Contact Lenses Market: $12.13 Billion by 2032 (CAGR 3.06%) | Driven by Myopia Growth & Advanced Technologies (Daily Disposables, Drug Delivery)
Research Reports
Jul 18, 2024
Market Overview
Contact Lenses Market Research Report Information By Type (Corrective Lens, Therapeutic Lenses, and Cosmetic & Lifestyle Oriented Lens), By Wear Type (Daily Disposable Lenses, Disposable Lenses (Two Weeks or Sooner), Frequent Replacement Lenses (Monthly or Quarterly), and Conventional Lenses), By Material (Methacrylate Hydrogel Soft Contact Lens, Silicone Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, and Others), By Design (Spherical Lens, Toric Lens, Multifocal Lens, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.
The contact lenses market size was valued at USD 9.21 Billion in 2023. The contact lenses industry is projected to grow from USD 9.53 Billion in 2024 to USD 12.13 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.06% during the forecast period (2024 – 2032).
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Market Trends
The growth of the contact lens market is primarily driven by the increasing prevalence of presbyopia and myopia among both children and adults. Limited awareness and uncertainty about eyesight correction, especially in emerging countries, have contributed to the growing number of people with vision impairments. Additionally, the demand for ultra-vision contact lenses is rising due to their ability to provide excellent vision and all-day comfort for people with myopia. In the future, healthcare professionals are expected to monitor the progress of various contact lens types in real-time using advanced sensing techniques like near-infrared spectroscopy. The increasing prevalence of diabetes and the rising demand for contact lenses following cataract surgery are also significant factors driving market growth.
The desire to eliminate spectacles and adopt ‘Plano’ sunglasses for aesthetic purposes further boosts the contact lens market. Innovations in contact lens technology have enhanced their adoption. For instance, Alcon Vision LLC introduced the AcrySof IQ PanOptix Trifocal IOL in the United States, a trifocal lens used for cataract surgery that offers intermediate, distance, and near vision. Developments in contact lenses with drug-delivery capabilities are expected to drive market growth in the coming years. The increasing demand for daily disposable contact lenses is also anticipated to create significant growth opportunities in the market.
Leading manufacturers are focusing on increasing their R&D investments to develop and introduce technologically advanced lenses, mainly used for vision correction, thereby boosting product usage among patients. For example, Cooper Companies Inc. has increased its R&D expenditure to develop new lenses, manufacturing technologies, and process enhancements.
Furthermore, the rising number of product approvals and launches by major players is expected to drive demand and market penetration. For example, Alcon launched TOTAL30, a premium, reusable toric lens for astigmatism, in the US and Europe, with plans to expand to more markets throughout the year.
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Market Segment
Contact Lens Types:
The market for contact lenses is segmented into corrective lenses, therapeutic lenses, and cosmetic & lifestyle-oriented lenses. Corrective lenses held the largest market share, driven by their contribution to overall market revenue.
Contact Lens Wear Types:
Contact lenses are categorized by wear type into daily disposable lenses, disposable lenses (two weeks or sooner), frequent replacement lenses (monthly or quarterly), and conventional lenses. Conventional lenses accounted for the majority of market revenue.
Contact Lens Materials:
Contact lenses are segmented by material into silicone hydrogel soft contact lenses, methacrylate hydrogel soft contact lenses, gas-permeable contact lenses, and others. Silicone hydrogel soft contact lenses dominated the market due to their widespread use and benefits.
Contact Lens Designs:
Contact lenses are categorized by design into spherical lenses, toric lenses, multifocal lenses, and others. Spherical lenses led the market revenue, driven by advancements in technology and precise fitting capabilities.
Regional Overview
The global contact lens market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas are anticipated to lead the global contact lens market, with North America and South America maintaining significant positions. Factors such as increasing contact lens adoption, rising prevalence of eye diseases, growing popularity of cosmetic lenses among young consumers, and substantial R&D investments in the United States and Canada are expected to drive market growth.
In Europe, growth in the contact lens market is driven by increasing rates of age-related eye diseases in countries like the United Kingdom, Germany, France, and Spain.
Asia-Pacific is expected to experience rapid market growth fueled by increasing rates of eye diseases and rising adoption of contact lenses among young populations. Major investments from key players in the region are also contributing to market expansion.
The Middle East and Africa’s contact lens industry is projected to grow alongside increasing contact lens usage and partnerships aimed at expanding market presence.
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Competitive Landscape
Key players in the contact lens market include Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Neovision Co., Ltd, Seed Co. Ltd, Hoya Corporation, Menicon Co., Ltd, Oculus Private Limited, Camax Optical Corp., and St. Shine Optical Co., Ltd.
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