Global Contact Lenses Market Expected to Reach $24.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Contact Lenses Market," The global contact lenses market size was valued at $15.5 billion in 2022, and is estimated to reach $24.2 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032. A contact lens is a thin plastic or glass lens that is fitted over the cornea of the eye to correct vision problems such as myopia, hyperopia, or astigmatism. Two general types of contact lenses are there, such as soft and rigid gas permeable hard lenses. They both have unique benefits and some may even come with a colored tint, ultraviolet protection, or as bifocals.

Factors that drive contact lenses market size include presence of market players who manufacture contact lenses and increase in number of product launch & product approval for contact lenses. For instance, Bausch Health, Cooper Companies Inc., Hoya Corporation, Alcon, Johnson & Johnson Vision Care, Inc., and Essilor Luxottica are major market players who manufacture contact lenses. For instance, in January 2022, Alcon, the global leader in eye care products, announced the launch of DAILIES TOTAL1 for astigmatism, the first and only water gradient contact lens for patients with astigmatism.

In addition, Contact lenses market trends include the rise in adoption of strategies such as partnership, acquisition, agreement, collaboration, and others by contact lenses industry is anticipated to boost the growth of market. For instance, in April 2021, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson medical devices companies, announced a global strategic collaboration with Menicon, a leading manufacturer of innovative contact lenses. The collaboration is part of a broader commitment from Johnson & Johnson Vision to lead with science and help reshape the future of myopia and bring forward a novel portfolio of products and services to manage the progression of myopia in children.

Moreover, rise in the prevalence of eye problems such as refractive errors is projected to increase the demand for contact lenses, thus augmenting the growth of contact lenses market. According to World Health Organization (WHO), in 2022, it was reported that, 88.4 million population suffers from refractive errors over the globe.

However, side effects associated with contact lenses such as infection is anticipated to hamper the growth of contact lens market.

By material, the contact lenses market share is classified into silicon hydrogel, soft contact lens, and others. Silicon hydrogel segment was the largest growing segment in 2022 owing to rise in number of product launches & product approvals for soft contact lenses and rise in number of market players who manufacture soft contact lenses.

By design, the contact lenses market share is classified into spherical, toric, and others. Spherical segment was the largest growing segment in 2022 owing to rise in adoption of multifocal lenses and increase in prevalence of vision impairment.

By usage, the contact lens market is classified into daily disposable lens, disposable lens, frequently replacement lens and traditional lens. Daily disposable lens segment was the largest growing segment in 2022 and is projected to be the fastest growing segment during the contact lenses market forecast period owing to rise in awareness among the people regarding effectiveness of traditional lenses and increase in adoptability of traditional lens by population.

By application, the market is bifurcated into vision correction and cosmetic. Vision correction segment was the largest growing segment in 2022 and is projected to be the fastest growing segment during the forecast period owing to rise in usage of lenses for therapeutic purpose and advantage associated with lenses in vision correction.

By distribution channel, the market is classified into online stores & pharmacy, retail stores & pharmacy, and hospital pharmacy. Hospital stores & pharmacy segment was the largest growing segment in 2022, owing to rise in number of patient’s visit in hospital for vision impairment treatment and increase in the prevalence of vision impairment.

Region wise, North America had the highest market share in 2022 and is expected to maintain its lead during the forecast period owing to increase in number of contact lenses industry, availability of well-developed healthcare infrastructure, and surge in prevalence of vision impairment. However, Asia-Pacific is expected to exhibit fastest growth during the forecast period owing to increase in awareness among the people regarding availability & advantages of contact lenses, rise in prevalence of refractive error, and increase in disposable income.

In addition, decreased use of contact lenses is anticipated to widespread recommendation by healthcare organizations to use eyeglasses for prevention of infection decrease the growth of market. During the lockdown, contact lenses market analysis include the majority of eye care specialists reported seeing a considerable decrease in patient visits. This was due to the cancellation of medical practices, especially elective procedures to avoid the spread of COVID-19. Thus, this factor is anticipated to negative impact on the growth of contact lenses market.

Key Findings of The Study

• By material, silicon hydrogel segment dominated the market in 2022.
• By design, spherical segment dominated the market in 2022.
• By usage, daily disposable lens segment dominated the market in 2022.
• By application, vision correction segment dominated the market in 2022.
• By distribution channel, hospital pharmacy segment dominated the market in 2022.
• By region, North America dominated the market in 2022 and is expected to grow during the forecast period.