The global contact lenses market size is expected to reach USD 11.91 Billion in 2028 at a CAGR of 6.2% during the forecast period. Rising incidence of refractive disorders across all age groups, increasing geriatric population worldwide, and changes in consumer lifestyle are some key factors driving revenue growth of the market. Increasing burden of diabetes and related complications such as diabetic retinopathy is also supporting market growth currently. Increasing preference for contact lenses over spectacles owing to better convenience, comfort, and affordability are some major factors expected to continue to support market growth going ahead. Rising spending capacity and availability of a wide range of products, and growing trend of wearing contact lenses for cosmetic purposes among users are other factors expected to drive market revenue growth to a significant extent over the forecast period.
Extensive research and development activities carried out by key companies to develop advanced smart contact lenses to cater to growing demand for high-quality eyewear and sight- and vision-related products is further fueling revenue growth of the market. Contact lenses help in improving performance of athletes with wear or poor vision during sports activities and offer a minimal chance of injury during activities. Contact lenses also offers a wider field view with no obstruction as compared to that caused by wearing glasses or spectacles. This has increased adoption of contact lenses among athletes, which is in turn, contributing to significantly to market growth. A considerable number of younger individuals suffer from vision disorders such as farsightedness and nearsightedness. Increasing need to slow the progression of these disorders has been boosting demand for corrective contact lenses.
Key Highlights in the Report:
- The corrective lenses segment accounted for largest share of the market in terms of revenue in 2020 and is expected to register significant revenue growth during the forecast period. Growth of the segment can be attributed to a surging prevalence of eye and vision disorders and the rapidly rising geriatric population worldwide.
- North America accounted for a 32.1% share of the global market in 2020 and is expected to register a significant revenue CAGR in the forecast period. The key factors driving regional market growth are increasing R&D in the field of ophthalmology and a strong presence of major market players in the region.
- Major companies in the market include Johnson & Johnson, Bausch + Lomb, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, HOYA Corporation, Seed Co., Ltd., EssilorLuxottica (France), BenQ Materials Corporation, and Menicon Co., Ltd.
- In January 2020, Bosch + Lomb increased its parameters of toric contact lenses which enabled the company to offer eye care professionals with necessary tools and equipment to cater to specific vision requirements of their patients.
For the purpose of this report, Emergen Research has segmented the global contact lenses market on the basis of usage, design, material, application, market channel, and region:
Usage Outlook (Revenue, USD Billion; 2018–2028)
- Daily Wear
- Extended Wear
- Traditional lenses
Design Outlook (Revenue, USD Billion; 2018–2028)
Material Outlook (Revenue, USD Billion; 2018–2028)
- Silicone Hydrogel
- Rigid Gas Permeable
Application Outlook (Revenue, USD Billion; 2018–2028)
Marketing Channel Outlook (Revenue, USD Billion; 2018–2028)
- Retail Stores
- Brand Showrooms
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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