Smart Contact Lens Market to Expand at a Healthy CAGR of 5% through 2031

According to Fact.MR, the contact lens market will be worth more than $9 billion by 2020. Contact lens sales are expected to exceed US$ 15.3 billion by 2031, according to the report.

The demand is growing because to the growing geriatric population and the resulting decline in eyesight quality, as well as the introduction of colourful contact lenses to improve aesthetic appeal. In the forecast period, the contact lenses industry is expected to grow at a CAGR of more than 5%.

Key Segments Covered

• Material

  • Gas Permeable Contact Lenses
  • Silicone Hydrogel Contact Lenses
  • Hybrid Contact Lenses

• Design

  • Spherical Contact Lenses
  • Toric Contact Lenses
  • Multifocal Contact Lenses
  • Other Contact Lenses

• Application

  • Corrective Contact Lenses
  • Therapeutic Contact Lenses
  • Cosmetic Contact Lenses
  • Prosthetic Contact Lenses
  • Lifestyle-oriented Contact Lenses

• Distribution Channel

  • Online Contact Lens Distribution
  • Offline Contact Lens Distribution

• Usage

  • Daily Disposable Contact Lenses
  • Disposable Contact Lenses
  • Frequent Replacement Contact Lenses
  • Traditional Contact Lenses

Competitive Environment

Leading contact lens companies are capitalising on the introduction of new product lines as well as obtaining regulatory permissions from government agencies in order to expand their market.

CooperVision’s CooperVision Biofinity® toric multifocal Contact Lenses were recently approved by the FDA. The device expands the range of Biofinity® toric lens applications to include presbyopia patients.
PRECISION1, Alcon’s first mainstream contact lens with SMARTSURFACE® technology, debuted in August 2019 and offers precision and long-lasting comfort.

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