Global Contact Lenses Market – Industry Trends and Forecast to 2030

Global Contact Lenses Market, By Model (Daily Wear Contact Lenses, Extended Wear Contact Lenses, Traditional Wear Contact Lenses), Design (Spherical Contact Lenses, Toric Contact Lenses, Multifocal Contact Lenses, Monovision Contact Lenses, Cosmetic Contact Lenses), Material (Silicone Hydrogel Contact Lenses, Hydrogel Contact Lenses, Hybrid Contact Lenses, Gas-Permeable Contact Lenses, Polymethyl Methacrylate Contact Lenses), Color Variation (Opaque Contact Lenses, Enhancers/Tinted Contact Lenses, Visibility Tinted Contact Lenses), Distribution Channel (Retail Stores, Hospitals and Clinics, E-Commerce), Application (Conventional Contact Lenses, Orthokeratology Contact Lenses, Decorative (Plano) Contact Lenses) - Industry Trends and Forecast to 2030.

Contact Lenses Market Analysis and Size

The essential factors contributing to the growth of the global contact lenses market in the forecast period of 2023 to 2030 include the growing media exposure. Also, increase in number of young golfers has substantially increased the purchase of several golf kits, hence significantly contributing to the market’s growth.

Data Bridge Market Research analyses that the global contact lenses market which was USD 12.70 billion in 2022, is expected to reach USD 13.42 billion by 2030, growing at a CAGR of 5.70% during the forecast period of 2023 to 2030. In 2023, e-commerce segment will dominate the market due to the increasing penetration of e-commerce platforms, offering a convenient purchasing channel for consumers, providing a wider reach and accessibility to a broader audience. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Contact Lenses Market Scope and Segmentation

Market Definition

Also known as contacts, contact lenses are small circular thin flexible piece of clear plastics, which are designed to be worn over the surface of eyes, enabling clear vision and removing the need to wear spectacles. Contact lenses are used as alternatives to spectacles and are used to correct myopia and glaucoma.  

Global Contact Lenses Market Dynamics

Drivers

• Growth and Expansion of Fast Moving Consumable Goods in Developing Economies

The growth and expansion of fast-moving consumer goods (FMCG) in developing economies drive the global contact lenses market by increasing disposable income and consumer awareness. As FMCG markets expand, consumers prioritize eye health and aesthetics, boosting demand for contact lenses. This trend encourages contact lens manufacturers to invest in these emerging markets, leading to market growth and potential innovations tailored to the specific needs of consumers in developing economies

•  Rising Awareness about the Benefits of Contact Lenses

The rising awareness about the benefits of contact lenses, such as improved vision correction, convenience, and cosmetic options, is a significant driver in the global contact lenses market. As more consumers recognize these advantages, they are increasingly opting for contact lenses over traditional eyeglasses. This heightened awareness not only expands the customer base but also encourages innovation and technological advancements in the contact lens industry, further fueling market growth

Opportunities

• Growing Use of Innovative Materials and Increasing Penetration of E-Commerce Platforms

The growing use of innovative materials, such as silicone hydrogels, enhances comfort and safety in contact lenses, opening opportunities for market expansion. In addition, the increasing penetration of e-commerce platforms offers a convenient purchasing channel for consumers, providing a wider reach and accessibility to a broader audience. These factors together create a favorable environment for the global contact lenses market to thrive, catering to evolving consumer preferences and driving growth

• Rise in Visual Defects in Young Children Owing to the Increased Screen Time

The rise in visual defects among young children due to increased screen time presents an opportunity in the global contact lenses market. Contact lenses offer a corrective solution for vision problems without the stigma associated with eyeglasses, making them appealing to younger demographics. As awareness grows about this option for vision correction, it can drive demand for pediatric contact lenses, creating a new market segment and expanding the overall market potential

Restraint/Challenge

• Fluctuations in the Prices of Raw Materials

Fluctuations in the prices of raw materials can act as a restraint in the global contact lenses market. Contact lenses rely on specialized materials such as silicone hydrogels and polymers, which are susceptible to price volatility due to factors such as oil prices and supply chain disruptions. These fluctuations can increase production costs, affecting pricing and profit margins for manufacturers. In turn, this may limit affordability and accessibility for consumers, potentially impacting market growth

Recent Development                 

• In 2020, Bausch+Lomb had launched -2.75 cylinder for Biotrue ONE Day for Astigmatism daily disposable contact lenses
• In 2020, Menicon had announced the opening of the Menicon Future Device Research Laboratory in Japan

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Contact Lenses Market Scope

The global contact lenses market is segmented on the basis of model, design, material, color variation, distribution channel, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Model

• Daily Wear Contact Lenses
• Extended Wear Contact Lenses
• Traditional Wear Contact Lenses

Design

• Spherical Contact Lenses
• Toric Contact Lenses
• Multifocal Contact Lenses
• Monovision Contact Lenses
• Cosmetic Contact Lenses

Material

• Silicone Hydrogel Contact Lenses
• Hydrogel Contact Lenses
• Hybrid Contact Lenses
• Gas-Permeable Contact Lenses
• Polymethyl Methacrylate Contact Lenses

Color Variation

• Opaque Contact Lenses
• Enhancers/Tinted Contact Lenses
• Visibility Tinted Contact Lenses

Application

• Conventional Contact Lenses
• Orthokeratology Contact Lenses
• Decorative (Plano) Contact Lenses

Distribution Channel

• Retail Stores
• Hospitals and Clinics
• E-Commerce

Global Contact Lenses Market Regional Analysis/Insights

Global contact lenses market is analysed and market size insights and trends are provided by model, design, material, color variation, distribution channel, and application as referenced above.

The countries covered in the global contact lenses market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA)

North America dominates the contact lenses market due to the rising demand for contact lenses in this region. North America region leads the contact lenses market because of the growing popularity of daily disposable lenses and high awareness regarding eye examinations.

Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to rising prevalence of eye disorders and improving personal disposable income. In addition, growing use of innovative materials for manufacturing contact lenses is also contributing in the market growth.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Contact Lenses Market Share Analysis

The contact lenses market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global contact lenses market.

Some of the major players operating in the global contact lenses market are:

• Bausch & Lomb Incorporated (U.S.)
• Alcon Vision LLC (U.S.)
• The Cooper Companies Inc. (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Surgical Vision, Inc. (U.S.)
• Carl Zeiss AG (Germany)
• Contamac (U.K.)
• Essilor (France)
• Hoya Corporation (Japan)
• Hydrogel Vision Corporation (U.S.)
• STAAR SURGICAL (U.S.)
• SynergEyes (U.S.)
• BenQ Materials Corp (Taiwan)
• Menicon Co., Ltd. (Japan)
• Seed Co Limited. (Japan)
• X-Cel Specialty Contacts (U.S.)
• Bausch Health Companies Inc. (Canada)
• Novartis AG (Switzerland)
• Abbott (U.S.)