Contact Lenses Market By Material (Silicon Hydrogel, Hydrogel, Others), By Design (Spherical, Toric, Others), By Usage (Daily Disposable Lens, Disposable Lens, Frequently Replacement Lens, Traditional Lens), By Application (Vision correction, Cosmetic), B

Contact Lenses Market By Material (Silicon Hydrogel, Hydrogel, Others), By Design (Spherical, Toric, Others), By Usage (Daily Disposable Lens, Disposable Lens, Frequently Replacement Lens, Traditional Lens), By Application (Vision correction, Cosmetic), By Distribution Channel (Online stores and pharmacy, Retail stores and pharmacy, Hospital Pharmacy): Global Opportunity Analysis and Industry Forecast, 2023-2032

The global contact lenses market was valued at $15.5 billion in 2022, and is projected to reach $24.2 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.Contact lenses are thin curved lenses that are placed directly on the surface of the eye to correct vision. They are sometimes referred to as 'corneal lenses' or 'soft lenses' as they are made of soft and flexible plastics. Contact lenses are typically used to correct refractive errors, including nearsightedness, farsightedness, and astigmatism. They can be used to improve vision in certain cases of presbyopia and cataracts. In addition, there are several types of contact lenses available, which include soft contact lenses, rigid gas permeable (RGP) lenses, extended wear lenses, colored lenses, and scleral lenses.

The contact lenses market growth is driven by rise in prevalence of vision impairment disorders, such as nearsightedness, farsightedness, & astigmatism, and increase in awareness among population regarding effectiveness of contact lenses. According to World Health Organization(WHO), in 2022, it was reported that, around 2.2 billion population have a near or distance vision impairment, globally. Among them, approximately 1 billion vision impairment cases, are unaddressed. In addition, rise in disposable incomes in developing countries such as India, Japan, Australia, and others are expected to increase the demand for contact lenses. Technological advancements for development of contact lenses, such as multi-focal lenses, are anticipated to drive the market growth.

Furthermore, the geriatric population is highly susceptible to suffer from eye diseases such as vision impairment and refractive errors. Owing to aging effect, the nerves and the muscles surrounding the eyes become weak. Thus, rise in geriatric population is anticipated to fuel the demand for contact lenses and drive the growth of market. For instance, according to article published in JAMA Ophthalmology, in May 2022, it was reported that around 6.6 million population aged 60 years and older are projected to have vision impairment or blindness in 2050, up from 3.3 million in 2020. Moreover, according to the U.S. Census Bureau , there were more than 56 million U.S. citizens aged 65 or over in December 2021 . As per the same source, it is estimated to reach up to 85.7 million by 2050.

In addition, rise in number of product launch and product approvals for contact lenses is expected to witness growth in the contact lenses market during the forecast period. For instance, in January 2023, Alcon, the global leader in eye care products, announced the launch of TOTAL30 for astigmatism, the first-and-only reusable contact lens with water gradient material for astigmatic contact lens wearers. Thus, technological advancement for development of contact lenses is anticipated to boost the growth of market.

On the other hand, contact lenses can increase the risk of eye infection if not used properly, which can act as a restraint factor for the growth of contact lenses market.

However, increased demand of medical services in the developed countries, such as U.S., Canada, & Germany, and growth opportunities in emerging markets are expected to create immense opportunities for contact lenses market during the forecast period.

The contact lenses market is segmented on the basis of material, design, usage, application, distribution channel, and region. By material, the market is divided into silicon hydrogel, hydrogel, and others. By design, the market is classified into spherical, toric, and others. By usage, the market is categorized into daily disposable lens, disposable lens, frequently replacement lens, and traditional lens. On the basis of application, the market is bifurcated into vision correction and cosmetic. By distribution channel, the market is segregated into online stores and pharmacy, retail store and pharmacy, and hospital pharmacy.

Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Major key players that operate in the global contact lenses market are Johnson & Johnson, The Cooper Companies, Inc., Alcon, Baush & Lomb, Hoya Corporation, Carl Zeiss AG, EssilorLuxottica SA, Menicon Co. Limited, SynergEyes Inc. and SEED Co. Limited. Key players operating in the market have adopted product launch, product approval, and collaboration as their key strategies to expand their contact lenses market share.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global contact lenses market analysis from 2022 to 2032 to identify the prevailing global contact lenses market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the global contact lenses market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global contact lenses market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Distribution Channel

Retail stores and pharmacy
Hospital Pharmacy
Online stores and pharmacy

By Material

Silicon Hydrogel
Hydrogel
Others

By Design

Spherical
Toric
Others

By Usage

Daily Disposable Lens
Disposable Lens
Frequently Replacement Lens
Traditional Lens

By Application

Vision correction
Cosmetic

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Alcon
Bausch Health Companies, Inc.
BenQ Materials Corporation
Carl Zeiss AG
Cooper Companies, Inc.
EssilorLuxottica SA
Hoya Corporation
Johnson & Johnson
Menicon Co. Limited
Seed Co. Limited

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