THE GLOBAL CONTACT LENSES MARKET SIZE WAS VALUED AT USD 9.19 BILLION IN 2021 AND IS EXPECTED TO REACH USD 13,021.74 MILLION BY 2027, GROWING AT A CAGR OF 5.97% DURING THE FORECAST PERIOD

The Contact Lenses Market Includes Size, Share, & Trends Analysis By

  • MATERIAL:Silicone Hydrogel, Hydrogel, Gp/Rgp, And Others
  • APPLICATION: Corrective, Therapeutic, And Cosmetic
  • DESIGN:Spherical, Toric, And Multifocal
  • USAGE: Daily Disposable And Frequent Replacement
  • DISTRIBUTION CHANNEL: Retail Stores, Hospital And Eye Care, And Online Stores
  • GEOGRAPHY: North America, APAC, Europe, Latin America, And The Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2027

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5 Regions

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19 Countries

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29 Companies

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6 Market Segment

CONTACT LENSES MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (2021) USD 9.19 BILLON
MARKET SIZE (2027) USD 13.02 BILLION
CAGR (2022-2027) 5.97%
BASE YEAR 2021
FORECAST YEAR 2022-2027
MARKET SEGMENTS Material (Silicone Hydrogel, Hydrogel, Gp/Rgp, and Others), Application (Corrective, Therapeutic, and Cosmetic), Design (Spherical, Toric, and Multifocal), Usage (Daily Disposable and Frequent Replacement), Distribution Channel (Retail Stores, Hospital And Eye Care, and Online Stores)
GEOGRAPHIC ANALYSIS North America, APAC, Europe, Latin America, and Middle East & Africa
COUNTRIES COVERED US, Canada, Japan, China, India, South Korea, Australia, Germany, France, UK, Spain, Italy, Brazil, Mexico, Argentina, Turkey, South Africa, Saudi Arabia, and UAE

MARKET INSIGHTS

The global contact lenses market size is expected to grow from USD 9.19 billion in 2021 to reach USD 13.02 billion by 2027, growing at a CAGR of 5.97% during 2021-2027. Increasing awareness about the advantages of smart contact lenses over traditional eyeglasses and a sudden surge in the penetration among working professionals and youth are majorly contributing to the increased demand for contact lenses.

The growing adoption of contact lenses for restoring multiple vision dysfunctions, such as myopia, hyperopia, astigmatism, and presbyopia, will promote the global contact lenses market growth. The growing focus on the aesthetic look and the popularity of colored lenses in the fashion industry will boost the demand in the upcoming years.

However, the industry is witnessing significant resistance from alternative treatment options such as LASIK and eyeglasses for various refractive error eye disorders.

KEY HIGHLIGHTS

  • Technological advances in the manufacturing process are expected to drive the smart contact lenses market growth. For instance, CooperVision has partnered with the plastic bank to develop a “plastic neutral” product. CooperVision, one of the key players, has taken the step to produce recycled material-based contact lenses.
  • Significant improvements in manufacturing technologies have notably decreased the manufacturing cost, which has paved the way for launching low-cost daily disposable contact lenses.
  • The growing target population due to myopia, the growing elderly population, and the increasing preference for contact lenses over prescription spectacles are the key factors driving growth.
  • Therapeutic contact lenses are gaining prominence as there is increasing incidence and progression of myopia in children.

CONTACT LENSES MARKET TRENDS AND DEVELOPMENTS

  • The emerging fashion trends, pollution, varied usage intensity, and attractive price points drive the industry growth.
  • In 2020, Alcon boosted its portfolio in Canada by introducing its new innovative PRECISION1 daily disposable silicone hydrogel contact lenses.
  • In April 2019, Johnson & Johnson Vision Care business segment launched Acuvue Oasys with transitions. Its unique feature is that it contains transitions light intelligent technology. It is designed to respond quickly and seamlessly to changing light conditions while reducing exposure to bright light inside and out.
  • Bausch & Lomb launched an ultra-multifocal toric contact lens for presbyopic patients. Initially, astigmatism patients had to wear custom-ordered contact lenses or compromise their vision results. This first multifocal toric contact lens is available as a standard offering for vision care.

CONTACT LENSES MARKET SHARE AND SEGMENTS

  • The silicone hydrogel segment accounted for 66% of the global contact lenses market share by material type. The growing demand for the silicone hydrogel segment is due to the product's increased oxygen permeability, ease of use, and softness in nature.
  • The cosmetic contact lenses market is expected to witness the fastest growth during the forecast period. An increase in disposable income and the high demand for colored and special-effect cosmetic lenses are the primary factors expected to boost the industry growth during the forecast period.
  • The spherical design segment will generate the highest revenue during the forecast period, followed by the toric lenses. The increased prevalence of vision corrective disorders such as myopia and hyperopia and the increased preference for contact lenses for vision correction are driving the spherical contact lenses market.
  • Due to the ease of use and reduced infection possibility, daily disposable contact lenses are gaining preference in developing countries. The daily disposable segment is expected to constitute more than 60% of the share compared to the frequent replaceable segment.
  • The retail stores dominated the industry by capturing the highest share. However, the online segment is expected to witness the fastest growth during the forecast period.

GEOGRAPHICAL OUTLOOK

North America, especially the United States, is a dominant region in the global contact lenses market. Further, a large proportion of the patient pool with refractive vision disorders, better access to eye care services, and a strong presence of prominent players contribute to the region's high market share. The region will retain its overall industry dominance and will continue to be a key market.

APAC region to witness the fastest growth during the forecast period. The growing myopic people like teenagers and the aging population, and a high rate of rising rate for brand-conscious buyers will accelerate the growth of the China contact lenses market.

COMPETITIVE LANDSCAPE

  • The companies operating in the contact lenses market are Johnson & Johnson Vision Care, The Cooper Companies, Alcon, and Bausch & Lomb.
  • The top four players occupy almost 90% of the global industry.
  • Prominent players dominate the market, thereby reducing the scope for new entrants.
  • Most leading players are focusing on implementing strategies such as product launches and approvals marketing and promotional activities to strengthen their distribution networks and enhance their market share and presence.
  • Increasing R&D investment and adding a technologically advanced product portfolio can strengthen key players presence in the industry

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Frequently Asked Questions

What is the growth rate of global contact lenses market?

The growth rate of the global contact lenses market is 5.97% in the forecast period.

How much is the global contact lenses market worth?

The contact lenses market was valued at USD 9.19 Billion in 202

What are the key factors driving the global contact lenses market?

The key factors driving the contact lenses market are the growing target population with refractive error and visual impairments, shift from eyeglasses towards contact lenses, and aggressive marketing campaigns of retail optical stores.

What are the top strategies to sustain the market competition?

New products launches and incresead investment in R&D are the key strategies to dominate the market.

Which type of contact lens is leading the usage segment?

Daily disposable contact lens is leading the usage segment.

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The contact lenses market is growing at a CAGR of 5.97% during the forecast period.

The following factors are likely to contribute to the growth of the contact lenses market-

  • Introduction of Hi-Tech Contact Lenses
  • Increasing Usage of Silicone Hydrogel Contact Lenses
  • Paradigm Shift Towards Premium Priced and Cosmetic Lenses
  • Technological Advancements in the Contact Lenses
  • Increasing Product Launches
  • Growing Target Population

Base Year: 2021

Forecast Year: 2022-2027

The study considers a detailed scenario of the present contact lenses market and its market dynamics for 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Key Vendors

  • Johnson & Johnson Vision Care
    • Business Overview
    • Product Offerings
    • Key Strengths
    • Key Strategies
    • Key Opportunities
  • The Cooper Companies
  • Alcon
  • Bausch & Lomb

Other Prominent Vendors

  • Bescon
    • Business Overview
    • Product Offerings
  • BenQ Materials
  • ClearLab
  • CAMAX OPTICAL
  • Clerio Vision
  • Contamac
  • Essilor
  • Ginko International
  • Hoya
  • INTEROJO
  • Menicon
  • Medios
  • NeoVision
  • Oculus
  • Polytouch
  • Sensimed
  • St. Shine Optical
  • Shanghai Weicon Optical
  • SEED
  • Solótica Indústria e Comércio
  • SynergEyes
  • UltraVision CLPL
  • Visioneering Technologies
  • X-Cel Specialty Contacts
  • ZEISS

Market Segmentation by Material

  • Silicone Hydrogel
  • Hydrogel
  • Gp/Rgp
  • Others

Market Segmentation by Application

  • Corrective
  • Therapeutic
  • Cosmetic

Market Segmentation by Design

  • Spherical
  • Toric
  • Multifocal

Market Segmentation by Usage

  • Daily Disposable
  • Frequent Replacement

Market Segmentation by Distribution Channel

  • Retail Stores
  • Hospital And Eye Care
  • Online Stores

Market Segmentation by Geography

  • North America
    • US
    • Canada
  • APAC
    • Japan
    • China
    • India
    • South Korea
    • Australia
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Turkey
    • South Africa
    • Saudi Arabia
    • UAE

1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS

4 SCOPE & COVERAGE
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of The Study


5 REPORT ASSUMPTIONS & CAVEATS
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 MARKET AT A GLANCE
7 INTRODUCTION
7.1 Overview
7.2 Impact of Covid-19

8 MARKET OPPORTUNITIES & TRENDS
8.1 Introduction of Hi-Tech Contact Lenses
8.2 Increasing Use of Silicone Hydrogel Contact Lenses
8.3 High Consumer Preference for Premium Cosmetic Lenses

9 MARKET GROWTH ENABLERS
9.1 Technological Advances in Contact Lenses
9.2 Increasing Frequency of Product Launches
9.3 Expanding Target Population

10 MARKET RESTRAINTS
10.1 High Cost of Contact Lenses
10.2 Adverse Events Associated with Contact Lenses
10.3 Low Accessibility, Affordability, & Financial Exclusion for Large Patient Pool

11 MARKET LANDSCAPE
11.1 Market Overview
11.1.1 Historical Data 2018-2020
11.2 Market Size & Forecast
11.3 Five Forces Analysis


12 MATERIAL
12.1 Market Snapshot & Growth Engine
12.1.1 Market Overview
12.2 Silicone Hydrogel Contact Lenses
12.3 Hydrogel Contact Lenses
12.4 Gas Permeable /Rigid Gas Permeable Contact Lenses
12.5 Other Contact Lenses


13 APPLICATION
13.1 Market Snapshot & Growth Engine
13.2 Corrective Contact Lenses
13.3 Therapeutic Contact Lenses
13.4 Cosmetic Contact Lenses


14 DESIGN
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Spherical
14.4 Toric
14.5 Multifocal

15 USAGE
15.1 Market Snapshot & Growth Engine
15.2 Daily Disposable
15.3 Frequent Replacement

16 DISTRIBUTION CHANNEL
16.1 Market Snapshot & Growth Engine
16.2 Retail Stores
16.3 Hospital & Eye Clinics
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Online Stores Contact Lenses: Geography Segmentation

17 GEOGRAPHY
17.1 Market Snapshot & Growth Engine
17.2 Geographic Overview

18 NORTH AMERICA
18.1 Market Overview
18.2 Market Size & Forecast


19 APAC
19.1 Market Overview
19.2 Market Size & Forecast

20 EUROPE
20.1 Market Overview
20.2 Market Size & Forecast


21 LATIN AMERICA
21.1 Market Overview
21.2 Market Size & Forecast


22 MIDDLE EAST & AFRICA
22.1 Market Overview
22.2 Market Size & Forecast

23 COMPETITIVE LANDSCAPE
23.1 Competition Overview
23.2 Market Share Analysis
23.2.1 Johnson & Johnson
23.2.2 Alcon
23.2.3 The Cooper Companies
23.2.4 Bausch & Lomb

24 KEY COMPANY PROFILES

24.1 JOHNSON & JOHNSON VISION CARE
24.1.1 Business Overview
24.1.2 Product Offerings
24.1.3 Key Strategies
24.1.4 Key Strengths
24.1.5 Key Opportunities

24.2 THE COOPER COMPANIES
24.3 ALCON

24.4 BAUSCH & LOMB

25 OTHER PROMINENT VENDORS

25.1 BESCON
25.1.1 Business Overview
25.1.2 Product Offerings

25.2 BENQ MATERIALS

25.3 CLEARLAB

25.4 CAMAX OPTICAL

25.5 CLERIO VISION

25.6 CONTAMAC

25.7 ESSILOR

25.8 GINKO INTERNATIONAL

25.9 HOYA

25.10 INTEROJO

25.11 MENICON

25.12 MEDIOS

25.13 NEO VISION

25.14 OCULUS

25.15 POLYTOUCH

25.16 SENSIMED

25.17 ST. SHINE OPTICAL

25.18 SHANGHAI WEICON OPTICAL

25.19 SEED

25.20 SOLÓTICA INDÚSTRIA E COMÉRCIO

25.21 SYNERGEYES

25.22 ULTRAVISION CLPL

25.23 VISIONEERING TECHNOLOGIES

25.24 X-CEL SPECIALTY CONTACTS

25.25 ZEISS

26 REPORT SUMMARY
26.1 Key Takeaways
26.2 Strategic Recommendations

27 QUANTITATIVE SUMMARY
27.1 Market by Geography
27.2 Market by Material
27.3 Market by Application
27.4 Market by Design
27.5 Market by Distribution
27.6 Market by Usage
27.7 North America: Market by Application
27.8 North America: Market by Design
27.9 North America: Market by Distribution
27.1 North America: Market by Usage
27.11 Europe: Market by Application
27.12 Europe: Market by Design
27.13 Europe: Market by Distribution
27.14 Europe: Market by Usage
27.15 APAC: Market by Application
27.16 APAC: Market by Design
27.17 APAC: Market by Distribution
27.18 APAC: Market by Usage
27.19 Latin America: Market by Application
27.20 Latin America: Market by Design
27.21 Latin America: Market by Distribution
27.22 Latin America: Market by Usage
27.23 Middle East & Africa: Market by Application
27.24 Middle East & Africa: Market by Design
27.25 Middle East & Africa: Market by Distribution
27.26 Middle East & Africa: Market by Usage

28 APPENDIX
28.1 Abbreviations

LIST OF EXHIBITS
Exhibit 1 Segmentation of Global Contact Lenses Market
Exhibit 2 Market Size Calculation Approach 2021
Exhibit 3 Vision Care Statistics 2020
Exhibit 4 Impact of COVID-19 on Global Contact Lenses Market 2020
Exhibit 5 Changes in Contact Lenses Usage Pattern during COVID-19
Exhibit 6 Impact of Introduction of Hi-tech Contact Lenses
Exhibit 7 Impact of Increasing Use of Silicone Hydrogel Contact Lenses
Exhibit 8 Impact of High Consumer Preference for Premium Cosmetic Lenses
Exhibit 9 Impact of Technological Advances in Contact Lenses
Exhibit 10 Impact of Increasing Frequency of Product Launches
Exhibit 11 Impact of Expanding Target Population
Exhibit 12 Impact of High Cost of Contact Lenses
Exhibit 13 Cost Accumulation at Every Step
Exhibit 14 Impact of Adverse Events Associated with Contact Lenses
Exhibit 15 Impact of Low Accessibility, Affordability & Financial Exclusion for Large Patient Pool
Exhibit 16 Estimated Global Population with Vision Impairment (in Billion)
Exhibit 17 Number of Ophthalmologists per Million Population 2019
Exhibit 18 Contact Lenses Market: Historical Data 2018-2020
Exhibit 19 Global Contact Lenses Market 2021–2027 ($ million)
Exhibit 20 Five Forces Analysis 2021
Exhibit 21 Incremental Growth by Material 2021 & 2027
Exhibit 22 Global Contact Lenses by Material
Exhibit 23 Global Contact Lenses Market by Material: Incremental Growth
Exhibit 24 Global Contact Lenses Market by Material: Absolute Growth
Exhibit 25 Global Silicone Hydrogel Contact Lenses Market: Incremental & Absolute Growth
Exhibit 26 Global Silicone Hydrogel Contact Lenses Market 2021–2027 ($ million)
Exhibit 27 Global Hydrogel Contact Lenses Market: Incremental & Absolute Growth
Exhibit 28 Global Hydrogel Contact Lenses Market 2021–2027($ million)
Exhibit 29 Global Gas Permeable/Rigid Gas Permeable Contact Lenses Market: Incremental & Absolute Growth
Exhibit 30 Global Gas Permeable /Rigid Gas Permeable Contact Lenses By 2021–2027 ($ million)

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LIST OF TABLES
Table 1 Key Caveats
Table 2 Currency Conversion 2015−2020
Table 3 Advantages & Disadvantages of Various Types of Contact Lenses
Table 4 Recent Hi-Tech Contact Lenses
Table 5 Global Contact Lenses Market –Approval & Product Launches
Table 6 Advantages & Disadvantages of Hydrogel Contact Lenses
Table 7 Alcon: Major Product Offerings
Table 8 Bausch & Lomb Major Product Offerings
Table 9 Bescon: Major Product Offerings
Table 10 BenQ Materials: Major Product Offerings
Table 11 ClearLab: Major Product Offerings
Table 12 CAMAX OPTICAL: Major Product Offerings
Table 13 Clerio Vision: Major Product Offerings
Table 14 Contamac: Major Product Offerings
Table 15 Essilor: Major Product Offerings
Table 16 Ginko International: Major Product Offerings
Table 17 Hoya: Major Product Offerings
Table 18 INTEROJO: Major Product Offerings
Table 19 Menicon: Major Product Offerings
Table 20 Medios: Major Product Offerings
Table 21 Neo Vision: Major Product Offerings
Table 22 Oculus: Major Product Offerings
Table 23 POLYTOUCH: Major Product Offerings
Table 24 SENSIMED: Major Product Offerings
Table 25 St. Shine Optical: Major Product Offerings
Table 26 Shanghai Weicon Optical: Major Product Offerings
Table 27 SEED: Major Product Offerings
Table 28 Solótica Indústria e Comércio: Major Product Offerings
Table 29 SynergEyes: Major Product Offerings
Table 30 UltraVision CLPL: Major Product Offerings
Table 31 Visioneering Technologies: Major Product Offerings
Table 32 X-Cel Speciality contacts: Major Product Offerings
Table 33 ZEISS: Major Product Offerings

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