Global Contact Lenses Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Contact Lenses Market Analysis  

The contact lenses market is experiencing robust growth, driven by increasing consumer demand for vision correction solutions and advancements in lens technology. Key developments include the launch of innovative products such as multifocal and daily disposable lenses, designed to enhance comfort and address specific vision needs, such as presbyopia and digital eye strain. Major players such as Bausch & Lomb, Alcon, and The Cooper Companies are continuously investing in research and development to introduce materials and technologies that improve lens performance and wearer comfort. The rising prevalence of eye disorders, coupled with growing awareness of eye health, further fuels market expansion. In addition, the increasing use of e-commerce and direct-to-consumer sales channels has made contact lenses more accessible to consumers. Geographic expansion, particularly in emerging markets in Asia-Pacific, is expected to contribute significantly to growth, as more individuals seek effective and convenient vision correction options. Overall, the contact lenses market is poised for continued growth, driven by innovation and changing consumer preferences in vision care.

Contact Lenses Market Size

The global contact lenses market size was valued at USD 13.42 billion in 2023 and is projected to reach USD 20.91 billion by 2031, with a CAGR of 5.70% during the forecast period of 2024 to 2031. 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 Trends

“Increasing Adoption of Daily Disposable Lenses”

The contact lenses market is driven by their convenience and hygiene benefits. One significant trend in the market is the increasing adoption of daily disposable lenses. Such lenses, designed for single-day use, reduce the need for cleaning and storage, making them particularly appealing to busy consumers and those new to contact lenses. For instance, CooperVision’s MyDay daily disposable lenses offer exceptional comfort and moisture retention, catering to individuals experiencing digital eye strain due to prolonged screen time. As more people become aware of the importance of eye health, the demand for daily disposable lenses is expected to rise, influencing market dynamics. In addition, the convenience of purchasing these lenses through e-commerce platforms enhances accessibility, encouraging more consumers to switch from traditional lenses to daily disposables. This trend reflects a broader shift towards modern, hassle-free vision care solutions that meet the evolving lifestyle needs of consumers in today's fast-paced world.

Report Scope and Contact Lenses Market Segmentation      

Contact Lenses Market Definition

Contact lenses are thin, curved lenses placed directly on the surface of the eye to correct vision or for cosmetic purposes. Made from various materials, including hydrogel and silicone hydrogel, contact lenses conform to the shape of the eye, providing a wider field of vision compared to traditional eyeglasses. They can be prescribed for various refractive errors, such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia. Contact lenses can enhance the aesthetic appearance by altering the eye's color or adding a dramatic effect. Proper care and hygiene are essential to ensure the safe and comfortable use of contact lenses.

Contact Lenses Market Dynamics

Drivers

• Rising Incidence of Vision Disorders

The rising prevalence of vision disorders, particularly refractive errors such as myopia and hyperopia, is significantly boosting the demand for vision correction solutions, including contact lenses. According to the World Health Organization, it is estimated that over 2.2 billion people worldwide are affected by uncorrected refractive errors, with myopia alone projected to affect nearly 50% of the global population by 2050. Such surge is largely attributed to lifestyle changes, including prolonged screen time from digital devices, which has become increasingly prevalent in today's society.  As a result, the growing awareness of these disorders and the need for effective corrective measures are influencing consumers to seek out contact lenses as a convenient and comfortable option for maintaining optimal vision, thereby driving market growth.

• Rising Aging Population

The aging population worldwide is contributing significantly to the increased demand for vision correction products, particularly multifocal and specialized contact lenses. As per the United Nations, the number of individuals aged 60 years and older is projected to reach 2.1 billion by 2050, up from 1 billion in 2019. This demographic shift correlates with a higher prevalence of age-related vision issues, most notably presbyopia, which affects approximately 1.8 billion people globally. Presbyopia typically manifests around the age of 40, making it increasingly relevant as the population ages. Moreover, According to a report from National Institute of Health U.S., the number of people with visual impairment or blindness in the United States is expected to double to more than 8 million by 2050, including presbyopia. Consequently, the growing demand for multifocal lenses, which provide clear vision at multiple distances, is a direct response to the rising need for effective vision correction among older adults, further propelling the growth of the contact lenses market.

Opportunities

• Increasing Integration of Smart Technologies

The integration of smart technologies, particularly augmented reality (AR) and sensor technologies, into contact lenses represents a groundbreaking opportunity in the global market. For instance, XPANCEO is at the forefront of this innovation, developing AR-enabled contact lenses designed to deliver real-time information directly to the wearer’s line of sight. This technology can revolutionize various sectors, such as healthcare, sports, and gaming. Imagine a scenario where athletes wearing these AR lenses can receive instant performance analytics, such as heart rate and speed, during their training sessions, enabling them to make real-time adjustments for optimal performance. In healthcare, these lenses could provide essential information to patients, such as medication reminders or vital health data, enhancing overall management of chronic conditions. As more companies explore the potential of smart contact lenses, the demand for advanced functionalities and seamless integration into daily life is expected to grow, thus expanding wider opportunities for the market.

• Increasing Popularity of Cosmetic and Decorative Contact Lenses

The increasing popularity of cosmetic and decorative contact lenses among consumers, particularly for aesthetic enhancement, signifies a significant opportunity for brands in the market. These lenses are used to correct vision and serve as a fashion accessory, allowing wearers to alter their eye color or achieve unique effects for various occasions, such as parties, Halloween, or cosplay events. For instance, brands such as FreshLook and Color Contacts have successfully tapped into this trend by offering color contact lenses of diverse range of designs, from natural shades that enhance one’s eye color to bold, striking patterns that create dramatic effects. This growing demand encourages manufacturers to innovate, creating limited-edition collections or collaborating with influencers and makeup artists to reach a broader audience. By leveraging social media and digital marketing strategies, companies can effectively engage consumers, showcasing how cosmetic lenses can complement individual styles and personalities. As the trend continues to gain traction, the cosmetic and decorative lenses segment is poised for substantial growth, creating substantial opportunities for the market players to explore.

Restraints/Challenges

• Strict and Variable Regulatory compliances

Regulatory compliance poses a significant challenge in the global contact lenses market, as strict regulations govern the manufacturing, distribution, and marketing of these products. For instance, in the U.S., the Food and Drug Administration (FDA) requires rigorous testing and approval processes for contact lenses, which can take considerable time and financial resources, creating barriers for new entrants attempting to penetrate the market. Similarly, in the European Union, compliance with the Medical Device Regulation (MDR) imposes stringent requirements that necessitate extensive documentation and clinical evaluations. These varied regulatory frameworks across different regions not only complicate market operations but also increase operational costs for established companies, who must continuously adapt to changing regulations to maintain compliance. As a result, the complexity and expense of regulatory adherence can stifle innovation and hinder growth, ultimately affecting the overall dynamics of the contact lenses market.

• Competition from Alternative Vision Correction Solutions

Competition from alternative vision correction solutions represents a notable challenge for the contact lenses market, as options such as laser eye surgery and advanced eyeglasses offer consumers viable alternatives for addressing refractive errors. Many individuals opt for laser procedures, such as LASIK, due to the perceived permanence of vision correction and the convenience of no longer needing to wear lenses or glasses. According to the American Society of Cataract and Refractive Surgery, approximately 700,000 LASIK procedures were performed in the U.S. alone in 2020, illustrating the popularity of surgical options among consumers. In addition, advanced eyeglasses featuring adaptive lenses and blue light filters have gained traction, appealing to those seeking comfort and style without the need for contact lenses. Such growing preference for alternative solutions can lead to reduced demand for contact lenses, particularly in developed markets where consumers have easy access to a range of vision correction options, challenging the market growth.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Contact Lenses Market Scope

The 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

Distribution Channel

• Retail Stores
• Hospitals and Clinics
• E-Commerce

Application

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

Contact Lenses Market Regional Analysis

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

The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America holds a dominant position in the contact lenses market, driven by increasing consumer demand for various types of contact lenses. This leadership is largely attributed to the growing popularity of daily disposable lenses, which offer convenience and hygiene benefits. In addition, the region benefits from high awareness regarding the importance of regular eye examinations, further boosting market growth.

Asia-Pacific region is projected to experience significant growth in the contact lenses market from 2024 to 2031, driven by the increasing prevalence of eye disorders such as myopia and astigmatism. This growth is further supported by rising disposable incomes, which enable more consumers to access vision care products. In addition, the market is benefiting from the expanding use of innovative materials in contact lens manufacturing, enhancing comfort and performance for users.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as 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.  

Contact Lenses Market Share

The 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 companies' focus related to market.

Contact Lenses Market Leaders Operating in the Market Are:

• Bausch + Lomb (U.S.)
• Alcon Inc. (U.S.)
• The Cooper Companies Inc. (U.S.)
• Johnson & Johnson Services, Inc. (U.S.)
• Zeiss (Germany)
• Contamac (U.K.)
• Essilor Ltd. (France)
• HOYA Corporation (Japan)
• STAAR SURGICAL (U.S.)
• SynergEyes (U.S.)
• BENQ MATERIALS CORPORATION (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.)

Latest Developments in Contact Lenses Market

• In October 2023, Alcon introduced the TOTAL30 Multifocal contact lens, specifically designed for individuals with presbyopia. This innovative lens offers improved visual clarity across varying distances, catering to the specific needs of presbyopia patients. In addition, it is engineered to enhance both comfort and vision quality, providing a long-lasting and comfortable wear experience for users
• In October 2023, XPANCEO, a deep tech startup, secured $40 million in a seed funding round to create the first contact lenses equipped with augmented reality (AR) capabilities. The funding was led by Opportunity Ventures (Asia), based in Hong Kong. The funds will be used to develop the next prototype, which seeks to combine multiple features into a single device
• In June 2023, Bausch + Lomb unveiled the U.S. launch of Infuse Multifocal daily disposable lenses, made from silicone hydrogel (SiHy). These advanced lenses incorporate ProBalance technology, which is designed to maintain optimal comfort throughout the day by supporting the eye's natural moisture balance. Tailored for patients with presbyopia, the lenses address their unique vision requirements by providing clear and stable vision at multiple distances
• In March 2023, The Cooper Companies Inc. introduced its CooperVision MyDay Energys lenses to the U.S. market. These lenses are specifically designed to address the growing issue of digital eye strain, a common condition caused by prolonged screen time. With advanced technology that reduces eye fatigue and discomfort, the MyDay Energys lenses aim to provide relief for individuals experiencing digital eye strain in today's increasingly digital world
• In November 2022, Menicon Co., Ltd. secured approval from China's National Medical Products Administration (NMPA) for its Menicon Z Night, an orthokeratology lens designed to correct vision overnight. This regulatory approval marks a key milestone for the company, allowing it to expand its medical device offerings in the Chinese market. Menicon aims to leverage this approval to boost sales and strengthen its position within China’s growing eye care industry

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