Report Overview

Rapidly aging world population, people’s desire to enhance their esthetic appearance, manage ophthalmic disorders, and the growing popularity of multifocal could boost the growth of Global Contact Lenses Market during the forecast period between 2023 and 2029.

Global Contact Lenses Market - Industry Trends & Forecast Report, 2029

Global contact lenses market size was estimated at USD 8.5 billion in 2022. During the forecast period between 2023 and 2029, global contact lenses market size is expected to grow at a CAGR of 6.4% reaching a value of USD 13 billion by 2029. One of the main drivers of the global contact lenses market is the rise in various regions' aging populations and their increasing incidence of various illnesses related to eyes. The prevalence of eye conditions, such as myopia has led to an increase in contact lens wearers worldwide. As a result, the demand for daily contact lenses has increased dramatically. Due to the rise in eye diseases across all age groups in nations, such as India, China, and Japan, the Asia Pacific region is expected to record the highest growth in the contact lens market during the forecast period. It is expected that North America will account for the largest portion of the global market for contact lenses during the forecast period.

Global Contact Lenses Materials Market - Overview

Small lenses called contact lenses are worn to correct vision or for aesthetic reasons. Contact lenses have many advantages over glasses. Without any vision interfering with eye movement, contact lenses offer a natural view. Unlike glasses, they don't fog up or get splattered with dirt. The best option for sports and water activities is contact lenses. Contact lenses are curved disk-shaped, transparent, thin medical devices that are used to treat refractive errors and are placed right on the cornea of the eye. The best alternatives to LASIK surgery and eyeglasses for the treatment of hyperopia, astigmatism, myopia, and presbyopia are contact lenses.

Growth Drivers

Growing elderly population prone eye illnesses will drive the contact lens market

The elderly people have the highest prevalence of eye disorders and diseases. Retinal loss is a major health concern in this demographic. According to the WHO, one in every six people in the world will be 60 or older by 2030. At this point, the proportion of the population aged 60 and up will rise from 1 billion in 2020 to 1.4 billion. The world's population of people aged 60 and up is expected to double by 2050. (2.1 billion). The number of people aged 80 and up is expected to triple between 2020 and 2050, reaching 426 million. As the elderly population grows, so does the demand for contact lenses.

Rising R&D Activities

The market has been witnessing a remarkable rise in R&D activities in optics and optometry. Moreover, advancements such as the launch of dynamic soft contact lenses integrated with advanced technology are driving the market growth. For example, in August 2020,Bausch + Lomb, one of the leading players in the optical lenses industry, announced the launch of Bausch + Lomb INFUSE silicone hydrogel (SiHy) daily disposable contact lens— the only SiHy daily disposable contact lenses designed with a next-generation material infused with Pro Balance Technology to help maintain ocular surface homeostasis and help reduce symptoms of contact lens-related dryness, which is experienced by approximately half of the 45 billion lens wearers in the United States.

Restraints

Side Effects of Contact Lenses

It is a broadly known fact that sleeping with the lenses on or careless handling or storage of contact lenses can have severe implications such as eye infections, dryness of eyes, ulcerations, and other eye diseases, which are likely to restrict mass acceptance of contact lenses among apprehensive consumers. In certain emerging regions such as the Middle East and Africa, specialists are not well-equipped to recommend contact lenses. Increasing acceptance of ophthalmology devices and remedial procedures like LASIK and Photorefractive Keratectomy (PRK) also threatens to limit the complete development prospects of the global contact lens market.

Impact of COVID-19 on Global Contact Lenses Market

During the COVID-19 pandemic, the growth of contact lenses market plummeted due to an increased fear of infections transmitted through contact lens use. Because of the COVID-19 pandemic, most manufacturers' revenues worldwide have decreased. To prevent the spread of infection, the majority of the world's population who suffered from eye disorders, despite refractive errors, opted for the use of eye glasses rather than contact lenses. Major health-care organizations advocated for the use of eyeglasses rather than contact lenses as one of the reasons for the virus's spread during the COVID-19 pandemic. The number of people visiting eye specialists had decreased as a result of the strict lockdown and strict social distance policies. The market had suffered because of the cessation of these practices. Due to the significant impact on logistics and the supply chain, manufacturers now had to deal with a shortage of raw materials. As a result, the production of contact lenses had significantly decreased. However, because the manufacturing of the products had ceased during the pandemic, after the pandemic the market's demand for contact lenses increased once more, but the product's demand was not met.

Global Contact Lenses Market

Segmental Coverage

Global Contact Lenses Market - By Product

Global contact lenses market is divided into Soft Lenses and Hard Lenses segments. One of the key drivers of the expansion of the contact lens market is the soft lens segment, which has a wide range of applications. Soft contact lenses have an easy eye adaptation and improved comfort because they are made of flexible, soft plastics like silicone hydrogel. It is frequently used to treat ametropia. They allow more oxygen to reach the cornea of the wearer. Therefore, by reducing dryness and itching, an increase in oxygen permeability improves the health and comfort of the wearer's eye.

Global Contact Lenses Market - By Design Type

On basis of design type, global contact lenses market is divided into Spherical, Toric, and Cylindrical. The spherical design accounts for the highest share in the market and is likely to dominate the market in the years to come. This growth can be attributed to the rising number of populations suffering from near-sightedness and farsightedness. The spherical design has the same lens power during the lens's optical part to correct the hyperopia, myopia, and presbyopia. Increasing consumer affordability is the major reason that motivates adults and working-class consumers to prefer spherical lenses over spectacles. These lenses are majorly suggested for people with low astigmatism level. This is yet another factor driving the growth of spherical design contact lenses.

Global Contact Lenses Market – By Usage

On basis of usage, global contact lenses market is divided into Corrective, Therapeutic, Cosmetic, and Prosthetic. The market is dominated by the corrective lens segment. During the forecast period. The most well-known corrective lenses are spherical, multifocal, bifocal, and toric. Therapeutic contact lenses help with ocular pain relief, corneal healing, and other therapeutic goals. The therapeutic application segment is expected to represent a sizeable portion of the overall market share. As the lenses can also be used to deliver medications to the cornea, the market share of the segment is expected to decline during the forecast period. Due to the growing demand for cosmetic lenses, the industry is expected to experience enormous growth opportunities.

Global Contact Lenses Market – By Material

On basis of the material, global contact lenses market is divided into Hydrogel, Silicone Hydrogel, and Polymers. The hydrogel section is likely to dominate the market during the forecast period due to the hydrogel material's enhanced oxygen permeability. If the cornea fails to get adequate oxygen, it causes hypoxia, which leads to dim vision, contamination, and other visual conditions. Thus, the consumers prefer using contact lenses of superior quality to ensure the safety of their eyes. Growing awareness about reducing hypoxia-related problems, along with mounting consumer consciousness regarding the safety of extended wear/daily wear contact lenses will drive material demand.

Silicone hydrogel lenses allow almost five times more oxygen to reach the cornea compared to regular hydrogel lenses. Since these lenses also offer more ease and hydration to the wearer throughout the day, the rising demand for such contact lenses is further driving the market growth. Silicone hydrogel lenses have several advantages over gas-permeable lenses, including greater comfort and flexibility. As a result, it is preferred by users over other lenses.

Global Contact Lenses Market – By Distribution Channel

On basis of the distribution channel, global contact lenses market is divided into Optical Stores, Independent Brand Showrooms, Online Stores, and General Retail Stores. The general retail stores segment dominates the contact lens market. The general retail store segment is expanding as a result of manufacturers' initiatives to produce advanced products at very low prices in retail stores, which are then combined with additional discounts provided by retail sellers. The rapid expansion of retail pharmacies in developed countries boosts the development of this segment.

The vast majority of lenses produced are distributed by independent eye-care professionals. As a result, online retailing has the smallest market share. As a result, market penetration in the ECP channel represents a critical profit opportunity. During the forecast period, the e-commerce distribution channel is expected to have the highest CAGR.

Global Contact Lenses Market – By Region

On basis of the region, global contact lenses market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America dominates the global market.

Competitive Landscape

Global contact lenses market is fiercely competitive. Prominent players in the market include Bausch + Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co., Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), and Menicon Co., Ltd. (Japan). The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Development

• In April 2022 - Alcon launched the Precision, a disposable contact lens for Astigmatism in Canada. The daily disposable silicone hydrogel (SiHy) contact lenses are designed for astigmatic patients.

• In February 2022 - Alcon announced its plans to launch Total 30 in Canada, a monthly replacement water Gradient lens. Total 30 delivers a premium wearing experience for reusable contact lens wearers.

Scope of the Report

By Product

• Soft Lenses

• Hard Lenses

By Design Type

• Spherical

• Toric

• Cylindrical

By Material

• Hydrogel

• Silicone Hydrogel

• Polymers

Distribution Channel

• Optical Stores

• Independent Brand Showrooms

• Online Stores

• General Retail Stores

By Region

• Asia Pacific

• North America

• Europe

• Middle East & Africa

• Latin America