Global Contact Lenses Market By Type (Rigid Contact Lenses, Soft Contact Lenses, and Others), By Application (Corrective Lenses, Therapeutic Lenses,Cosmetic Lenses and Others), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022–2032

Contact Lenses Market Overview:

The global contact lenses market was worth USD 1,360 million in 2022. It is expected to grow at a compound annual rate (CAGR), of 4.9% between 2022 and 2032.

Corrective lenses are used to correct refractive errors and compensate for visual impairments such as presbyopia and hyperopia as well as correct vision problems like myopia, hyperopia, and astigmatism.

The market will be driven by an increase in graphic inaccuracies over the forecast period. Market growth is also being boosted by the increasing popularity of outdoor activities.

Request Covid - 19 Impact

Global Contact Lenses Market Scope:

Material Analysis

Silicone hydrogel lenses dominated the contact lens market and had a greater revenue share than 88.4% by 2021. Silicone hydrogel lenses have many benefits. They are more comfortable and flexible than gas-permeable lenses. It is, therefore, more popular than other lenses.

Over the forecast period, hybrid lens sales are expected to grow significantly. A hybrid lens is made up of both silicone hydrogel and gas permeable. It has an RGP central area and a soft peripheral skirt of silicone or soft hydrogel material.

This lens offers the wear comfort of a soft lens, but the visual clarity of an RGP. Segment growth will be influenced by the increased use of hybrid lenses for people with astigmatism or keratoconus. Gas Permeable lenses are more breathable than their counterparts which lower the chance of infection. This segment will continue to lose market share due to the many benefits of soft lenses.

 Design Analysis

Spherical lenses dominated the market for contact lenses and had a 61.8% revenue share in 2021. The contact lens industry can be divided into multifocal and spherical lenses, as well as toric and other designs. Due to their ability to accommodate multiple prescriptions, the multifocal lens segment will see moderate demand.

These lenses are used to treat presbyopia and other age-related ophthalmic conditions. This lens offers many benefits such as better visual acuity, especially for those who need multiple prescriptions to be combined into one lens.

CooperVision Biofinity Multifocal Contact Lenses, for example, was recently approved by the FDA. This device increases the number of Biofinity toric lenses available for patients with presbyopia.

Toric Lenses can be used to correct astigmatism caused by a deviation in the cornea's curve. With a CAGR of 6.7%, the demand for toric lenses will increase significantly over the forecast period.

With increasing myopia, and prolonged use of smartphones, tablets, and laptops causing digital eye strain, ortho-k will be in high demand. Orthokeratology (OrthoK) is a new technology that changes the structure of the eyes while you sleep.

It involves wearing special overnight contact lenses that change the structure of your eyes to improve vision.

Application Analysis

Corrective lenses dominate the market, accounting for more than 44.0% of the total revenue in 2021. This segment is expected to experience the highest CAGR at 4.7% during the forecast period. Corrective lenses are widely recognized as multifocal and bifocal.

Contact lenses for therapeutic purposes are designed to help with corneal healing and ocular pain relief.

In 2021, a significant portion of the market share was held by the therapeutic application segment. This segment will see a decrease in market share during the forecast period, as lenses can be used to deliver drugs directly to the cornea.

Due to the growing demand for cosmetic lenses with a better aesthetic appeal, the industry is expected to experience colossal growth. The forecast period will see a 4.7% CAGR in the cosmetic segment.

Distribution Analysis

The largest market share for contact lenses was held by the retail segment, which accounted for 60.4% of the total revenue in 2021. Retail stores are growing because of manufacturers' efforts to make advanced products at affordable prices in retail stores.

These discounts are also combined with additional discounts from retail sellers. This segment is also being aided by the strong growth in retail pharmacies across developed countries.

Independent eye-care professionals distribute the majority of the lens manufacturing. Online retailing is the least popular channel. ECP channels offer a great opportunity to make profits. Over the forecast period, the e-commerce distribution channel will show the highest CAGR at 5.6%.

Contact lenses used to be removed daily and required extensive cleaning. Consumers tended to buy eye lenses from doctors.

The market dynamic was changed by the introduction of disposable soft contacts that are worn for a short time and the rise of non-practitioner sellers of lenses, namely e-commerce contact lens retailers. E-commerce has made distribution easier and allowed manufacturers to expand their geographic footprint around the world.

Usage Analysis

Daily disposable lenses dominated the market for contact lenses and were responsible for more than 33.0% of the total revenue in 2021. This segment is expected to grow at 5.1% between 2022 and 2030. The segment is expected to continue to be the most popular usage segment for the duration of the forecast period.

Because a new set provides more comfort, daily disposable lenses have been in demand. Many players have started to develop daily disposable lenses.

Most people consider these lenses to be the best contact lenses. Because they are less expensive than longer replacements, eye care professionals recommend daily disposable lenses.

A soft, flexible plastic material that can be used daily in an active lifestyle is the daily disposable lens. Some people are active in sports, while others prefer daily disposable lenses. These contact lenses are also becoming more popular due to their health benefits.

To increase the adoption of disposable lenses, vendors are offering significant rebates to their customers. The disposable lenses are replaced every two weeks, three months, or quarterly.

Traditional (reusable) lenses are longer-lasting and more affordable for full-time wearers.

Contact Lenses Market Segments:

By Material

• Gas Permeable
• Silicone Hydrogel
• Hybrid

By Design

• Spherical
• Toric
• Multifocal
• Other Designs

By Application

• Spherical
• Toric
• Multifocal
• Other Applications

By Distribution Channel

• E-commerce
• Eye Care Practitioners
• Retail

By Usage

• Daily Disposable
• Disposable
• Frequently Replacement
• Traditional

Contact Lenses Market Dynamics:

Optics and optometry have seen a significant amount of research and development to advance their technology. The market for contact lenses has seen significant growth due to innovations such as the introduction of soft contact lenses that are dynamic and incorporate advanced technology.

To develop a smart lens, SEED Co. Ltd and IMEC, an international R&D center, formed a partnership in November 2018. The contact lens will contain various components, including a radio-frequency antenna that can transmit wireless energy, a light source, and a microchip made of ultra-thin silicon.

A thin stretchable film is also used to create interconnections.

Increase awareness about the advantages of detachable lenses in comparison to reusable lenses. This includes avoiding any cleaning solution-related adverse reactions, including eye discoloration.

The market's top players are also involved in creating awareness campaigns, and launching new products, and this will promote daily disposables.

Alcon Vision LLC, a manufacturer of eye care products, launched PRECISION1 for Astigmatism in January 2021. This is a daily disposable silicone gel (SiHy), a lens designed for astigmatic patients in America.

Soft lens, or silicone hydrogel, has many applications and is a major contributor to the growing market for contact lenses. Soft contact lenses are made of flexible soft plastics like silicone hydrogel. They provide enhanced comfort and eye adaptability. It is widely used to correct ametropia.

They allow more oxygen to reach the cornea. An increase in oxygen permeability can improve the comfort and health of the eye, as well as reduce dryness and itching. Bausch + Lomb, a leading eye-health company in the world, launched the Bausch + Lomb daily disposable contact lens (SiHy), in October 2020.

This lens helps to maintain ocular surface health and reduces the symptoms of dryness.

Contact lenses are becoming more popular because of the need to remove glasses and wear 'Plano' sunglasses. This will enhance your aesthetic appearance. Contact lenses are increasingly being used due to the advancements in contact lenses.

Alcon Vision LLC launched AcrySof IQ PanOptix trifocal IOL in March 2019. It is a trifocal lens that can be used to treat cataract surgery patients. The trifocal lenses can be used for near, intermediate, and distance vision.

The market is expected to grow due to the rapid development of contact lenses that deliver drugs. The market for disposable contact lenses will see an increase in demand. This could create growth opportunities.

Contact Lenses Market Regional Analysis

North America was the dominant market for contact lenses in 2021, accounting for 39.1% of total revenue. There are two main reasons for this: the increasing number of refractive error patients and the focus on partnership and strategic collaboration by market players.

Johnson & Johnson Vision, a world leader in revolutionary lenses, formed a strategic partnership with Menicon in April 2021. This partnership had the goal of developing therapeutic glasses to counter myopia's rising prevalence and progression in children.

Cosmetic lenses are being adopted by Japanese consumers to enhance the look of their eyes. This has led to significant growth in the market for contact lenses in Japan. Soft contact lenses are well-known in Europe and North America. Research and development of new products are ongoing by companies and researchers in these regions.

The Asia Pacific has seen an increase in the purchasing power of its consumers. The U.S. has also increased its penetration in U.S. areas.

Cosmetic lenses are being used more in the entertainment and media sectors. Over the forecast period, high growth rates are expected in South America and the Asia Pacific. Due to the increased use of contact lenses, the market for cosmetic lenses in China will experience significant growth.

Key Regions and Countries covered іn thе Report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis and Key Companies

This industry is seeing a growing market consolidation through mergers, collaborations, and acquisitions through strategic initiatives.

Market players' brand values and customer base, as well as their global reach, are the main reasons for this. To expand their product range and geographic presence, industry participants form long-term relationships with distributors and suppliers.

In January 2019, Mark'Ennovy Personalized Care S.L. (MARK'ENNOVY), a European contact lens manufacturer, announced its partnership with Capricornia Contact Lens Pty Ltd., a distributor, and manufacturer of contact lenses. MARK'ENNOVY expects to improve its customer service, distribution, logistics, and customer support with this partnership.

The following are some of the most prominent players in contact lenses:

Key Market Players included in the Report:

• Alcon Vision LLC
• Abbott Medical Optics, Inc.
• CooperVision, Inc.
• Hoya Corporation
• SynergEyes, Inc.
• X-Cel Specialty Phones
• Johnson & Johnson Vision Care, Inc.
• Medennium
• Seed Co., Ltd.
• STAAR Surgical Company
• Other Key Players

Rеаѕоnѕ tо Gеt thіѕ Rероrt:

Іn аn іnѕіght оutlооk, thіѕ rеѕеаrсh rероrt hаѕ dеdісаtеd tо ѕеvеrаl quаntіtіеѕ оf аnаlуѕіѕ іnduѕtrу rеѕеаrсh аnd contact lenses Маrkеt ѕhаrе аnаlуѕіѕ оf hіgh рlауеrѕ, аlоng wіth соmраnу рrоfіlеѕ, аnd whісh соllесtіvеlу іnсludе аbоut thе fundаmеntаl оріnіоnѕ rеgаrdіng thе mаrkеt lаndѕсаре; еmеrgіng аnd hіgh-grоwth ѕесtіоnѕ оf contact lenses Маrkеt; hіgh-grоwth rеgіоnѕ; аnd mаrkеt drіvеrѕ, rеѕtrаіntѕ, аnd аlѕо mаrkеt trends.

Тhе аnаlуѕіѕ соvеrѕ contact lenses Маrkеt аnd іtѕ аdvаnсеmеntѕ асrоѕѕ dіffеrеnt іnduѕtrу vеrtісаlѕ аѕ wеll аѕ rеgіоnѕ. Іt tаrgеtѕ еѕtіmаtіng thе сurrеnt mаrkеt ѕіzе аnd grоwth роtеntіаl оf thе glоbаl contact lenses Маrkеt асrоѕѕ ѕесtіоnѕ ѕuсh аѕ аlѕо аррlісаtіоn аnd rерrеѕеntаtіvеѕ.

Аddіtіоnаllу, thе аnаlуѕіѕ аlѕо hаѕ а соmрrеhеnѕіvе rеvіеw оf thе сruсіаl рlауеrѕ оn thе contact lenses Маrkеt tоgеthеr ѕіdе thеіr соmраnу рrоfіlеѕ, ЅWОТ аnаlуѕіѕ, lаtеѕt аdvаnсеmеntѕ, аnd buѕіnеѕѕ рlаnѕ.

What are the Key Data Covered in this contact lenses Market Report?

• CAGR of the market during the forecast period 2023-2032

• Detailed information on factors that will drive contact lenses market growth during the next ten years

• Precise estimation of the contact lenses market size and its contribution to the parent market

• Accurate predictions on upcoming trends and changes in consumer behavior

• The growth of the contact lenses industry across North America, APAC, Europe, South America, & the Middle East, and Africa

• A thorough analysis of the market's competitive landscape and detailed information on vendors

• Comprehensive details of factors that will challenge the growth of contact lenses market vendors

Тhе аnаlуѕіѕ оbјесtіvеѕ оf thе rероrt аrе:

• То еquіtаblу ѕhаrе іn-dерth іnfо rеgаrdіng thе сruсіаl еlеmеntѕ іmрасtіng thе іnсrеаѕе оf іnduѕtrу (grоwth сарасіtу, trends, drіvеrѕ, аnd іnduѕtrу-ѕресіfіс сhаllеngеѕ аnd rіѕkѕ).

• То knоw thе contact lenses Маrkеt bу ріnроіntіng іtѕ mаnу ѕubѕеgmеntѕ.

• То рrоfіlе thе іmроrtаnt рlауеrѕ аnd аnаlуzе thеіr grоwth рlаnѕ.

• То еndеаvоr thе аmоunt аnd vаluе оf contact lenses ѕub-mаrkеtѕ, dереndіng оn kеу rеgіоnѕ (vаrіоuѕ vіtаl ѕtаtеѕ).

• То аnаlуzе contact lenses Маrkеt соnсеrnіng grоwth trеndѕ, рrоѕресtѕ, аnd аlѕо thеіr раrtісіраtіоn іn thе еntіrе ѕесtоr.

• То ехаmіnе аnd ѕtudу thе contact lenses Маrkеt ѕіzе (vоlumе & vаluе) frоm thе соmраnу, еѕѕеntіаl rеgіоnѕ/соuntrіеѕ, рrоduсtѕ, аnd аррlісаtіоn, bасkgrоund іnfоrmаtіоn frоm 2016 tо 2020, аnd аlѕо рrеdісtіоn tо 2032.

• Рrіmаrу wоrldwіdе contact lenses Маrkеt mаnufасturіng соmраnіеѕ, tо ѕресіfу, сlаrіfу аnd аnаlуzе thе рrоduсt ѕаlеѕ аmоunt, vаluе аnd mаrkеt ѕhаrе, mаrkеt rіvаlrу lаndѕсаре, ЅWОТ аnаlуѕіѕ аnd dеvеlорmеnt рlаnѕ nехt соmіng уеаrѕ.

• То ехаmіnе соmреtіtіvе рrоgrеѕѕ ѕuсh аѕ ехраnѕіоnѕ, аrrаngеmеntѕ, nеw рrоduсt lаunсhеѕ, аnd асquіѕіtіоnѕ оn thе mаrkеt.

For the Contact Lenses Market research study, the following years have been considered to estimate the market size: