Global Contact Lenses Market Overview
The contact lenses market size was valued at USD 9.21 Billion in 2023. The contact lenses industry is projected to grow from USD 9.53 Billion in 2024 to USD 12.13 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.06% during the forecast period (2024 - 2032).
The rising geriatric population base and surging visual defects in young children owing to the increased screen time before computers, laptops and smartphones are the key market drivers enhancing the market growth. Moreover, the smart contact lenses market leading players are involved in developing awareness campaigns and establishing innovative products, which are predicted to promote the growth of daily disposables.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Contact lenses are small lenses applied to the eye's surface to correct eyesight. An ophthalmologist or an optometrist commonly prescribes it to correct eyesight or to assist in managing specific corneal problems. It is normally made of a polymeric substance. The most common refractive defects that contact lenses treat are astigmatism, hyperopia, and myopia. They can also treat problems like keratoconus, an eye condition that causes the cornea to become progressively curved, and presbyopia, which impacts people over 40 and causes them to become more farsighted. A patient's visual requirements and lifestyle are often considered when prescribing contact lenses. Depending on their construction, comfort, and size, they are either hard or soft.
Bausch + Lomb Corporation publicly announced INFUSE Multifocal in silicone hydrogel contact lenses in June 2023 in the category of daily disposable. This new product uses the newest material made by ProBalance Technology and a 3-Zone Progressive design that offers sharp vision with seamless transitions between near, distance, and intermediate vision for patients with presbyopia.
CooperVision launched MyDay Energys one-day lenses in the US in March 2023. It combines DigitalBoost and Aquaform technologies to provide greater comfort for people having widespread digital eye strain.
Alcon made public it's thinking to launch premium reusable toric lens TOTAL30 for astigmatism in January 2023 across the United States and Europe.
ACUVUE OASYS MAX 1-Day MULTIFOCAL was introduced by Johnson & Johnson Vision Care, Inc. (September 2022). These lenses are intended for use by people who have presbyopia.
Revive is an individualized soft lens constructed by Bausch & Lomb, which entered the U.S. marketplace in June 2022. Owing to the fact the company’s offering portfolio grew within the United States market.
Cooper Companies Inc. enlarged its manufacturing and distribution division in New York, aiming at geographical presence expansion in June 2022.
Johnson & Johnson Vision introduced the BUBBLE POP colored contact lenses collection designed especially for the Indian youth population that follows fashion trends as it evolves into adult life (April 2022).
PRECISION1 was launched in January 2021 by Alcon Vision LLC – an eye care products producer -in the U.S., a daily disposable silicone hydrogel (SiHy) lens developed specifically for astigmatic patients.
The market is expected to rise during the projected period due to the rising prevalence of refractive errors worldwide and the increasing acceptance of these ocular prosthetic devices amongst developing nations. Increase knowledge of the advantages of detachable lenses versus reusable ones, such as avoiding side effects from cleaning solutions, such as eye discoloration. The primary factors boosting market growth include an aging population base and an increase in visual abnormalities in young children due to increased screen time before desktops, laptops, and smartphones. The top players in the smart contact lens market are also working on innovative products and awareness efforts that are expected to spur the demand for daily disposables.
The market's top players are also developing awareness campaigns and introducing cutting-edge products, which are expected to encourage the growth of daily disposables. Contact lenses can correct refractive defects for nearsightedness and farsightedness, enabling the wearer to see clearly. Toric lenses can treat astigmatism and alter the cornea's shape. There are specialized enhancer glasses that can aid someone who is color blind in differentiating between colors. Special low-vision lenses can be used to enlarge and improve the wearer's central vision in age-related macular degeneration cases.
Contact Lenses Market Trends
An increase in the prevalence of myopia is driving the market growth
Market CAGR for contact lenses is driven by most presbyopia, and myopia among children and adults is constantly growing. This, along with limited awareness and uncertainty among the general population toward eyesight modification, specifically in emerging countries, is responsible for the growing number of people with vision impairment. Furthermore, the demand for ultra-vision contact lenses is increasing as they provide excellent vision and superb, all-day comfort to people with myopia. In the future, healthcare professionals to monitor the progress while using different contact lens types in real-time using advanced sensing techniques such as near-infrared spectroscopy. Several factors drive this growth in the contact lens market, such as the increasing prevalence of diabetes and the rising demand for contact lenses due to cataract surgery.
Additionally, the need to eliminate spectacles and adopt 'Plano' sunglasses to expand aesthetic appearance drives the market for contact lenses. The increasing innovations in contact lenses have enhanced the adoption of contact lenses. For instance, In March 2019, Alcon Vision LLC introduced AcrySof IQ PanOptix Trifocal IOL in the United States. It is a trifocal lens utilized for cataract surgery patients. This trifocal lens can be utilized for intermediate, distance, and near vision. Rising developments in contact lenses with drug-delivering capabilities are expected to drive the market over the forecast period. Growing demand for daily disposable contact lenses is anticipated to build imaginable growth opportunities in the contact lenses market revenue.
Leading manufacturers are focusing on increasing their R&D investments to develop and introduce technologically advanced lenses. These lenses will be mainly used for vision correction, fueling product usage among the patient population. For instance, according to a 2022 annual report of Cooper Companies Inc., the company increased its R&D expenditure from USD 92.7 million in 2021 to USD 110.3 million in 2022. The increase was done primarily for developing lenses, manufacturing technologies, and process enhancements.
Furthermore, the rising number of product approvals and establishment by major players is predicted to drive the demand and penetration of the lenses in the market over the forecast period. In January 2023, Alcon launched TOTAL30, a premium, reusable toric lens for astigmatism, in the US and Europe in early 2023. The firm intends to enhance to more markets throughout the year.
Contact Lenses Market Segment Insights
Contact Lenses Type Insights
The market segments of contact lenses, based on type, includes corrective lens, therapeutic lenses, and cosmetic & lifestyle-oriented lens. The corrective lens segment dominated the market, accounting for 35% of market revenue (3.22 Billion). A corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies such as myopia, hyperopia, presbyopia, and astigmatism. However, cosmetic & lifestyle-oriented lens is the fastest-growing category due to the growing demand for an improved aesthetic appeal of eyes.
Contact Lenses Wear Type Insights
The contact lenses market segmentation, based on wear type, includes daily disposable lenses, disposable lenses (two weeks or sooner), frequent replacement lenses (monthly or quarterly), and conventional lenses. The conventional lenses category generated the most income (70.4%). A growing number of patients suffering from refractive errors and an increasing number of contact lens wearers are responsible for the increasing demand for conventional lenses. However, daily disposable lenses are the fastest-growing category due to the rising preference of the population toward daily disposable lenses as it reduces wearing complications.
Contact Lenses Material Insights
The market segmentation of contact lenses, based on material, includes silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. The silicone hydrogel soft contact lens segment dominated the market. Silicone hydrogel lenses offer many benefits, including greater comfort and flexibility. However, the gas-permeable contact lens is the fastest-growing category due to the rise in the adoption of contact lenses for cosmetic and vision correction purposes.
Contact Lenses Design Insights
The contact lenses market segmentation, based on design, includes spherical lenses, toric lens, multifocal lens, and others. The spherical lens category generated the most income. This is due to technological developments and exact fittings of spherical lenses. However, the toric lens is the fastest-growing category due to the growing prevalence of astigmatism among the population.
Figure 1 Contact Lenses Market, by Design, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
News
A University of Leeds researcher is working on a brand-new eye lens that could help elderly individuals with long-sightedness by using the same material used in TV and smartphone screens. People's lenses become less elastic and flexible as they age. As a result, presbyopia develops, which is frequent in adults over 45 and may call for optical aids like reading glasses. Liquid crystal lenses would automatically focus and adjust based on eye movement. We are probably more familiar with liquid crystals as the material found in television and smartphone screens. According to the research, the new lens might be inserted into the eyes in a brief and simple surgical operation with local anesthesia within ten years.
Contact Lenses Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American contact lenses market will dominate, owing to the growing number of patient residents suffering from refractive errors and growing awareness regarding the various types of vision correction treatments in this region. Further, the German market of contact lenses held the largest market share, and the UK market of contact lenses was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 Contact Lenses Market Share By Region 2022 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe contact lenses market accounts for the second-largest market share due to the growing old age population and increasing technological innovation. Further, the German market of contact lenses held the largest market share, and the UK market of contact lenses was the fastest-growing market in the European region.
The Asia-Pacific contact lenses market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to a rise in visual inaccuracies and rising product innovations driving the market in this region. Moreover, China market of contact lenses held the largest market share, and the India market of contact lenses was the fastest-growing market in the Asia-Pacific region.
Contact Lenses Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the market of contact lenses grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the contact lens industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the contact lens industry to benefit clients and increase the market sector. Major players in the contact lenses market, including Bausch & Lomb Incorporated, Alcon Vision LLC, The Cooper Companies Inc., Johnson & Johnson Services, Inc., Surgical Vision, Inc., and others, are attempting to expand market demand by investing in research and development operations.
Bausch + Lomb is an eye health products company based in Vaughan, Ontario, Canada. The firm was established in Rochester, New York, in 1853. The company develops, manufactures, and markets optical products and offers contact lenses, generic and prescription pharmaceuticals, intraocular lenses, and other eye surgery products for cataract and refractive surgery. In June 2022, Bausch + Lomb launched its latest custom soft contact lens family called Revive, designed to meet the vision requirements of more patients, including those with high or unique prescriptions.
Mark'Ennovy Personalized Care SL distributes ophthalmic products. The Company provides contact lenses, eye drops, lens solutions, and other related goods. Mark'Ennovy Personalized Care serves customers in Spain. In January 2019, Mark'Ennovy Personalized Care, SL, announced its collaboration with Capricornia Contact Lens Pty Ltd, a contact lenses distributor and manufacturer. With this collaboration, MARK'ENNOVY is expected to strengthen its customer care, distribution, and logistics.
Key Companies in the market of Contact Lenses include
- Essilor International SA.
- Alcon Vision LLC
- Abbott Medical Optics, Inc.
- CooperVision, Inc.
- Hoya Corporation
- SynergEyes, Inc.
- X-Cel Specialty Contacts
- Johnson & Johnson Vision Care, Inc.
- Medennium
- Seed Co., Ltd.
- STAAR Surgical Company
Contact Lenses Industry Developments
June 2023: Johnson & Johnson Vision Care, Inc (US) introduced the ACUVUE OASYS MAX 1-DAY and ACUVUE OASYS MAX 1-Day MULTIFOCAL lenses for people with presbyopia.
January 2023: Alcon (Switzerland) Launches TOTAL30 for Astigmatism, a Premium, Reusable Toric Lens. To provide reusable astigmatic lens wearers with complete comfort, TOTAL30 for Astigmatism3 and shown steadiness3,4 for great performance from the lens.
March 2022: The US Food and Drug Administration (FDA) has approved the STAAR Surgical Company's EVO/EVO+ Visian Implantable Collamer Lens for the treatment of astigmatism and myopia. Prospective U.S. patients and their doctors can investigate EVO to achieve Visual Freedom without the limitations, ongoing maintenance, and discomfort associated with glasses and contact lenses as a result of FDA approval.
Alcon (Switzerland) Vision LLC launched DAILIES TOTAL1 Contact Lenses for Astigmatism Patients in the US. With the introduction of this excellent lens for astigmatic patients, Alcon's line of premium daily disposable lenses which now includes DAILIES TOTAL1 (spherical) and DAILIES TOTAL1 Multifocal is increased.
April 2021: CooperVision (US) acquired No7 Contact Lenses (England) to expand its specialty eyecare business. Following the acquisition, the company will operate under the CooperVision Specialty EyeCare division, strengthening a range of innovative products that eye care professionals use to treat conditions like children's increasing myopia and uneven corneas.
Contact Lenses Market Segmentation
Contact Lenses Type Outlook
- Corrective Lens
- Therapeutic Lenses
- Cosmetic & Lifestyle Oriented Lens
Contact Lenses Wear Type Outlook
- Daily Disposable Lenses
- Disposable Lenses (Two Weeks or Sooner)
- Frequent Replacement Lenses (Monthly or Quarterly)
- Conventional Lenses
Contact Lenses Material Outlook
- Silicone Hydrogel Soft Contact Lens
- Methacrylate Hydrogel Soft Contact Lens
- Gas-Permeable Contact Lens
- Others
Contact Lenses Design Outlook
- Spherical Lens
- Toric Lens
- Multifocal Lens
- Others
Contact Lenses Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Contact Lenses Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 9.21 Billion |
| Market Size 2024 |
USD 9.53 Billion |
| Market Size 2032 |
USD 12.13 Billion |
| Compound Annual Growth Rate (CAGR) |
3.06% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Wear Type, Design, Material and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Menicon Co., Ltd, Oculus Private Limited, Camax Optical Corp., and St. Shine Optical Co., Ltd. |
| Key Market Opportunities |
Obesity in children, healthier and more balanced diets |
| Key Market Dynamics |
Increase in health difficulties and worries, leading to costly operations |
Contact Lenses Market Highlights:
Frequently Asked Questions (FAQ) :
The contact lenses market size was valued at USD 9.21 Billion in 2023.
The market is projected to grow at a CAGR of 3.06% during the forecast period, 2024-2032.
North America had the largest share of the market.
The key players in the market are Johnson & Johnson Services Inc., Novartis AG, Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Oculus Private Limited, Camax Optical Corp., and St. Shine Optical Co., Ltd.
The corrective lens category dominated the market in 2022.
Conventional lenses had the largest share of the market.
The spherical lens category dominated the market in 2022.
The silicone hydrogel soft contact lens had the largest share of the market.
