Global Contact Lenses Market Outlook 2024, Forecast To 2033
10 Oct, 2024
The contact lenses market has seen significant growth, 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%. The historic growth can be attributed to the rising prevalence of vision disorders, growing awareness regarding eye health, an increase in refractive surgeries, the rise of online retail, and the expansion of vision care clinics. Looking forward, the market is expected to experience further growth, reaching $11.87 billion in 2028, with a CAGR of 6.7%. This growth will be propelled by factors such as the increasing prevalence of myopia, a rising demand for daily disposable lenses, an aging population, a preference for contact lenses, and a growing number of refractive errors. Trends anticipated during the forecast period include technological advancements, disposable lenses, UV protection lenses, smart lens technology, and the utilization of telemedicine.
Major Driver In The Contact Lenses Market
The rise in the prevalence of eye disorders is expected to significantly drive growth in the contact lens market in the upcoming years. Eye disorders affect the structure or function of the eye, leading to visual impairment, discomfort, or other symptoms. The increase in these disorders can be attributed to factors such as higher screen time, aging populations, environmental pollution, and lifestyle changes. Contact lenses offer corrective solutions for refractive errors, enhance comfort for dry eyes, and manage conditions like keratoconus with specialized lenses. For instance, in March 2024, the Office for Health Improvement and Disparities reported that around 2 million people in the UK have some vision loss, a figure expected to rise to 2.7 million by 2030. The contact lens market is projected to grow from $8 billion in 2023 to $9 billion in 2024, ultimately reaching $12 billion by 2028. Thus, the increasing prevalence of eye disorders is a significant driver of growth in the contact lens market.
Request A Free Sample Of The Contact Lenses Market ReportContact Lenses Market Competitive Landscape
Major companies operating in the contact lenses market are 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.
Key Contact Lenses Market Trend
Major companies operating in the contact lens market are dedicated to creating innovative products such as multifocal lenses to cater to diverse vision correction needs and enhance the overall user experience. Multifocal lenses are specialized contact lenses designed to correct vision at multiple distances, effectively addressing presbyopia and other conditions that impact close, intermediate, and distance vision. For instance, in September 2022, Johnson & Johnson Vision Care Inc., a US-based eye health products provider, launched ACUVUE OASYS MAX 1-DAY contact lenses, a multifocal presbyopia lens. This advanced lens features enhanced moisture retention and superior comfort, addressing discomfort often associated with prolonged screen time. Its cutting-edge HydraMax technology ensures a stable tear film and optimal daily hydration, reducing dryness and irritation, while its high-definition visual clarity minimizes digital eye strain, delivering crisp, clear vision.
Purchase The Global Contact Lenses Market Report Directly And Get A Swift DeliveryGlobal Contact Lenses Market Segmentation
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.
The Contact Lenses Global Market Report 2024 furnishes information about the global contact lenses market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.