Global Contact Lenses Market is valued at approximately USD 10.45 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2024-2032. Contact lenses are medical devices placed on the film of tears that cover the surface of the eye, used to correct refractive errors and for therapeutic purposes. These lenses can be soft or hard, depending on their nature, comfort, and reusability, and are regulated by the U.S. FDA, requiring a prescription. The market growth is driven by the rising geriatric population and the increasing incidence of refractive disorders such as astigmatism, presbyopia, myopia, and hyperopia. As the global population ages, the demand for quality eye care rises, enhancing market growth.
Additionally, heightened awareness about eye health and supportive government initiatives create substantial growth opportunities for the market. For instance, the United Nations General Assembly's "Vision for Everyone" initiative aims to provide eye care to 1.1 billion people with preventable sight loss, addressing the social and economic impacts of vision loss and integrating eye care services into universal healthcare. Moreover, the market is experiencing robust growth due to increasing demand for daily disposable lenses, technological Innovations and new product launches present various lucrative opportunities over the forecast years. However, the COVID-19 pandemic initially hampered market growth due to business shutdowns and the suspension of non-urgent care facilities, including contact lens fittings. Furthermore, a shift towards eyeglasses to reduce infection risk further restricted contact lens adoption during the pandemic. Alternative treatment options for refractive errors, such as laser eye surgery, implantable lenses, and corneal inlays, pose a challenge to market growth.
The key regions considered for the Global Contact Lenses Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Contact Lenses Market in terms of revenue. The market growth in the region is being attributed to factors including awareness regarding vision correction options and the high prevalence of refractive errors. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by increasing vision impairment cases, advanced diagnostic techniques, and rising disposable incomes.
Major market players included in this report are:
Abbott Medical Optics, Inc.
Alcon Vision LLC
Bausch & Lomb, Incorporated
ZEISS International
Contamac
CooperVision, Inc.
Essilor International S.A.
Hoya Corporation
Johnson & Johnson Vision Care, Inc.
Medennium
Seed Co., Ltd.
STAAR Surgical Company
SynergEyes, Inc.
X-Cel Specialty Contacts
Menicon Co., Ltd.
The detailed segments and sub-segment of the market are explained below:
By Modality
Reusable
Disposable
By Material
Soft
Gas Permeable
Others
By Design
Toric
Multifocal
Spherical
By Distribution Channel
Ophthalmologists
Retail Stores
Online Stores
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
