults. The rising prevalence of vision impairments is likely to drive demand for contact lenses as a convenient and effective option for correcting vision.
Contact Lenses Market Segmentation
Acumen Research and Consulting has segmented the global Contact Lenses market by design, wear type, application, material, and distribution channel.
- Based on the design, the market is categorized into multifocal, spherical, toric, and others. According to the contact lenses market forecast, the multifocal segment is estimated to grow significantly over the next several years.
- Based on the wear type, the industry is classified into frequent replacement lenses, daily disposable lenses, conventional lenses, and disposable lenses.
- Based on the application, the market is classified into prosthetic, corrective, lifestyle-oriented, cosmetic, and therapeutic.
- Based on the material, the market is classified into gas permeable, silicone hydrogel, polymethyl methacrylate (PMMA), hybrid, and hydrogel.
- Based on the distribution channel, the market is classified into retail stores, e-commerce, and silicone hydrogel & hydrogel.
Contact Lenses Market Regional Overview
Geographically, the global contact lenses market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to a contact lens industry analysis, North America may lead the global market in 2021. This dominance can be attributed to a large disposable income, a modern healthcare system, and a high level of awareness about eyesight correction alternatives. North America's healthcare system is well-developed, with a heavy emphasis on preventive treatment and early diagnosis of vision impairments. This has most likely contributed to the region's high rate of contact lens adoption. Furthermore, North America is home to numerous large contact lens manufacturers, including Johnson & Johnson, CooperVision, and Alcon (a branch of Novartis), all of which have a strong presence in the region.
Contact Lenses Market Players
Some of the prominent contact lenses market companies are Essilor International S.A., Alcon Vision LLC, Carl Zeiss AG, STAAR Surgical Company, Abbott Medical Optics, Inc., Bausch & Lomb, CooperVision, Inc., Hoya Corporation, Seed Co., Ltd., SynergEyes, Inc., Contamac, X-Cel Specialty Contacts, Medennium, and Johnson & Johnson Vision Care, Inc.
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