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The global contact lenses market size was valued at USD 9.90 billion in 2022. The market is projected to grow from USD 10.35 billion in 2023 to USD 15.40 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.
Contact lenses are thin lenses placed on the eye's surface for vision correction. They are either hard or soft, depending on their nature, comfort, and reusability. The increasing adoption of these ocular prosthetic devices among developing countries and the rising global prevalence of refractive errors are responsible for the market growth during the forecast period.
The increasing global burden of refractive errors and rising awareness of refractive vision correction with lenses for these eye conditions are expected to surge the demand for these lenses.
However, the availability of alternative and economical treatment options for refractive errors, such as eyeglasses and LASIK surgery, can be a major reason to limit the growth of the market.
High Risk of Infections Associated with Contact Lenses Led to Decline in Product Demand During COVID-19 Pandemic
The emergence of the COVID-19 pandemic significantly decreased the demand for these devices across the world. Leading players operating in the market reported a major decline in their revenues and sales due to the impact of the COVID-19 pandemic.
The decrease in revenues was attributed to consumers’ shift from these devices to eyeglasses during the lockdown period. Also, decreased demand for lenses while staying at home was another reason contributing to the drop in the number of these lens wearers.
A vast majority of eye care professionals reported a significant decline in the number of patient visits during the lockdown period. This was due to the cancellation of medical practices, especially elective procedures, to avoid the spread of the COVID-19 virus.
Leading players in the market reported a notable decrease in the demand for contact lenses during the financial year due to the implementation of emergency protocols to close customer facilities and considerable disruption in business activities. Furthermore, they faced several challenges such as disruptions in raw material and product supplies.
However, with relaxations in pandemic restrictions, the number of patient visits for eye check-ups and other procedures gradually increased in 2021, which caused a notable bounce in the sales of lenses and revenues of the key players.
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Rising Prevalence of Ocular Diseases to Boost Demand for Daily Disposable Lenses
The rising prevalence of ocular diseases is increasing the demand for these lenses for the correction of refractive errors and for therapeutic as well as cosmetic purposes.
The growing awareness regarding the benefits of disposable lenses and rising focus of the key players on developing and introducing novel products with greater comfort and ease to use are causing a shift toward these lenses among the general population.
Additionally, many contact lens manufacturers are involved in creating awareness programs and launching innovative products in the market, which are expected to support the sales of daily disposables.
Increasing Incidence of Refractive Errors to Boost Penetration of Contact Lenses
Rising cases of myopia and presbyopia, especially among children and adults, and reluctance among the general population toward vision correction are increasing the percentage of people suffering from vision impairment globally. Also, uncorrected refractive errors are among the leading causes of vision impairment and blindness globally.
Around 80% of cases of visual impairment are preventable and treatable. However, limited awareness among the general population about the available treatment options is one of the primary reasons for lower diagnosis and treatment rates, especially in developing countries.
However, rising initiatives by regional and national government agencies and key market players toward increasing the awareness of the benefits of vision correction among the general population have boosted the number of vision correction users globally, including lens wearers.
The rising adoption of these lenses in developed as well as developing countries is anticipated to drive the contact lenses market growth. Along with this, the focus of organizations on emerging markets is also estimated to increase the product penetration in developed as well as developing countries.
Technological Advancements and Introduction of Contact Lenses by Market Players to Boost Market Progress
Leading manufacturers in the market are focusing on increasing their R&D investments to develop and introduce technologically advanced lenses. These lenses will be majorly used for vision correction, thereby fueling the product usage among the patient population.
Similarly, the rising number of product approvals and launches by key players is expected to drive the demand and penetration of the product in the market during the forecast period.
The use of novel approaches and integration of artificial intelligence (AI) in the development of lenses are some of the prominent focus areas of key players. These factors will increase the market share.
Availability of Alternative Treatments for Refractive Errors to Curb Market Growth
The long-term use of contact lenses comes with several side effects, such as infection, corneal edema, superficial keratitis, red eye, and others, which is why an increasing percentage of the patient population is looking for alternative treatment options for vision correction.
Alternative treatments, such as eyeglasses, LASIK surgery, and others offer more benefits as compared to lenses. Eyeglasses require minimal cleaning, have a low risk of eye infection, and are more economical when compared with these type of lenses.
Moreover, the availability of substitutes, such as eyeglasses and LASIK surgery, for the treatment of refractive errors is a major restraining factor for the market growth. Additionally, lack of insurance reimbursement for these devices might hamper the demand for these products in developed countries during the forecast period.
Reusable Segment to Hold Dominant Share Owing to Several Benefits
Based on modality, the market is segmented into reusable and disposable. The reusable segment accounted for the largest share of the global market. The growing number of patients suffering from refractive errors and increasing number of contact lens wearers are responsible for the growing demand for these products.
The increasing number of contact lens wearers globally and the rising adoption of reusable lenses are expected to support the segment's growth.
Additionally, the benefits of reusable lenses, such as durability and comfort, will augment the market growth during the forecast period.
On the other hand, the disposable segment is expected to record a significant growth rate during the forecast period. It is attributable to the rising inclination of the population toward daily disposable lenses as it reduces wearing complications. This, along with the introduction of new disposable lenses by leading players, fuels the segment’s growth.
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Technological Advancements in Spherical Lenses Boosted their Demand in 2022
Based on design, the market is segmented into toric, multifocal, and spherical. The spherical segment is projected to account for the largest market share during the forecast period. The dominance of the segment is due to technological developments and exact fittings of spherical lenses. The rising penetration of these lenses is expected to surge the demand and adoption of these lenses during the forecast period.
The toric segment is expected to grow due to the increasing prevalence of astigmatism among the population globally. More patients are opting for toric lenses owing to their benefits and technological advancements.
The increasing focus of market players to introduce new products is among the major reasons behind the segment's growth.
The multifocal segment is expected to record a considerable CAGR during the forecast period. The increasing prescription rate of multifocal lenses by eye care professionals for patients suffering from presbyopia is one of the important factors supporting the growth of the segment.
Also, the rising focus of key market players on R&D to develop and launch multifocal lenses for conditions, such as myopia, hyperopia, and others, is another factor contributing to the growth of the segment.
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Retail Stores to Hold Dominant Share Owing to Demand for Affordable Lenses
On the basis of distribution channel, the market is segmented into ophthalmologists, retail stores, and online stores.
The retail stores segment held the largest share in the global market in 2022. The dominance of this segment is attributed to the initiative of manufacturers to launch advanced products at affordable prices at retail stores; this has increased the penetration of retail stores in the market.
Also, rising number of collaborations and acquisitions of these stores by market players is predicted to expand the chain of these stores.
The ophthalmologists segment held the second position in terms of the global contact lenses market share in 2022. More patients are opting for prescription lenses from ophthalmologists, and leading market players are increasing their focus on the distribution and sales of lenses through Eye Care Professionals (ECPs), particularly in developed nations. This factor will boost the segment growth.
The online stores segment is also anticipated to record a higher CAGR compared to the other segments. The higher growth of this segment is attributed to evolving regulatory policies for online sales of these devices in developed countries and the entry of leading e-pharmacy players into the market. Moreover, the pandemic crisis has contributed heavily to the preference for online stores over retail.
North America Contact Lenses Market Size, 2022 (USD Billion)
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The market in North America was valued at USD 3.42 billion in 2022. The growing patient population suffering from refractive errors and rising awareness regarding the various types of vision correction treatments are some of the major factors leading to increasing demand for these lenses in the market. The rising demand for these devices in the U.S. and Canada is anticipated to increase the penetration of these lenses in the region. Also, market players are entering into strategic partnerships and collaborations, which is expected to drive the adoption of contact lenses in North America.
Additionally, the number of lens wearers in the U.S. is likely to increase gradually. According to the U.S. Environment Protection Agency report, in 2021, 31 million people were using lenses in the U.S. The increasing number of lens users due to shifting preference toward eyewear is anticipated to support the growth of the North American market.
Europe accounted for the second-largest share in the global market. This is attributed to the presence of a large patient pool suffering from eye disorders, such as myopia and presbyopia, the growing adoption of advanced products in the region, and regulatory approvals for novel lenses. The rising number of lens wearers in the region is also anticipated to boost the overall market progress.
The Asia Pacific market is expected to register the highest growth rate during the forecast period. The cases of vision impairment are rising in the region, prompting medical professionals to improve diagnostic techniques for ocular diseases in the inbuilt laboratories of ophthalmologist clinics & hospitals. Contact lens manufacturing companies are introducing various novel technologies in the development of these lenses, thereby driving the market growth in Asian countries.
Moreover, the growing disposable income in emerging countries of the region is also providing favorable conditions for the market’s growth.
Latin America, alongside the Middle East & Africa, held a lower share of the global market. However, the increasing cases of vision impairment and rising adoption of these devices in the regions are expected to drive the regional market growth during the forecast period.
Johnson & Johnson Vision Care, Inc., Bausch + Lomb, the Cooper Companies Inc., and Alcon to Dominate Market through their Strong Distribution Networks
The global market is consolidated with key players such as Johnson & Johnson Vision Care, Inc., the Cooper Companies Inc., and Alcon.
Johnson & Johnson Vision Care, Inc. captured a larger market share in 2022. The dominance of the company is credited to the increasing number of product launches and strategic collaborations with other players to strengthen its position in the market. The key companies operating in the market are introducing technologically advanced products to gain a competitive advantage over their rivals.
The Cooper Companies Inc. captured the second position in terms of market share in 2022 and is expected to continue to hold this position in the coming years. This is due to the strong emphasis on R&D programs, resulting in the development of innovative solutions and acquisition of other market players.
Furthermore, a significant rise in the number of patients suffering from refractive errors and the growing adoption of lenses in emerging countries are projected to increase the number of emerging players in the market.
An Infographic Representation of Contact Lenses Market
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The research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, modality, design, and distribution channels. Besides this, it offers insights into the latest trends in the global market and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.
CAGR of 5.8% from 2023-2030
Value (USD billion)
By Modality, Design, Distribution Channel, and Region
Fortune Business Insights says that the global market stood at USD 9.90 billion in 2022 and is projected to reach USD 15.40 billion by 2030.
In 2022, the market size in North America was USD 3.42 billion.
The market will be growing at a CAGR of 5.8% during the forecast period.
By modality, the reusable segment will lead the market.
Increasing prevalence of refractive errors, rising awareness about contact lenses, and introduction of technologically advanced products by market players are expected to the propel the market growth.
Johnson & Johnson Vision Care, Inc., Alcon, and the Cooper Companies Inc. are the top players in the market.
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