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Contact Lenses Market to be Worth USD 18.30 Billion by 2032; Increasing Geriatric Population and Refractive Disorders Cases to Boost Market Growth

May 21, 2024 | Healthcare

The global contact lenses market size was valued at USD 10.45 billion in 2023. The market is projected to grow from USD 11.08 billion in 2024 to USD 18.30 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period.


Fortune Business Insights™ presents this information in its report titled, Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multifocal, and Spherical), By Material (Soft, Gas Permeable {Orthokeratology and Scleral}, and Others), By Distribution Channel (Ophthalmologists, Retail Stores, and Online Stores), and Regional Forecast, 2024-2032.


Contact lenses refer to the curved lenses that are placed on the tears’ film covering the eye surface. These lenses require a prescription as regulated by the U.S. FDA. These medical devices are usually hard and soft depending on the reusability, nature, and comfort. The surging geriatric population and the rising refractive disorders cases, including astigmatism, myopia, presbyopia, and hyperopia, are projected to propel market growth. Rising awareness related to eye health with supportive government initiatives among the population also supports market expansion.


The COVID-19 pandemic negatively impacted the market as the increased shutdown of businesses and suspension of non-urgent care, including office visits constraints and contact lens fittings halted, hampering market growth.


The Cooper Companies Inc. Introduced Multidisciplinary Program to Address Myopic Disorders in Children


The Cooper Companies Inc. introduced a multidisciplinary program in December 2023 to address children suffering from the myopic disorder. The company primarily aims to collaborate with leading optometry schools to deliver extended myopia treatment for a pilot group, initiated in 2024.


Surging Prevalence of Refractive Errors to Boost Market Growth


The increasing incidences of presbyopia and myopia, particularly among adults and children, have raised the number of people having vision impairment globally. Moreover, the increasing prevalence of refractive errors, a common problem affecting all age groups, drives the contact lenses market growth. The surge in the percentage of people having vision impairment globally due to the surging cases of presbyopia and myopia further fuels the product demand.


For instance, as per the CooperVision data, in 2023, there were approximately 45.0 million users of lenses in the U.S. alone.


However, the increasing launch of numerous alternative treatments, including corneal inlays, laser eye surgery, and implantable contact lenses, discourages the adoption of contact lenses.


Surging Focus of Key Players on Collaborations to Propel Market Expansion


The contact lenses market consists of major market players, such as Johnson & Johnson Vision Care, Inc., Alcon, and others. The Johnson & Johnson Vision Care, Inc. held a substantial market share in 2023 due to the surging collaboration and partnerships with many companies to advance its product portfolio offerings, further aiding market expansion.


Notable Industry Development



  • October 2023 – Alcon introduced the TOTAL30 multifocal lenses for patients suffering from presbyopia. These lenses will be distributed in the U.S., along with several international markets.


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


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


List of 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-



  • North America accounted for USD 3.60 billion and dominated the market in 2023 owing to the surging awareness related to the different types of vision correction treatment options.

  • Asia Pacific is expected to grow with the fastest CAGR during the forecast period with the rising vision impairment cases that prompt medical professionals to enhance diagnostic techniques for ocular diseases in clinics and hospitals.

  • Europe held a significant contact lenses market share in 2023 and is anticipated to witness considerable growth during the projected period with the increasing regulatory approvals for novel lenses.

  • The surging cases of vision impairment are expected to propel market growth in Latin America during the ensuing period.


Table of Segmentation:






















































ATTRIBUTE 



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 6.5% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Modality



  • Reusable

  • Disposable



By Material



  • Soft

  • Gas Permeable


    • Orthokeratology

    • Scleral


  • Others



By Design



  • Toric

  • Multifocal

  • Spherical



By Distribution Channel



  • Ophthalmologists

  • Retail Stores

  • Online Stores



By Region



  • North America (By Modality, Material, Design, Distribution, and Channel)


    • U.S. (By Design)

    • Canada (By Design)


  • Europe (By Modality, Material, Design, and Distribution Channel)


    • U.K. (By Design)

    • Germany (By Design)

    • France (By Design)

    • Italy (By Design)

    • Spain (By Design)

    • Scandinavia (By Design)

    • Rest of Europe (By Design)


  • Asia Pacific ((By Modality, Material, Design, and Distribution Channel)


    • Japan (By Design)

    • China (By Design)

    • India (By Design)

    • Australia (By Design)

    • Rest of Asia-Pacific


  • Latin America (By Modality, Material, Design, and Distribution Channel)


    • Brazil (By Design)

    • Mexico (By Design)

    • Rest of Latin America (By Design)


  • Middle East & Africa (By Modality, Material, Design, and Distribution Channel)


    • GCC (By Design)

    • South Africa (By Design)

    • Rest of MEA (By Design)



Contact Lenses Market
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  • 2019-2022
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