Global Contact Lenses Market Size to Reach USD 15.15 Billion in 2032 | Emergen Research

Vancouver, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global contact lenses market size is expected to reach USD 15.15 Billion in 2032 and register a robust CAGR over the forecast period, according to latest analysis by Emergen Research. Growing demand for disposable contact lenses, increasing research on ophthalmology and rising disposable income are other key factors driving revenue growth of the global contact lenses market. Rapid product innovations have been boosting the adoption rate of contact lenses, and some innovative developments include contact lenses with therapeutic and drug-delivering advantages. Similar innovations in the market are further expected to drive product sales to a significant extent going ahead.

Increasing incidence of chronic eye diseases and disorders and rising number of infants suffering from myopia are among some of the key factors fueling adoption of contact lenses. Various demographic factors such as growing aging population, rapid urbanization, and major prevalence of diabetes are expected to result in rising need for contact lenses for a range of vision-related correctional applications as well as for cosmetic applications. Many sportspersons prefer contact lenses during sports events as it offers less risk of injury and a broader view of the field. Rising preference for high-quality optical wear is also prompting companies to invest in research and development of more innovative lenses.

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Segments Covered in the Report

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Competitive Landscape

The global contact lenses market is highly fragmented, with a large number of key players accounting for major revenue share. Major players are focusing on research and development activities in order to develop and introduce more efficient products in the market as well as to strengthen their position in the global market. Some major players are: 

• Johnson & Johnson
• Bausch + Lomb
• Alcon
• Carl Zeiss Meditec AG
• HOYA Corporation
• The Cooper Companies
• Seed Co., Ltd.
• EssilorLuxottica
• BenQ Materials Corporation
• Menicon Co., Ltd.

Strategic Development

In December 2020, Mojo Vision and Menicon entered into a joint development agreement, which would help both companies to conduct a series of feasibility studies that in turn helps to expand their expertise in the optical lens segment.

In July 2020, Bausch + Lomb signed a licensing agreement with KATT Design Group. The agreement offers Bausch + Lomb the exclusive rights to manufacture and sell advanced orthokeratology lens systems in the United States.

In January 2020, Bausch + Lomb expanded its parameters for toric contact lenses. This expansion helped Bausch + Lomb provide the necessary tools for eye care professionals to address unique vision needs of their patients.

In December 2019, SEED acquired a majority stake of 90.6% in Sensimed. The acquisition helped SEED to play a key role in the clinical assessment and management of glaucoma patients.

In May 2018, Alcon introduced AIR OPTIX COLORS gemstone collection of optical lenses. This will provide consumers more ways to experiment with their eye color to upgrade their look.

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Some Key Findings From in the Report:

• In July 2020, Bausch + Lomb signed a licensing agreement with KATT Design Group. The agreement offers Bausch + Lomb exclusive rights to manufacture and sell advanced orthokeratology lens systems in the United States.
• Daily wear contact lenses segment is expected to register a steady revenue CAGR throughout the forecast period. This can be attributed to rising adoption of disposable contact lenses among consumers globally.
• Asia Pacific is expected to register a relatively faster revenue CAGR throughout the forecast period, due to increasing geriatric population and rising purchasing power among consumers in countries in the region.

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For the purpose of this report, Emergen Research has segmented the global contact lenses market based on usage, design, material, application, marketing channel, and region:

• Usage Outlook (Revenue: USD Billion; 2019–2032)

• • Daily Wear

1. 1. 1. 1. 1. 1. Disposable
               2. Reusable

• • Extended Wear
  • Traditional lenses

• Design Outlook (Revenue: USD Billion; 2019–2032)

• • Monovision
  • Spherical
  • Toric
  • Multifocal

• • Material Outlook (Revenue: USD Billion; 2019–2032)
• Hybrid

• Silicone Hydrogel
• Rigid Gas Permeable
• PMMA
  • Application Outlook (Revenue: USD Billion; 2019–2032)

• • Therapeutic
  • Lifestyle-Oriented
  • Prosthetic
  • Cosmetic
  • Corrective
• Marketing Channel Outlook (Revenue: USD Billion; 2019–2032)
• Online
• Offline
  3. 3. 3. 3. 3. Retail Stores
              4. Brand Showrooms
• Regional Outlook (Revenue: USD Billion; 2019–2032)

• • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Russia
    2. Germany
    3. U.K.
    4. France
    5. BENELUX
    6. Italy
    7. Spain
    8. Switzerland
    9. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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