Contact Lenses Market to Reach USD 15.40 Billion by 2030; Increasing Incidence of Refractive Errors to Boost Penetration of Contact Lenses

The global contact lenses market size touched USD 9.90 billion in 2022 and is predicted to be valued at USD 10.35 billion in 2023. The market size is anticipated to reach USD 15.40 billion by 2030, recording a CAGR of 5.8% over 2023-2030.

Fortune Business Insights™ presents this information in its latest report titled “Contact Lenses Market Size, Share & COVID-19 Impact Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multifocal, and Spherical), By Distribution Channel (Ophthalmologists, Retail Stores, and Online Stores), and Regional Forecast, 2023-2030”.

Contact lenses are thin layered lenses placed on the eye's surface to correct vision issues. They come in soft and hard variants, depending on their comfort, nature, and reusability. The growing usage of these ocular prosthetic devices in developing countries and rising global incidence of refractive errors will boost the contact lenses market growth during the forecast period.

• According to a 2021 BMC Public Health report, a recent study predicted that around 116.3 million people were living with moderate to severe visual impairment due to uncorrected refractive error.

The increasing burden of refractive errors and growing awareness of correcting refractive vision with lenses are expected to drive the demand for these lenses.

High Risk of Infections from Prolonged Use of Lenses Slumped Product Demand During COVID-19 Pandemic

The COVID-19 outbreak had a significant impact on the global demand for contact lenses. Leading companies operating in the market witnessed a major decline in their revenues during this period.

This decline in revenue was attributed to consumers’ rising preference for eyeglasses during the lockdown period. Also, low product demand while staying at home further decelerated the adoption of these lenses.

Several eye care professionals saw a major decline in the number of patient visits during the pandemic era. Since medical practices, especially elective procedures, were reduced to avoid the spread of the COVID-19 virus, the sales of lenses declined.

Introduction of Innovative Technologies in Lenses by Companies to Boost Market Progress

Leading companies in the market are increasing their R&D investments to develop and launch innovative lenses. These lenses will be majorly used for vision correction, thereby accelerating the product usage among the patient population.

The rising number of approvals and launches of technologically advanced products by key players may drive the penetration of contact lenses during the forecast period.

The adoption of novel approaches and introduction of Artificial Intelligence (AI) in the production of lenses are some of the key factors that will increase the contact lenses market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/contact-lenses-market-101775

Competitive Landscape

Leading Organizations to Enhance their Market Position by Focusing on R&D Programs

The global market is consolidated with key players such as Johnson & Johnson Vision Care, Inc., The Cooper Companies Inc., and Alcon.

The Cooper Companies Inc. held a sizeable market share in 2022 and is expected to hold this position in the future as well. This is due to the growing emphasis on R&D programs, resulting in the production of futuristic and reliable solutions and acquisition of other firms involved in the market.

Notable Industry Development:

• September 2022 - The Cooper Companies Inc. introduced its novel product ‘MyDay Energys’, a set of daily disposable lenses, to strengthen its product portfolio.

List of the Companies Profiled in the Report:

• Johnson & Johnson Vision Care, Inc. (U.S.)


• Alcon (Switzerland)


• The Cooper Companies Inc. (U.S.)


• Menicon Co., Ltd. (Japan)


• Hoya Corporation (Japan)


• EssilorLuxottica (France)


• Carl Zeiss Meditec AG (Germany)

Further Report Findings

• The North America market was valued at USD 3.42 billion in 2022. A vast percentage of the patient population in the region is suffering from refractive errors. However, they are also gaining awareness of the different types of vision correction treatments. These products are finding robust demand in countries, such as the U.S. and Canada, which will bolster the regional market growth over the coming years.


• Based on modality, the market is segmented into reusable and disposable. The reusable segment captured the largest share. The growing number of patients living with refractive errors and rising number of contact lens users are bolstering the demand for these products.

Table of Segmentation