Contact Lenses Market Emerging Analysis, Future Growth and Business Opportunities 2027

Contact Lenses Market Overview:

The Contact lenses are aesthetic alternatives to spectacles. Contact Lenses are used to correct refractive errors and restore normal vision in case of myopia, hypermetropia, hyperopia, presbyopia and astigmatism. Apart from vision correction, new types of contact lenses with other functions such as night vision and infrared vision are also available.

The value of the global contact lenses market was USD 8.58 billion in the year 2021. This value is projected to increase to USD 12.56 billion in 2028. The estimated CAGR of this market in the forecast period 2021-2028 is 5.70%.

Rise in cases of myopia, astigmatism and other kinds of optical disorders worldwide, an increasing tendency to opt for better aesthetics and a rise in disposable incomes are the main factors driving the growth of the contact lenses market. High investments in R&D in the field of optometry in general and contact lenses in particular, along with the development of new types of contact lenses such as dynamic soft contact lenses, contact lenses with drug delivery capabilities, trifocal contact lenses, smart contact lenses and more are also giving a boost to this market.

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 Contact Lenses Market Segmentation:

• On the basis of materials, the global contact lenses market is divided into hybrid, silicone hydrogel and gas permeable. The hybrid contact lenses segment is projected to register the highest growth in the forecast period. This is because the demand for hybrid contact lenses is growing due to high level of comfort and better vision clarity.
• On the basis of design, the global contact lenses market is divided into spherical, toric and multifocal. The largest market share in the forecast period is projected to be held by the spherical segment. Reason is maximum technological advancements in the spherical contact lenses segment. Toric lenses used to correct astigmatism are projected to grow significantly in the forecast period.
• The high prevalence of vision defects is the main reason for the high demand for corrective contact lenses. On the basis of application, the global contact lenses market is divided into corrective, therapeutic, lifestyle-oriented, prosthetic and cosmetic. The corrective segment held the largest revenue share in 2019 and is projected to register the highest CAGR in the forecast period.

Contact Lenses Market Regional Analysis:

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

North America dominates the global contact lenses market, accounting for USD 2.92 billion in 2020. The Asia Pacific is estimated to register the highest growth in the forecast period due to rising cases of visual impairment, improved ocular diagnostic facilities and a rise in disposable incomes. The reasons are the growing prevalence of vision errors among the population and rising awareness about contact lenses in this region.

Contact Lenses Market Players:

The global Contact Lenses market includes key players like Mobile Aspects, Inc. (US), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (US), STANLEY Healthcare (US), Censis Technologies, Inc. (US), Infor (US), TGX Medical Systems (US), Key Surgical (US) and others.

Among others are some key companies in the global Contact Lenses that are listed by MRFR for market research.

The covid-19 pandemic had a negative impact on the contact lenses market. The market contracted by 9.7% in the year 2020 due to the pandemic. Concerns about side effects associated with the use of contact lenses such as excess mucus production, corneal edema, superficial keratitis, epithelial microcysts and more limit the adoption of contact lenses which acts as a growth restraint for this market.

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Industry News

In October 2020, Bausch and Lomb acquired the license to manufacture myopia control design lenses developed by an Australian non-profit research organization.

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