The global contact lenses market size is expected to hit around USD 24.42 billion by 2032 from valued at USD 15.5 billion in 2022 and is poised to grow at a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2023 to 2032.
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Key Takeaways:
For the correction of the vision thin lenses are used which are placed on the surface of the eyes. Depending upon the comfort nature as well as the reusable nature of the lenses they either come in soft or art form. Although the market for the contact lenses has grown rapidly in the developed nations the market for these contact lenses is expected to grow well during the forecast period in the developing nations. Due to an increase in the number of disorders or the errors the market for contact lenses is expected to grow well during the forecast period. Due to the refractive errors the demand for contact lenses will grow well in the coming years. About 116 million people across the world have impaired vision due to the refractive error. Due to an increased awareness regarding the availability of the contact lenses which are easy to use and are extremely helpful in correcting the vision will drive the market growth in the coming years.
During the COVID-19 pandemic the market for contact lenses had gone down drastically due to an increased fear of infections which could pass through the use of contact lenses during the pandemic. The revenues generated by most of the manufacturers across the globe had dropped due to the COVID-19 pandemic. Most of the population across the globe that suffered with eye disorders although refractive errors had opted for the use of eye glasses instead of contact lenses in order to curtail those spread of infection. Major organizations associated with the health care were suggesting the use of eyeglasses instead of contact lenses as it could be one of the reasons for the spread of the virus during the COVID-19 pandemic. Due to the strict lockdown and stringent policies regarding social distancing the visits to the eye specialists had reduced. The cancellation of these practices had negatively affected the market. Due to the major impact on the supply chain and logistics the manufacturers faced one more challenge of shortage of the raw material. Due to which the production of the contact lenses had come down to a great extent. But as the products manufacturing had stopped during the pandemic after the pandemic the demand for contact lenses again grew in the market but the demand of the product was not met.
Report Scope of the Contact Lenses Market
| Report Coverage | Details |
| Market Size in 2023 |
USD 16.15 Billion |
| Market Size by 2032 |
USD 24.42 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.7% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Material, Design, Application, Distribution Channel, Usage, and Geography |
| Companies Mentioned | Abbott Medical Optics, Inc., CooperVision, Inc., Hoya Corporation, Essilor International S.A., X-Cel Specialty Contacts, Johnson & Johnson Vision Care, Inc., Medennium, Seed Co., Ltd., STAAR Surgical Company, Alcon Vision LLC, SynergEyes, Inc. |
Growth Factors
Disposable lenses are preferred by the consumers as they provide more safety against eye staining or any problems related to the eyelid. Ophthalmologists also suggest the use of the disposable lenses as they are safer as compared to the reusable lenses. Increased number of awareness drives and programs will drive the market growth in the coming years. There has been an increased demand for contact lenses even in the children. The growing prevalence of refractive errors among the adults as well as the children will drive the market growth in the coming years. In the developing nations the awareness regarding the use of contact lenses is less. Most of the population across the globe is undiagnosed for the vision impairment. Due to a growth in the initiatives taken by the governments of various nations for free I checkups and I check up camps the market for contact lenses is expected to grow during the forecast period. Also a growing awareness regarding the vision correction will drive the market growth. Currently the market has the availability of the technologically advanced contact lenses which are provided by most of the manufacturers. The availability of these lenses will drive the market growth.
Major opportunities for the growth of the market shall we provided in the developing nations like India, China as well as South Korea. Myopia happens to be the most common problem associated with the eyes which is expected to drive the maximum growth in this region. Due to an increase in the disposable income the amount of money spent on treating the prevailing issues with the eyes will increase the demand for contact lenses. Due to a growth in the geriatric population especially in the developing nations the market is expected to grow during the forecast period. When an increased number of diseases related to the eye in the geriatric population. Changes in the lifestyle which has led to an increased use of smartphones and laptops will lead to the growth of the market in the coming years.
As the market in the developed nations has saturated better opportunities will be provided in the developing nations. The market for contact lenses in the Asia Pacific region will have a good growth as it is expected to grow at the highest compound annual growth in the coming years. Although the North American region dominates the market in terms of the revenue generated through the use of contact lenses European region will also grow well in the coming years.
Material Insights
Depending upon the material, the silicone hydrogel segment dominated the market in 2022 with a share of about 89% in terms of revenue and it will continue to grow well in the coming years.
There are a great number of benefits provided with the use of these lenses. They provide better flexibility and good comfort as compared to all the other varieties available in the market.
Design Insights
Spherical lenses are sold more in the market. The revenue generated through the sales of this lens is expected to be more as compared to any other segments. This segment has had the largest market share of about 61% in terms of revenue in the past. The demand for the multifocal lenses is expected to show a steady growth in the coming years. These lenses are mostly used in the geriatric population for treating the disorders of the eyes.
Application Insights
On the basis of application, the corrective lens segment is expected to have the largest market share in the coming years. Degenerated revenue share of about 44% in the past and they're expected to grow well in the coming years. Corrective lenses are the spherical, bifocal and multifocal lenses.
Apart from the growth of the corrective lens segment the therapeutic segment will also grow well in the coming years. in order to improve the aesthetic appeal off the ice the demand for the cosmetic lens will provide opportunities for the growth of the market in the coming years especially in the developed nations.
By Distribution Channel
The demand for the contact lenses through the retail segment will drive the market growth in the coming years period the retail segment had a market share of about 61% in the past in terms of revenue and it is expected to dominate the market in the coming years. The contact lenses offered by the retail stores are affordable and they are offered at good amount of discounts.
Even though the sales of the contact lenses has increased through the clinics of the opthalmologists the retail sector will dominate the market in the coming years. There's a growth in the demand for contact lenses through the online platforms.
Usage Insights
Depending upon the usage, the disposable lens is expected to grow well in the coming years period this segment will dominate the market and it is expected to grow at a compound annual growth rate of 5.1% during the forecast. This account has generated revenue of about 35% of the total market share.
The segment will dominate the market in the coming years due to an increased preference for the disposable lens across the developing as well as the developed nations. These len lenses are extremely comfortable for use. these contact lenses are suggested by the opthalmologists and they are preferred more by the consumers due to the safety factor.
Contact Lenses Market Share, By Region, 2022 (%)
| Regions | Revenue Share in 2022 (%) |
| North America | 39.5% |
| Asia Pacific | 21.5% |
| Europe | 28.1% |
| Latin America | 6% |
| MEA | 4.9% |
Geography Insights
The market for contact lenses is expected to generate maximum revenue for the North American region. The demand is expected to grow in the coming years. The North American region had a share of about 39.5% in terms of revenue in the past. As there has been an increase in the number of patients suffering with different refractive errors the market will keep growing. The presence of many market players in this region and the collaborations between these market players we will drive the market growth in the coming years. Increased partnerships amongst these market players will drive the market growth during the forecast period. There is an increased demand for therapeutic glasses which shall be beneficial in preventing the progression or preventing the increase of myopia especially in the children.
The demand for contact lenses has grown well in the Asia Pacific region. The demand for the contact lenses of the soft type have a greater demand in the European region as well as the North American region. Constant research and development activities have led to the introduction of various innovative products. Increased purchasing power in the Asia Pacific region has led to an increased demand for contact lenses in this region. Exposure to entertainment and media has led to an increased use of cosmetic lenses.
Market Developments
Key market players
Segments covered in the report
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By Material
By Design
By Application
By Distribution Channel
By Usage
By Geography
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