Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The contact lenses market size is expected to reach USD 10.35 billion in 2023, and it is projected to touch USD 15.40 billion by 2030, recording a CAGR of 5.8% during the forecast period of 2023-2030. In addition, the market was valued at USD 9.90 billion in 2022.
The increasing burden of refractive errors and growing awareness regarding the significance of lenses in correcting refractive errors are expected to surge the demand for contact lenses.
Fortune Business Insights™ displays this information in a report titled, "Contact Lenses Market, 2023-2030."
Contact Lenses Market Key Industry Development:
January 2023 - Alcon launched TOTAL30; a reusable contact lens made with water gradient material for astigmatic contact lens wearers and expanded its product portfolio.
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Key Takeaways:
- Growing Vision: Global market expected to reach $15.40 billion by 2030, offering sharper focus for a brighter future.
- Beyond Correction: Lenses evolve with features like blue light filtering and extended wear, becoming everyday allies for comfort and clarity.
- Tech Takes Aim: Smart lenses with health monitoring in sight, promising a future where vision and wellness intertwine.
- Sustainable Focus: Eco-friendly materials and recycling programs gain traction, making a responsible future for clearer vision.
- Innovation Inspires: Advancements in materials, designs, and manufacturing keep the contact lens market on a roll, promising even brighter possibilities ahead.
Discover the Leading Players Featured in the Report:
Major players in the Contact Lenses Market are Johnson & Johnson Vision Care, Inc. (U.S.), Alcon (Switzerland), The Cooper Companies Inc. (U.S.), Menicon Co., Ltd. (Japan), HOYA Corporation (Japan), Essilor Luxottica (France), Carl Zeiss Meditec AG (Germany).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.8% |
| 2030 Value Projection | USD 15.40 Billion |
| Base Year | 2022 |
| Contact Lenses Market Size in 2023 | USD 10.35 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
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Contact Lenses Market Drivers and Restraints:
Contact Lenses Widely Used to Treat Refractive Errors
The incidence of myopia and presbyopia, especially among children and adults, is rising at an alarming rate. Many people are also reluctant to undergo vision correction procedures, which has increased the global prevalence of people suffering from vision impairment. Uncorrected refractive errors are among the leading causes of vision impairment and blindness.
The growing usage of contact lenses in developed and developing countries is anticipated to expand the contact lens market share. Apart from this, the focus of organizations on emerging markets will also bolster product penetration in developed as well as emerging economies.
The easy availability of substitutes, such as eyeglasses and LASIK surgery, to treat refractive errors can stifle market growth. Additionally, the lack of insurance reimbursement for these devices might dampen the sales of these products in developed countries during the forecast period.
Drivers:
- Rising disposable income: Growing financial stability fuels demand for premium, disposable lenses.
- Increasing awareness: Greater understanding of contact lens benefits like convenience and comfort fosters wider adoption.
- Technological advancements: The development of specialty lenses (multifocal, colored) and improved materials expand market reach.
- Evolving lifestyles: Active lifestyles and desire for cosmetic freedom drive demand for daily disposables and colored contacts.
Recent Trends:
- Daily disposables dominate: Convenience and hygiene propel daily disposable lenses to the fastest-growing segment.
- Myopia management: Lenses designed to slow down nearsightedness gain traction, especially for children.
- Smart lenses: Lenses with integrated sensors and displays for health monitoring and augmented reality are on the horizon.
- Direct-to-consumer (DTC) sales: Online platforms disrupt traditional distribution, offering competitive prices and convenience.
Contact Lenses Market Report Scope & Segmentation:
By Modality
- Reusable
- Disposable
By Design
- Toric
- Multifocal
- Spherical
By Distribution Channel
- Ophthalmologists
- Retail Stores
- Online Stores
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Reusable Lenses to Hold Dominant Share Owing to Growing Incidence of Refractive Errors
Based on modality, the market is segmented into reusable and disposable. The reusable segment captured the largest market share. The rising number of patients living with refractive errors and increasing percentage of contact lens users boosting the demand for these products.
Spherical Lenses Witness Robust Use Due to the Introduction of Advanced Technologies
In terms of design, the market is divided into toric, multifocal, and spherical. The spherical segment is anticipated to hold the largest market share during the forecast timeframe. Some of the major factors contributing to the robust demand for spherical lenses are the introduction of innovative technologies and the ease of wearing them due to their exact fitting.
Demand for Affordable Lenses to Expand Network of Retail Stores
Based on distribution channel, the market covers ophthalmologists, retail stores, and online stores. The retail store segment accounted for the largest share in the market in 2022 due to the growing demand for these stores is the initiatives taken by manufacturers to launch advanced products at economical prices at retail outlets. This factor has played a vital role in increasing the penetration of retail stores in the market.
Contact Lenses Market Regional Insights:
North America to Dominate due to Growing Patient Population Suffering from Refractive Errors
The North America market value stood at USD 3.42 billion in 2022. The patient pool suffering from refractive errors is growing. However, they are also gaining awareness regarding various types of vision correction treatments. These products are also being widely adopted in countries, such as the U.S. and Canada; these are some of the major factors responsible for the market’s growth in the region.
Also, leading companies in the market are entering into strategic partnerships and collaborations, which might drive the product adoption in North America.
Additionally, there might be a gradual rise in the number of lens wearers in the U.S. As per the U.S. Environment Protection Agency report, in 2021, 31 million people wore lenses in the U.S. The increasing percentage of lens users due to shifting preference toward eyewear is anticipated to support the growth of the North America market.
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Competitive Landscape:
Key Companies to Hold Dominant Market Position Due to their Strong Distribution Networks
The global market consists of key players, such as Johnson & Johnson Vision Care, Inc., the Cooper Companies Inc., and Alcon.
Johnson & Johnson Vision Care, Inc. captured a major market share in 2022. The company held a dominant position in the market due to the growing number of product launches and strategic partnerships with other organizations to expand its market presence. The key organizations operating in the market are unveiling technologically advanced products to gain a competitive advantage over their rivals.
FAQ’s
How Big Is The Contact Lenses Market?
Contact Lenses Market size Is USD 10.35 billion in 2023.
How Fast Is the Contact Lenses Market Growing?
The Contact Lenses Market will exhibit a CAGR of 5.8% during the forecast period, 2023-2030
Related Reports:
U.S. Contact Lenses Market Share, Trends, and Forecast To 2030
Smart Contact Lenses Market Size, Share, Trends, Growth | Global Forecast Report 2030
Coloured Contact Lenses Market Size, Share| Global Forecast Report 2030
Disposable Contact Lenses Market Share, Trends, Growth Forecast To 2030
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