Global Contact Lenses Market Share Insights Forecasts to 2030

• The Global Contact Lenses Market Size was valued at USD 14.9 billion in 2021.
• The Worldwide Market Share is growing at a CAGR of 4.1% from 2022 to 2030
• The Global Contact Lenses Market Size is expected to reach USD 20.7 billion by 2030
• Asia Pacific is expected to grow the fastest during the forecast period

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The Global Contact Lenses Market Size is expected to reach USD 20.7 billion by 2030, at a CAGR of 4.1% during the forecast period 2022 to 2030. A corrective lens is increasingly used to correct refractive errors as well as compensate for visual ailments like hyperopia, myopia, astigmatism, and presbyopia. Hence, increasing graphic inaccuracies is anticipated to propel the market over the upcoming years. The rising number of outdoor activities is also driving the overall growth of market.

 

Market Overview

A contact lens is a cosmetic, lightweight, corrective, and therapeutic device which is placed at the cornea with a purpose to improve the vision of a human. Contact lens helps in avoiding the requirement of using bulky spectacles and offers perks of giving aesthetic look to the face. Furthermore, contact lens also widely used in treating various eye problems like myopia, astigmatism, presbyopia, hypermetropia, and glaucoma.

 

Report Coverage

This research report categorizes the market for Contact Lenses market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Contact Lenses market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Contact Lenses market.

 

Driving Factors

The increasing cases of myopia and presbyopia among adults and children is propelling the market. The rise in the number of such eye disorders are due to lack of knowledge and hesitation among the people in doing vision correction in the developing countries. However, the increasing number of initiatives taken by national regional governments  in terms of boosting the awareness related to vision correction of general public. Moreover, the introduction of high end lenses by the key market companies is also driving the use of contact lenses in the developing countries like South Korea, India, and China.

 

Restraining Factors

Various survey reports indicate that the people who wear contact lenses tend to experience side effects due to wrong placement of lens in eyes. The side effects include vision disability which results in the damage or loss of eyesight. Apart from this, several other eye ailments which occur due to wrong usage pattern like corneal adema, infection, red eye, superficial keratitis, epithelial microcysts, excess mucus production, infiltrates, corneal vascularization, and giant papillary conjunctivitis (GPC). Furthermore, the availability of plenty substitutes like LASIK surgery and eyeglasses also limit the market growth over a period of time.

 

Segmentation

• In 2021, the Reusable segment is dominating the market over the forecast period.

Based on modality, the global contact lenses market is segmented into reusable and disposable. Among these, the reusable segment is anticipated to dominate the market over the upcoming years with the largest market share. The increasing number of patients having refractive issues with the rise in the number of wearers play crucial roles to increase the demand for these products among patients facing refractive errors.

 

• In 2021, the Spherical segment holds the highest market share over the forecast period.

On the basis of design, the global contact lenses market is segmented into spherical, multifocal, and toric. Among these, the spherical segment holds the largest market share and is anticipated to dominate the market over the predicted timeframe owing to the rising technological advancements and the increasing use of lenses among the geriatric people.

 

• In 2021, the Retail Stores segment to dominate the market with the largest market share over the forecast period.

Based on distribution channel, the global contact lenses market is segmented into online stores, retail stores, and ophthalmologists. Among these, the retail stores segment is anticipated to dominate the market with the largest market share owing to the steps taken by the key market players to introduce advanced products  at pocket friendly prices at various retail stores along with discounts provided by them and movement of larger store chains.

 

• In 2021, the Silicone Hydrogel segment accounted the largest market share over the forecast period.

On the basis of material, the global contact lenses market is segmented into gas permeable, silicone hydrogel. Among these, the silicone hydrogel segment accounted the largest market share over the forecast period. It offers lots of benefits like flexibility and greater comfort as compared to gas permeable lenses. This is the reason it is mostly adopted by the customers as compared to other lenses.

 

Regional Segment Analysis of the Contact Lenses Market

 

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• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America dominates the market with the largest market share over the forecast period.

Among all other regions, North American region dominates the market with the largest market share over the forecast period. The growth is attributed to the increasing number of patients who are suffering from refractive errors, strong knowledge among patients in terms of vision correction treatment, as well as rising focus of market leaders on collaborations and partnerships.

 

Recent Developments

• In April 2021, Johnson & Johnson Vision has collaborated with Menicon which is a leading manufacturer of innovative lenses. The strategic partnership will help the people suffering myopia.
• In January 2022, Alcon launched Dailies TOTAL1 in the United States for the people suffering from astigmatism.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Contact Lenses market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Alcon Vision LLC
• Essilor International S.A.
• CooperVision, Inc.
• Abbott Medical Optics, Inc.
• SynergEyes, Inc.
• Medennium
• STAAR Surgical Company
• Johnson & Johnson Vision Care, Inc.
• X-Cel Specialty Contacts
• Seed Co., Ltd.
• Hoya Corporation
• Bausch + Lomb

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Contact Lenses market based on the below-mentioned segments:

 

Contact Lenses Market, By Modality

• Reusable
• Disposable

 

Contact Lenses Market, By Design

• Toric
• Multifocal
• Spherical

 

Contact Lenses Market, By Distribution Channel

• Ophthalmologists
• Retail Stores
• Online Stores

 

Contact Lenses Market, By Material

• Gas Permeable
• Silicone Hydrogel
• Hybrid

 

 

Contact Lenses Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa