Contact Lenses Market - Global Outlook & Forecast 2024-2029

CONTACT LENSES MARKET INSIGHTS

The global contact lenses market was valued at USD 9.77 billion in 2023 and is expected to reach USD 13.57 billion by 2029, growing at a CAGR of 5.62%. The market is expected to grow significantly during the forecast period, with new product approvals, technological advancements, and an increasing target patient population expected every year. Constant development and launch of innovative products are essential for vendors operating in a highly competitive market to achieve healthy sales growth and increase market share. Further, the demand for the contact lenses market is rising due to multiple factors, including the increasing geriatric population, growing consumer awareness regarding contact lens usage, high prevalence of chronic eye diseases, and increasing adoption of contact lenses. 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.

MARKET TRENDS & DRIVERS

Launch of Innovative Contact Lenses
The increasing adoption of advanced technologies in contact lenses is a primary trend in the global contact lens market. Many research and development activities have been conducted in the vision care industry to advance technology. Advanced factors such as telescopic contact lenses, brightness-controlling lenses, 3D-printed contact lenses, augmented reality contact lenses, health and glucose monitoring lenses, and other custom lenses are expected to increase the market's growth during the forecast period. Furthermore, recent innovations in soft lenses include the KeraSoft IC, a silicone hydrogel lens for people with irregular corneas. Such technological innovations and product developments are expected to drive the growth of the global contact lens market during the forecast period.

Product Launches & Approvals
The increasing product launches and approvals to meet the growing demand for corrective lenses are expected to contribute to the market growth. For instance, in March 2023, CooperVision announced the product launch of MyDay Energy in the U.S. In January 2023, Alcon launched TOTAL30, a premium, reusable toric lens for astigmatism, in the US and Europe in early 2023. In March 2022, Johnson & Johnson Vision received approval for a vision correction contact lens, namely ACUVUE Theravision with ketotifen. In 2021, Alcon introduced PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients. Thus, the factors mentioned above are expected to contribute to the growth of the contact lens industry over the study period.

High Incidence of Ocular Disorders
The rising number of myopia and presbyopia among individuals who need vision correction is increasing the percentage of the population suffering from vision impairment and blindness. According to WHO, Globally, at least 2.2 billion people have a near or distance vision impairment. It is estimated that globally, only 36% of people with a distance vision impairment due to refractive error and only 17% of people with vision impairment due to cataracts have received access to an appropriate intervention. Glaucoma affects nearly 103 million people globally and is the second leading cause of blindness after cataracts. It is estimated that just over 44% of individuals with glaucoma are diagnosed globally, with underdeveloped countries experiencing more gaps in diagnosis and treatment. This higher figure considers the prevalence of sight loss amongst an increasing population of elderly people worldwide.

SEGMENTATION INSIGHTS

INSIGHTS BY APPLICATION
The corrective contact lens application dominated the global contact lenses market in 2023. This dominance can be attributed to the rise in the geriatric population, increasing prevalence of chronic eye disorders, and rising awareness of contact lenses. However, the cosmetic contact lenses segment is expected to grow faster in the global market. Factors such as high demand for colored contact lenses and special-effect cosmetic lenses are expected to contribute to the growth of the cosmetic contact lenses segment during the forecast period.

INSIGHTS BY DESIGN
The global contact lens market by design includes spherical, toric, and multifocal segments. In 2023, the spherical contact lenses segment accounted for the highest share. Spherical contact lenses offer the same power throughout the entire optical part and are used to correct myopia, hyperopia, and presbyopia. They have excellent imaging properties, as aspheric surfaces perform better in cases of serious ametropia. Factors such as technical developments and exact fittings of spherical lenses propel the segment's growth.

INSIGHTS BY USAGE
The global contact lens market by usage is divided into daily disposable and frequent replacement. The daily disposable contact lenses segment accounted for the highest share in 2023. One of the major reasons for the high preference for daily disposable contact lenses is their ease of use, low rate of infections, and better eye comfort. Such benefits have accelerated the demand for daily disposable contact lenses. Moreover, eye care professionals prescribe daily disposable lenses to avoid problems associated with longer lens replacements. These lenses are considered the healthiest contact lenses by most users.

INSIGHTS BY DISTRIBUTION CHANNEL
The retail stores distribution segment accounted for the highest share of the global contact lenses market in 2023. The dominance is due to the initiative of manufacturers to launch advanced products at affordable prices at retail stores. The larger share of retail stores can be attributed to rising disposable incomes and the demand for cosmetic contact lenses. Moreover, these stores dispense OTC daily wear disposable contact lenses, resulting in a higher sales volume. However, during the forecast period, the online store segment is expected to grow faster in the global contact lenses market. The adoption of digital platforms among the youth has increased the demand for e-commerce and online stores.

INSIGHTS BY MATERIALS
The silicone hydrogel material segment accounted for the highest share of the global contact lenses market in 2023 and is projected to grow at a CAGR of over 5% during the forecast period. This segment growth can be attributed to increased flexibility and comfort. The growing population suffering from vision problems, increasing preference from people for contact lenses over traditional spectacles, and technological advancements will drive the industry growth.

GEOGRAPHICAL ANALYSIS

North America dominated the global contact lenses market share, accounting for over 37% in 2023. The growth in the region is mainly attributed to multiple factors, including the increasing geriatric population, growing consumer awareness regarding contact lens usage, high prevalence of chronic eye diseases, and disposable income of consumers. Further, the APAC region will witness the fastest growth in the global contact lenses market during the forecast period. The growing number of myopic people like teenagers and the aging population, the increasing awareness, and brand consciousness are accelerating the demand for contact lenses in the region.

VENDOR LANDSCAPE

The global contact lenses market is highly competitive; moreover, with growing technological innovations, various small and mid-sized companies are entering the industry to expand their presence in this growing industry. Combined with this, the emphasis on developing and discovering new products has helped garner a high customer base for the key players. Johnson & Johnson Vision, Alcon Inc, CooperVision, HOYA Corp, and Bausch & Lomb are the key players in the global contact lenses market. Major players focus on strategic acquisitions, licensing, and collaboration agreements with emerging players to enter the global contact lenses market and access commercially launched products. For instance, in 2023, HOYA Vision Care announced a partnership with NIDEK Co., Ltd. This alliance offers HOYA's Eye Care Professionals (ECP) partners access to NIDEK's innovative optical products, services, and instruments through local distributors.

Recent Developments in the Global Contact Lenses Market

• In 2023, CooperVision announced that MyDay Energys, the latest addition to the MyDay contact lens line, is available to eye care practitioners across the United States.
• In 2023, Bausch + Lomb Corporation announced the U.S. launch of Bausch + Lomb INFUSE Multifocal silicone hydrogel (SiHy) daily disposable contact lenses.
• In 2023, Alcon launched the monthly replacement contact lens, TOTAL30 for Astigmatism, the first-and-only reusable contact lens with Water Gradient material for astigmatic contact lens wearers.
• Technological advances in the manufacturing process are expected to drive the smart contact lenses market growth. In 2023, Alcon announced the expansion of the partnership with Plastic Bank to develop "plastic-neutral products" worldwide.