Contact Lenses Market Is Projected to Reach USD 11.72 billion by 2030 at CAGR of 3.50% | MRFR
Research Reports
Dec 23, 2022
Contact Lenses Market Overview
The global contact lenses market is projected to reach approximately USD 11.72 billion by 2030, at a CAGR of 3.50% from 2022 to 2030. In order to improve eyesight, contact lenses are plastic-like ocular prosthetics that are placed on the eyeball. With no frames to restrict one’s vision, it provides for a natural field of view and lessens distortions. The US Food and Drug Administration (FDA) oversees and regulates contacts as a medical device. Additionally, you need a prescription to get both cosmetic and prescription contact lenses.
The global contact lenses market is expected to rise over the course of the forecast period due to the increasing use of contact lenses to treat various vision problems, including refractive errors like astigmatism and myopia.
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Contact Lenses Market Segmentation
The global market for contact lenses has been segmented into daily wear, extended wear, and traditional wear based on usage. Since daily wear contacts are less expensive than other types of contacts, they had a significant market share in 2021. Extended wear, however, is predicted to experience the fastest growth in the upcoming years because it can be worn for longer periods of time—even while a person is sleeping.
Spherical, toric, multifocal, monovision, and cosmetic contact lenses make up the majority of the worldwide contact lens market. Due to the growing use of contact and intraocular lenses by patients and optometrists to treat myopia, spherical contact lenses held the greatest market share of the global market in 2021. But because of the rising astigmatism prevalence and the emergence of new products, the toric category is anticipated to grow at the fastest rate during the forecast period.
The silicone hydrogel, hydrogel, glass permeable, hybrid, and polymethyl methacrylate segments of the worldwide contact lens market are separated based on material (PMMA). In 2021, the silicone hydrogel lens segment dominated the contact lens market. In comparison to gas-permeable lenses, silicone hydrogel lenses offer a number of advantages, including increased comfort and flexibility. As a result, users prefer it over other lenses. Over the forecast period, the hybrid lens category is expected to experience significant growth. It is anticipated that astigmatic individuals will use hybrid lenses more frequently, which will favourably affect segment growth.
The opaque contact lens, enhanced contact lens, and tinted contact lens categories have been established for the global contact lens market. Due to a rise in youth demand for better facial aesthetics and the entertainment industry’s support of the contact lens market, the opaque contact lenses category held a significant market share in 2021. However, the market is driven by the enhanced contact lens category because these lenses are seeing more and more advancements.
The global contact lens market has been divided into three application groups: conventional, orthokeratology, and ornamental. As they are used to enhance visual acuity for users who need to combine multiple prescriptions, the conventional category was predicted to hold a significant market share in 2021. Although these lenses are used to slow down the progression of myopia in young patients, the orthokeratology category is expected to grow at the fastest rate during the period of the forecast.
The global market for contact lenses has been divided into three categories based on the distribution channel: retail stores, hospitals & clinics, and e-commerce. Due to manufacturers’ initiatives to establish cutting-edge products at competitive prices in retail stores, as well as discounts offered by retail stores and the penetration of larger store chains, the retailer category held a significant market share in 2021. However, the e-commerce sector is expanding at the fastest rate due to changing regulatory standards for the online sale of these lenses in developed nations and the entry of major e-pharmacy players.
Contact Lenses Market Regional Analysis
The regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa make up the global market for contact lenses.
The market for contact lenses worldwide is probably dominated by the Americas. The rising number of people who wear contact lenses, the rising incidence of eye diseases, the growing popularity of cosmetic lenses among younger people, and the significant investment in R&D made in the US and Canada are all likely to contribute to the Americas’ dominance during the forecast period.
Due to the widespread use of contact lenses and the rising incidence of age-related eye diseases in nations like the UK, Germany, France, and Spain, the Europe market experienced significant growth.
Due to the rising prevalence of eye disorders and the rising use of contact lenses among young people, Asia-Pacific is predicted to have the fastest growth rate in the global market. Additionally, increasing market players’ investments in the Asia-Pacific region are likely to fuel market expansion.
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Due to growing commercialization of contact lenses products and growing collaborations and agreements, the Middle East and Africa contact lenses market is anticipated to expand.
Contact Lenses Market Key Players
The prominent players in the market are Novartis AG, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Oculus Private Limited, Camax Optical Corp., CooperVision, Inc. (The Cooper Companies Inc.), Menicon Co., Ltd, Bausch Health, Johnson & Johnson Services Inc., St. Shine Optical Co., Ltd.
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