Contact Lenses Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global contact lenses market is projected to grow at a compounded annual growth rate (CAGR) of 5.5% during the forecast period of 2022-2030.

Contact lenses serve multiple purposes such as seeing clearly, reducing eye strain, improving night vision, treating common eye disorders, and enhancing the wearer’s aesthetic appeal. These lenses are made from flexible materials that can be worn comfortably.

GROWTH DRIVERS

In the last few years, the number of people suffering from eye disorders or visual impairments has tremendously increased. As per a report published by the World Health Organization, approximately 2.0 billion people around the globe had some kind of vision impairment or blindness in 2019. This high number can be attributed to the ever-growing geriatric population base and the uncorrected refractive errors & cataracts among people worldwide. To address these issues, the adoption and popularity of contact lenses are increasing worldwide, which, in turn, is boosting the growth of the overall contact lenses market.

Moreover, the awareness among people regarding the therapeutic value of contacts and the benefits offered by contact lenses, including vision correction, color enhancement, and reduction in wrinkles & aging marks, is increasing. Alongside, the number of options for consumers to choose from has also risen in contact lenses. Such growth in awareness and increase in options is largely aiding in the growth of the global contact lenses market.

Additionally, the players operating in the global contact lenses market are seen to be investing substantial amounts of funds on research & development activities for the development of new and innovative contact lenses. Some recent developments include the advent of smart lenses, dynamic soft contact lenses with advanced technology, and contact lenses with drug-delivering capabilities. Such increasing developments by market players aimed at enhancing the efficiency and convenience of contact lenses are projected to create ample growth opportunities for the global contact lenses market during the forecast period.

Furthermore, the increasing number of applications of contact lenses, the high tendency among people to enhance aesthetics, the growing participation of people in outdoor activities, the escalating preference for contact lenses over prescription eyeglasses, the proliferating need for eliminating the use of spectacles, and the rapidly expanding e-commerce industry across the globe are among other factors fueling the growth of the global contact lenses market.

On the other hand, the high costs and various complications associated with contact lenses, the availability of alternative techniques, and the dearth of ophthalmologists are expected to hinder the growth of the global contact lenses market to some extent during the forecast period of 2022-2030.

CONTACT LENSES MARKET SEGMENTATION

By Type

·         Corrective

·         Therapeutic

·         Cosmetic

·         Prosthetic

·         Lifestyle-oriented

By Material Type

·         Gas Permeable

·         Silicone Hydrogel

·         Hybrid

By Usage

·         Daily Disposable

·         Disposable

·         Frequently Replacement

·         Conventional

By Design

·         Spherical

·         Toric

·         Multifocal

·         Others

By Distribution Channel

·         E-commerce

·         Eye Care Practitioners

·         Retail

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Based on type, the global contact lenses market is segmented into corrective, therapeutic, cosmetic, prosthetic, and lifestyle-oriented. The corrective segment is anticipated to witness robust growth in the market during the forecast period. The high adoption of corrective lenses to correct or improve the vision of people with different eye disorders is the predominant factor driving the growth of this segment.

Based on design, the global contact lenses market is segmented into spherical, toric, multifocal, and others. The spherical segment held the largest market share in 2021. The lead is expected to continue over the forecast period of 2022-2030. However, the multifocal segment is predicted to attain the highest CAGR in the market during the forecast period of 2022-2030.

Based on the distribution channel, the global contact lenses market is segmented into e-commerce, eye care practitioners, and retail. The retail segment led the market in 2021 and is expected to maintain its lead over the forecast period of 2022-2030. However, the e-commerce segment is estimated to garner the highest growth in the market during the forecast period of 2022-2030, mainly due to the high amount of convenience and wide range of products available on e-commerce platforms.

Based on usage, the global contact lenses market is segmented into daily disposable, disposable, frequently disposable, and conventional. The daily disposable segment is expected to be the leading segment in the market during the forecast period. The major factor attributable to the large share of this segment includes the high preference for daily disposable lenses due to the advantages of cost-effectiveness, easy wearability, and no requirement of lens cleaning associated with these lenses.

REGIONAL OUTLOOK

The contact lenses research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The North American region accounted for the largest share of the global contact lenses market in 2021, followed by Europe and the Asia Pacific. The high number of visual inaccuracies, the presence of well-established healthcare infrastructure, the increasing number of favorable government policies, and the escalating R&D activities by leading market players are among the major factors responsible for the large share and high growth of the contact lenses market in the region. Moreover, the growing geriatric population base and the presence of some of the leading contact lens manufacturers are also contributing to the growth of the market in North America. The U.S. and Canada stand as the leading contributors to the market in the region.

The Asia Pacific region is poised to emerge as the fastest-growing regional market for contact lenses during the forecast period. The growth of the market in the region can be well attributed to the rising adoption of contact lenses in the region, the burgeoning cases of eye disorders & diseases, the escalating innovations in contact lenses, and the increasing number of contact lenses manufacturers, especially in China. Furthermore, the -ever-rising geriatric population and the surging disposable incomes of people in the region are also significantly aiding in the expansion of the contact lenses market in the Asia Pacific region. India, China, Japan, and South Korea are the major contributors to the market in the region.

The report also identifies the country market outlook for contact lenses, covering country-wise market size, growth rate, market share, segmentation, leading players, current trends, and opportunities.

KEY COMPANIES IN CONTACT LENSES MARKET

The research report offers a competitive analysis of prominent companies operating in the global contact lenses market. Some of the leading players profiled in the market research report include:

·         Johnson & Johnson Vision Care

·         Alcon

·         Bausch & Lomb Incorporated

·         CooperVision

·         Carl Zeiss Meditec AG

·         Hoya Vision Care

·         SEED

·         BenQ Materials Corp.

·         Menicon Co. Ltd.

·         Clerio Vision

·         Essilor

·         Other Key & Niche Players