Contact Lens Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Contact Lens Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Contact Lens Market was valued at USD19.69 billion in 2022 and is predicted to grow at a CAGR of 6.09% in the forecast period Growth in the market can be ascribed to the rising prevalence of eye diseases among the population across the world. According to WHO, around 2.2 billion people have vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or is yet to be addressed. The increasing prevalence of severe eye conditions such as presbyopia, glaucoma, etc, is resulting in increased demand for contact lenses. Moreover, an estimated 64 million people globally have glaucoma, of which only 6.9 million (10.9%) are reported to have moderate or severe distance vision impairment or blindness resulting from more severe forms of the condition worldwide.

Increased Demand for Silicone Hydrogel Contact Lenses

Researchers suggest that among all contact lenses, almost 77% of contact lenses use Silicone hydrogel materials in development of contact lenses. Silicone hydrogels contact lenses being soft contact lenses offer high levels of oxygen transmissibility through the cornea in comparison to normal contact lenses. Moreover, leading companies such as Bosch + Lomb launched its product INFUSE Silicone hydrogel series of daily disposable contact lenses. Silicone hydrogel is suggested as a solution by doctors or eye specialists to their patients suffering an eye allergy or lens allergy due to their previous lens usage.

Increasing Research & Developments in The Contact Lenses

The growing research & development in contact lenses has led to the discovery of materials used to make contact lenses with additional features and functionality. Researchers have developed contact lenses enhanced with microfluidic technology for an efficient method of drug delivery. This technology thus offers non-invasive intraocular pressure monitoring in the eye and thereby is creating a huge demand in the contact lens market Additionally, leading companies are increasing their investments in research & development and thus are developing contact lenses with new advancements. For instance, Alcon, in 2021, launched TOTAL30 -a first and only monthly replacement contact lenses, which are designed with water gradient technology and are highly accepted in the US and Europe markets, thereby these technology-based contact lenses are occupying a larger demand in the market and are anticipated to propel the market growth in the forecast period.

Increase In Influence of Cosmetic Industry on Contact Lenses

Several people are using contact lenses not only to correct vision but for enhancing eye color. Contact lenses are higher in demand as a fashion accessory in recent times as people are influenced by the fashion industry and influencers for using colored contact lenses to enhance their eye color and at times to match their outfits. Various leading companies such as CooperVision is manufacturing colored contact lenses named under the series “Expressions”, available in multiple colors such as aqua, light blue, brown, dark blue, green, grey, and hazel to be worn as an everyday thing and are easily affordable to the customers in reasonable prices, thereby are higher in demand among the public. Furthermore, several companies such as Coopervision, Alcon, Bosch + Lomb, etc are manufacturing eye contact lenses that are approved by the FDA and thereby are considered safe if worn or tried under prescription, therefore making the colored lenses safe and thus increasing the usage among the population creating more market demand and is anticipated to bolster market growth in the future.

Market Segmentation

Global Contact Lens Market is segmented into modality type, design type, material type, application type, distribution channel, region, and company. Based on the modality, the contact lens market is segmented into a reusable and disposable contact lenses. Based on the design, the market is fragmented into spherical, toric, multifocal, and others. Based on the type of material, the market is segmented into silicone hydrogel, gas permeable, hydrogel, and others. Depending on the application, the market is segmented into corrective, therapeutic, cosmetic, and others. Based on the distribution channel, the contact lens market is fragmented among the retail store, online, and hospitals &clinics.

Recent Developments

In September 2022, Johnson & Johnson Vision Care, Inc. launched its recent contact lens- AACUVUE® OASYS MAX 1-DAY and ACUVUE OASYS MAX 1-Day Multifocal lenses for Presbyopia. With the increasing technology and digitalized lifestyles, the company has designed the product with a technology providing their installed TearStable Technology designed to maximize the tear-film stability with their lock in the eye moisture for the brilliant eye-comfort of the person wearing them.

Market Players

Johnson & Johnson., Alcon Inc., CooperVision Inc., Bausch Health Companies Inc., Menicon Co., Ltd., EssilorLuxottica S.A., Carl Zeiss Meditec AG, Hoya Corporation, Seed Co., Ltd, Contamac Holdings Limited, X-Cel Specialty Contacts, SynergEyes Inc., STAAR Surgical Company, Cleriovision, Inc., BenQ Materials Corp., etc., are some of the leading players operating in the Global Contact Lens Market.

Report Scope:

In this report, the Global Contact Lens Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Global Contact Lens Market, By Modality:
• Reusable
• Disposable
• Global Contact Lens Market, By Design:
• Spherical
• Toric
• Multifocal
• Others
• Global Contact Lens Market, By Material Type:
• Silicone Hydrogel
• Hydrogel
• Gas Permeable
• Others
• Global Contact Lens Market, By Application:
• Corrective
• Therapeutic
• Cosmetic
• Others
• Global Contact Lens Market, By Distribution Channel:
• Retail Stores
• Online
• Hospital & Clinics
• Global Contact Lens Market, By Region:
• North America
• Europe
• Asia-pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Contact Lens Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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