Contact Lenses Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Contact Lenses Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Contact Lenses Market

The contact lenses market size was valued at USD 9.90 billion in 2023, and the market is now projected to grow from USD 10.35 billion in 2024 to USD 15.40 billion by 2032, exhibiting a CAGR of 5.8% during the forecast period of 2023-2030.

The contact lenses marketplace suffered from negative impacts of COVID-19. The falling of recurring eye care appointments cause the reduction of new prescriptions and replacements and finally, the decline of routine eye care appointments befell because of the restrict on non-essential activities and social distancing measures. Furthermore, monetary uncertainties prompted consumers to scale back on their expenses for non-critical merchandise. The troubles associated with the manufacturing and distribution tactics of the deliver chain similarly intensified the demanding situations.

The contact lenses market still experiences remarkable growth due to the factors like the increase of vision disorders, the awareness of eye health, and the new lens materials and designs. On the other hand, the lifestyle changes, such as the increasing trend for cosmetic lenses and the convenience they offer, are also the factors that are contributing to the contact lenses market growth. Technological innovations like the smart contact lenses also add to the market growth by providing functionalities which are not related to vision correction.

The contact lenses market is experiencing various trends. One of the key trend is increasing demand for daily disposable lenses due to the fact of convenience and hygiene. Besides, the technology has been improved so that the lenses now have the increased breathability and comfort, hence catering to users with sensitive eyes. Moreover, the colored and cosmetic lenses are becoming increasingly popular as fashion accessories especially among the young people.

Comprehensive Analysis of Contact Lenses Market

The contact lenses industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by modality, by design, and by distribution channel. Based on modality, market is divided into reusable and disposable. Based on design, market is divided into toric, multifocal, and spherical. Based on distribution channel, market is divided into ophthalmologists, retail stores, and online stores.

The North America holds leading position in contact lenses market share by benefitting a market size of USD 3.42 billion in 2023 due to several things such as high degrees of disposable income, advanced healthcare infrastructure, and tremendous recognition of eye health. Moreover, the ageing population seeking out solutions for vision correction is also a factor for the market's growth. North America's strong research and development activities push the technology of contact lenses towards new horizons.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Johnson & Johnson Vision Care, Inc. (U.S.), Alcon (Switzerland), The Cooper Companies Inc. (U.S.), Menicon Co., Ltd. (Japan), HOYA Corporation (Japan), EssilorLuxottica (France), Carl Zeiss Meditec AG (Germany). These market players provide a level-playing competitive landscape.

April 2022: Alcon introduced Precision, a disposable contact lens for astigmatism in Canada.

Segmentation Table

Global Contact Lenses Market Scope

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 5.8% from 2023-2030

Unit Value (USD billion)

Segmentation By Modality, Design, Distribution Channel, and Region

By Modality Reusable

Disposable

By Design Toric

Multifocal

Spherical

By Distribution

Channel Ophthalmologists

Retail Stores

Online Stores

By Geography North America (By Modality, By Design, By Distribution Channel, and By Country)

- U.S. (By Design)

- Canada (By Design)

Europe (By Modality, By Design, By Distribution Channel, and By Country)

- Germany (By Design)

- France (By Design)

- U.K. (By Design)

- Italy (By Design)

- Spain (By Design)

- Scandinavia (By Design)

- Rest of Europe (By Design)

Asia Pacific (By Modality, By Design, By Distribution Channel, and By Country)

- Japan (By Design)

- China (By Design)

- India (By Design)

- Australia (By Design)

- Rest of Asia Pacific (By Design)

Latin America (By Modality, By Design, By Distribution Channel, and By Country)

- Brazil (By Design)

- Mexico (By Design)

- Rest of Latin America (By Design)

Middle East & Africa (By Modality, By Design, By Distribution Channel, and By Country)

- GCC (By Design)

- South Africa (By Design)

- Rest of Middle East & Africa (By Design)


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