Global Contact Lenses Market Outlook 2024, Forecast To 2033
8 Oct, 2024
The contact lenses market has grown significantly, with the market size increasing from $8.60 billion in 2023 to $9.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. Historic growth is attributed to the increasing prevalence of vision disorders, rising awareness of eye health, growth in refractive surgeries, the rise of online retail, and the expansion of vision care clinics. Looking ahead, the market is expected to grow further, reaching $11.87 billion in 2028 at a CAGR of 6.7%. This growth will be driven by factors such as the rising prevalence of myopia, increasing demand for daily disposable lenses, an aging population, a preference for contact lenses, and increasing cases of refractive errors. Trends in the forecast period include technological advancements, disposable lenses, UV protection lenses, smart lens technology, and telemedicine.
Global Contact Lenses Market Key Driver
The rise in the prevalence of eye disorders is expected to propel the growth of the contact lens market in the upcoming years. Eye disorders, which affect the eye's structure or function and lead to visual impairment, discomfort, or other symptoms, are increasing due to factors such as increased screen time, aging populations, environmental pollution, and lifestyle changes. Contact lenses provide corrective solutions for refractive errors, enhance comfort for dry eyes, and manage conditions like keratoconus with specialized lenses. For example, in March 2024, the Office for Health Improvement and Disparities reported that around 2 million people in the UK have some vision loss, and this number is expected to rise to 2.7 million by 2030. Therefore, the increasing prevalence of eye disorders is driving the growth of the contact lens market.
Get A Free Sample Of The Contact Lenses Market ReportGlobal Contact Lenses Market Segments
The contact lenses market covered in this report is segmented –
1) By Type: Corrective Lens, Therapeutic Lenses, Cosmetic And Lifestyle Oriented Lens
2) By Wear Type: Daily Disposable Lenses, Disposable Lenses (Two Weeks or Sooner), Frequent Replacement Lenses (Monthly or Quarterly), Conventional Lenses
3) By Material: Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Other Materials
4) By Design: Spherical Lens, Toric Lens, Multifocal Lens, Other Design
5) By Distribution Channel: Ophthalmologists, Retail Stores, Online Stores
By Geography:The regions covered in the contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the contact lenses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Contact Lenses Industry Players
Abbott Medical Optics Inc., EssilorLuxottica SA, Alcon Inc., Bausch Health Companies Inc., HOYA Corporation, The Cooper Companies Inc., Johnson & Johnson Vision Care Inc., Menicon Co. Ltd., BenQ Materials Corporation, STAAR Surgical Company, Alpha Corporation, SynergEyes Inc., Contamac Ltd., Euclid Systems Corporation, Lenstec Inc., Paragon Vision Sciences, X-Cel Specialty Contacts, Medennium Inc., NEO Vision, Blanchard Contact Lens Inc., Weicon Contact Lens Co. Ltd., Lucid Korea Co. Ltd., Bescon Co. Ltd., Conforma Contact Lens Inc.
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Contact Lenses Market Overview
Contact lenses refer to thin, curved optical devices placed directly on the eye's surface to correct vision or provide cosmetic enhancements. They are used for improving visual acuity by addressing refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, as well as for aesthetic purposes, such as changing eye color or achieving specific looks.
Contact Lenses Global Market Report 2023 provides data on the global contact lenses market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The contact lenses market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.