Soft Contact Lens

Soft Contact Lens

Global Soft Contact Lens Market to Reach US$24.8 Billion by 2030

The global market for Soft Contact Lens estimated at US$20.3 Billion in the year 2023, is expected to reach US$24.8 Billion by 2030, growing at a CAGR of 2.9% over the analysis period 2023-2030. Daily Usage Soft Contact Lens, one of the segments analyzed in the report, is expected to record a 3.5% CAGR and reach US$9.4 Billion by the end of the analysis period. Growth in the Weekly Usage Soft Contact Lens segment is estimated at 3.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$5.5 Billion While China is Forecast to Grow at 5.0% CAGR

The Soft Contact Lens market in the U.S. is estimated at US$5.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2030 trailing a CAGR of 5.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.6% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.0% CAGR.

Global Soft Contact Lens Market - Key Trends and Drivers Summarized

Why Are Soft Contact Lenses the Preferred Choice for Vision Correction?
Soft contact lenses have become the preferred choice for vision correction due to their comfort, flexibility, and convenience. Made from hydrophilic materials such as silicone hydrogel, soft contact lenses allow oxygen to pass through to the cornea, providing greater comfort for extended wear compared to rigid gas-permeable lenses. These lenses are used to correct common refractive errors, including myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia, offering a wide range of options for various visual needs. The increasing prevalence of vision impairment and eye disorders worldwide, coupled with rising awareness about eye health and vision correction solutions, is driving the demand for soft contact lenses. Moreover, the growing adoption of daily disposable lenses, which offer convenience and reduced risk of infection, is further propelling the soft contact lens market.

How Are Technological Advancements and Consumer Preferences Influencing the Soft Contact Lens Market?
Technological advancements in lens materials, designs, and manufacturing processes are significantly enhancing the comfort, safety, and performance of soft contact lenses. Innovations such as silicone hydrogel lenses, which provide higher oxygen permeability, and toric lenses for astigmatism correction are expanding the market`s appeal among consumers. The introduction of multifocal lenses that cater to presbyopic patients and daily disposable lenses that offer hygiene and convenience are driving market growth. Additionally, the development of smart contact lenses with integrated sensors for health monitoring and augmented reality applications is opening new frontiers in the industry. Consumer preferences are also shifting towards lenses that offer UV protection, blue light filtering, and personalized designs, further influencing market dynamics. The increasing availability of soft contact lenses through online sales channels and e-commerce platforms is enhancing market accessibility and driving adoption across different demographics.

Which Market Segments Are Contributing to the Growth of the Soft Contact Lens Industry?
Product types include daily disposable lenses, weekly disposable lenses, monthly disposable lenses, and extended-wear lenses, with daily disposable lenses holding the largest market share due to their convenience and safety benefits. Lens designs are categorized into spherical, toric, multifocal, and cosmetic lenses, with spherical lenses being the most widely used for correcting common refractive errors. Distribution channels include optical stores, hospitals and clinics, online platforms, and others, with online platforms witnessing rapid growth due to the increasing shift towards e-commerce and direct-to-consumer sales. Geographically, North America and Europe dominate the soft contact lens market due to high awareness of eye health, advanced healthcare infrastructure, and the presence of key market players, while Asia-Pacific is expected to experience significant growth due to rising disposable incomes and increasing adoption of vision correction solutions.

What Are the Key Drivers of Growth in the Soft Contact Lens Market?
The growth in the soft contact lens market is driven by several factors, including the increasing prevalence of vision impairment, technological advancements in lens materials and designs, and the rising demand for convenience and comfort in vision correction solutions. The shift towards daily disposable and specialty lenses, such as multifocal and toric lenses, is driving demand across various age groups and demographics. Technological innovations, such as smart contact lenses with health monitoring capabilities and lenses designed for blue light protection, are expanding the application scope of soft contact lenses, supporting market growth. The expansion of online sales channels and the growing popularity of customized and cosmetic lenses are creating new opportunities for market players. Additionally, the increasing focus on eye health awareness campaigns, coupled with the rising adoption of vision correction solutions in emerging markets, is further supporting the growth of the soft contact lens market.

Select Competitors (Total 46 Featured) -

• Carl Zeiss AG
• Contamac Ltd.
• CooperVision, Inc.
• Essilor International
• Ginko International Co., Ltd.
• Hoya Corporation Eye Care Company
• Johnson & Johnson
• Menicon Co., Ltd.
• Novartis AG
• Sensimed AG
• SynergEyes, Inc.
• UltraVision CLPL
• Valeant Pharmaceuticals International, Inc.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.