Contact Lenses Market

Market Overview

The global contact lenses market size was valued at USD 15.20 billion in 2022 and is projected to reach USD 21.82 billion by 2031, with a CAGR of 4.1% during the forecast period 2023–2031. 

Contact lenses are medical devices placed on the tear film covering the cornea to improve vision in people with refractive errors like myopia, hyperopia, astigmatism, and presbyopia.The mechanism is the same as a pair of spectacles to adjust the focusing power by correcting refractive errors in the eye's cornea and lens. They are made from thin, transparent plastic discs that can be colored slightly to enhance the hues and make handling easier. The lens is clear; however, it is commonly given the slightest tinge of color to create them easier for wearers to handle. To avoid future complications such as infection, inflammation, vision loss, or blindness, they usually require a prescription from an eye specialist. Several companies worldwide now offer customized lenses in various designs, depending on their intended use. The United States Food and Drug Administration (U.S. FDA) considers contact lenses as medical devices, irrespective of the purpose the wearer uses them.

Market Dynamics

What are the Driving Factors for The Global Contact Lenses Market?

Myopia has become a prevalent eye disorder on a global scale, and the number of people suffering from it is growing each year rapidly. According to retinatoday.com, 27% of the world's population, or approximately 1.9 billion people, had myopia in 2010, and this percentage is expected to rise to 52% by 2050.

In addition to the aforementioned factor, the rise in the geriatric population, the growing demand for daily disposable contact lenses, the increasing importance of contact lenses over prescription eye lenses, the rising disposable income, the increasing prevalence of eye diseases and injuries, and the high cost of healthcare are also driving the growth of the global contact lenses market.

In addition, the need to eliminate the use of eyeglasses and the increase in R&D activities in the optometry industry are anticipated to fuel the market's growth rate. In addition, technological advancements in the contact lens industry are favorable and are anticipated to stimulate contact lenses market growth during the forecast period.

What are the Challenges for The Global Contact Lenses Market?

According to a number of clinical studies, lens wearers may experience side effects depending on their usage pattern. These side effects may include vision impairment that results in permanent ocular damage or blindness. Numerous adverse effects, including infection, corneal edema, superficial keratitis, red eye, excess mucus production, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization, are associated with the use of contact lenses. These side effects are the primary factor limiting the use of these lenses.

According to data published by Harvard Health Publishing in 2021, up to 20 per 10,000 contact lens wearers will develop keratitis that can lead to blindness. In addition, improper use of these devices led to approximately one million hospitalizations and visits to emergency rooms annually. In addition, the availability of alternatives such as eyeglasses and LASIK surgery for the treatment of refractive errors is a significant factor restraining contact lenses market growth. In addition, the absence of insurance reimbursement for these devices hinders the demand for these products in developed nations over the forecast period.

What are the Future Opportunities for The Global Contact Lenses Market?

The prevalence of presbyopia and myopia among children and adults is increasing steadily. This, along with the general public's lack of awareness and reluctance toward vision correction, especially in developing nations, is responsible for the increasing number of people with vision impairment. According to data published by the WHO in 2021, the global prevalence of near or farsighted vision impairment is 2,2 billion people, of whom approximately 1 billion were undiagnosed. In the majority of cases, uncorrected refractive errors and cataracts were identified.

However, consistent efforts by regional and national government agencies and major market participants to increase public awareness of vision correction have increased the number of vision correction users worldwide, including lens wearers. In addition, the introduction of technologically advanced lenses by market participants is a significant factor driving the adoption of these products in emerging economies such as China, India, and South Korea. Increasing adoption of these advanced devices presents growth opportunities for market leaders seeking to expand their presence in established markets.

Regional Analysis

The global market for Contact Lenses market share has been segmented based on geography into North America, Europe, Asia Pacific, and LAMEA.

North America Dominates the Global Market

North America dominated the contact lens market, accounting for 39.1% of revenue in 2021. Some reasons for this include the growing number of patients affected by refractive defects and the market competitors' strong emphasis on strategic collaboration and partnership. For example, in April 2021, Johnson & Johnson Vision formed a global strategic alliance with Menicon, a prominent manufacturer of breakthrough lenses. This collaboration aimed to create therapeutic eyewear to fight myopia's increased prevalence and progression in youngsters.

Consumers in Japan are increasingly using cosmetic lenses to improve the appearance of their eyes, resulting in massive development in the region's contact lens market. North America and Europe have highly developed soft contact lens markets. As a result, researchers and enterprises in these locations are investigating the various applications of contact lenses through constant research and development of innovative products.

Consumer purchasing power in Asia Pacific grows. In addition, the United States has increased its presence in U.S. regions. Cosmetic lenses are widely used in industries such as media and entertainment, leading to the increased use of cosmetic lenses. South American and Asia Pacific markets are predicted to rise rapidly during the projection period. Because of growing contact lens use, the Chinese contact lens market is likely to rise significantly in the cosmetic lens category.

According to the European Blind Union, the leading cause of blindness in Europe is age-related eye conditions. These conditions are caused by an aging population with a variety of vision issues, rising disposable income, and an increase in eye injuries and vision-related diseases. The desire of consumers for contact lenses with appealing colors, tints, and textures to improve eye appearance is an additional factor driving the national demand for contact lenses.

Segmental Analysis

The global market for Contact Lenses market is categorized by Material, Application, Distribution Channel, and Usage.

Based on Material, the market is segmented into Gas permeable, Silicone hydrogel, and Hybrid,

In 2021, the silicone hydrogel lens category led the contact lens market, accounting for more than 88.4% of total revenue. Silicone hydrogel lenses provide several advantages over gas-permeable lenses, including increased comfort and flexibility. As a result, it is chosen by users above other lenses. Over the projected period, the hybrid lens segment is expected to increase significantly. A hybrid lens combines gas-permeable and silicone hydrogel materials. It comprises an RGP center zone and a soft peripheral skirt consisting of soft or silicone hydrogel material.

It offers the wearing comfort of a soft lens and the optical clarity of an RGP lens. The increased use of hybrid lenses by persons with astigmatism and keratoconus is likely to positively impact sector growth. Gas Permeable is more breathable than its competitors, lowering the risk of infection. However, this segment is anticipated to continue losing contact lenses market share because of the significant benefits associated with soft lenses.

Based on the design, the market is divided into multifocal, spherical, toric, and others, including orthokeratology or ortho-k lenses.

In 2021, the spherical lens segment led the contact lens market, accounting for 61.8% of total revenue. Because of their capacity to accommodate numerous prescriptions, multifocal lenses are projected to have moderate demand. They are mostly used to treat age-related ocular problems such as presbyopia. It has a number of advantages, including better visual acuity for users who need to combine multiple prescriptions in a single lens. For example, the FDA recently authorized CooperVision Biofinity toric Multifocal Contact Lenses. The gadget broadens the Biofinity toric lens range for presbyopia patients.

Toric lenses are used to correct astigmatism caused by variations in the curvature of the cornea. Toric lens demand is predicted to rise significantly, with a CAGR of 6.7% over the projection period. With increased instances of myopia and increasingly prolonged usage of tablets, computers, and smartphones creating digital eye strain, demand for ortho-k is predicted to rise. Orthokeratology (Ortho K) is a relatively new technological development that reshapes the cornea to improve eyesight by wearing specially designed overnight contact lenses to change the anatomy of the eyes while sleeping.

Based on Application, the market is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic and Lifestyle-Oriented

The corrective lens segment dominates the market, accounting for more than 44.0% of total revenue in 2021. Over the forecast period, the segment is expected to exhibit the highest CAGR of 4.7%. Corrective lenses are multifocal, bifocal, toric, and spherical. Therapeutic contact lenses are designed with a therapeutic objective, such as ocular pain reduction or corneal repair.

In 2021, the therapeutic application segment accounted for a sizable chunk of the total market share. Because the lenses can also be used to deliver medications to the cornea, the category will likely lose market share throughout the projection period. Because of the increasing desire for improved eye aesthetics, the cosmetic lens business is expected to experience massive development prospects. During the projection period, the cosmetic segment is expected to grow at a CAGR of 4.7%.

Based on Distribution Channel, the market is segmented into E-Commerce, Eye Care Practitioners, and Retail.

In 2021, the retail segment led the contact lens market, accounting for 60.4% of total revenue. The retail store segment is expanding due to manufacturers' initiatives to produce advanced products at very low prices in retail stores, which are then combined with additional discounts provided by retail sellers. Furthermore, the rapid expansion of retail pharmacies in developed countries boosts the development of this segment.

Independent eye-care professionals distribute the vast majority of lenses produced. As a result, online retailing has the smallest market share. As a result, market penetration in the ECP channel represents a critical profit opportunity. Over the forecast period, the e-commerce distribution channel is expected to exhibit the highest CAGR of 5.6%.

Contact lenses are used to require daily removal and extensive cleaning regimens. Furthermore, consumers typically purchase eye lenses from eye doctors. Nonetheless, the introduction of disposable soft contact lenses that consumers wear for only a few weeks and the advancement of non-practitioner lens sellers, specifically e-commerce contact lens retailers, altered market dynamics. E-commerce has simplified distribution and allowed manufacturers to expand their geographical footprint globally.

Based on Usage, the market is segmented into Daily Disposable, Disposable, Frequently Replacement, and Traditional.

In 2021, the daily disposable lens segment dominated the contact lens market, accounting for more than 33.0% of total revenue. From 2023 to 2031, the segment is expected to grow at a 5.2% CAGR. Furthermore, the segment is expected to maintain its dominance over the forecast period. The popularity of daily disposable lenses is growing because a new set of lenses provides the user with greater comfort. As a result, many players have begun to develop disposable lenses daily. Most users believe that these are the healthiest contact lenses. Daily disposable lenses are also being prescribed by eye care professionals to avoid the problems associated with longer lens replacements.

The daily disposable lens is made of a soft, flexible plastic that is commonly used in an active lifestyle. Some people participate in sports, while others use disposable lenses daily. Furthermore, these contact lenses are increasing because of the numerous health benefits. Market vendors are focusing on providing larger rebates on daily disposable lenses in order to increase user adoption. The frequently disposable lens is replaced twice weekly, monthly, or quarterly. Traditional (reusable) lenses can be used for an extended period of time and are more cost-effective for full-time wearers.

Recent Developments

• In April 2021, Cooper Companies Inc. announced the acquisition of No7 Lenses, a U.K.-based designer and manufacturer of specialty lenses.
• In April 2021, EssilorLuxottica announced the acquisition of GrandVision, Europe's largest optical retail chain with over 350 locations.
• In October 2020, Bausch & Lomb Incorporated acquired an exclusive license for a myopia control lens design created by BHVI, an Australian non-profit organization with a global focus on vision research.
• In 2021, Johnson and Johnson's vision collaborated with Menicon to provide innovative lenses with therapeutic properties, as the organization aims to prevent the increase or progression of myopia in children.
• In 2022, Alcon introduced the first water gradient lenses to provide a comfortable fit for astigmatic patients.