Market Highlights
The Global Contact Lenses Market is projected to reach approximately USD 11.72 billion by 2030, at a CAGR of 3.50% from 2022 to 2030.
The growing adoption of contact lenses for correction of multiple vision defects including refractive errors such as myopia presbyopia hyperopia, , and astigmatism is likely to drive the growth of the global contact lenses market share during the forecast period.
Contact lenses are plastic-like ocular prosthetic devices positioned on the eyeball for the improvement of vision. It allows a natural field of view, has no frames to obstruct one’s vision, and reduce distortions. Contact lenses are medical devices that the US Food and Drug Administration (FDA) controls and regulates. In addition, it is only possible to purchase cosmetic and prescription contact lenses with a prescription.
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Segment Analysis
The global contact lenses market, by wear type, has been segmented into daily disposable lenses, disposable lenses, frequent replacement lenses, conventional lenses. Based on type, the global contact lenses market has been divided into corrective lens, therapeutic lenses, and cosmetic and lifestyle-oriented lens. The global contact lenses market, by material, has been segmented into silicone hydrogel soft contact lens, methacrylate hydrogel soft contact lens, gas-permeable contact lens, and others. The global contact lenses market, by design segments has been classified into spherical lens, toric lens, multifocal lens, others.
MRFR recognizes the following companies as the key players in the global contact lenses market—
Novartis AG, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Oculus Private Limited, Camax Optical Corp., CooperVision, Inc. (The Cooper Companies Inc.), Menicon Co., Ltd, Bausch Health, Johnson & Johnson Services Inc., St. Shine Optical Co., Ltd.
Regional Analysis
The global contact lenses market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to hold the largest share of the global contact lenses market. The rising population of people who wear contact lens, increasing prevalence of eye-related diseases, and growing adoption of cosmetic lens among the younger population, and high funding toward R&D in the US and Canada are likely to support the dominance of the Americas during the forecast period.
The Europe market established substantial growth in the market owing to the high adoption of contact lenses and increasing occurrences of age-related eye diseases in countries such as the UK, Germany, France, and Spain.
Asia-Pacific is estimated to be the fastest growing region in the global market due to the increasing prevalence of eye disorders and rising adoption of contact lens among the youth. Additionally, rising investments by major players in the market in Asia-Pacific region is likely to drive the growth of the market.
The contact lenses market in the Middle East & Africa is expected to grow due to the rising awareness about contact lenses coupled increasing collaborations and agreements to commercialize contact lenses products.
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Key Findings of the Study
- The global contact lenses market is estimated to grow at USD 12,330.46 Million by 2027 at a CAGR of 5.70% during the assessment period.
- Americas accounted for the largest share of the global market due to the presence of key market players and increasing prevalence of eye-related diseases in the US and Canada.
- Based on wear type, the daily disposable lenses segment accounted for the largest market share of 5% in 2018.
- Based on type, the corrective lens segment accounted for the largest market share of 2% in 2018.
- On the basis of material, the silicone hydrogel soft contact lens segment accounted for the largest market share of 1% in 2018.
- Based on design, the spherical lens segment held market share of 1% in 2018.
- Some of the players operating in the contact lenses market are Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Menicon Co., Ltd, Bausch Health.
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