Contact Lenses Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Description

The Global Contact Lenses Market, valued at USD 19.5 million in 2023, is forecasted to grow at a CAGR of 6.5% from 2024 to 2032. The rising prevalence of eye conditions, such as myopia and presbyopia, drives this growth. Prolonged screen exposure and reduced outdoor activity contribute to an increase in vision issues, particularly among younger populations. The growing need for corrective lenses is also supported by an aging population, which is more susceptible to age-related eye diseases like presbyopia. This has led to a surge in demand for bifocal and multifocal contact lenses, further fueling the market expansion.

In addition to medical needs, the convenience and comfort offered by contact lenses play a crucial role in market growth. Unlike glasses, contact lenses move naturally with the eye, providing a broader field of vision without the obstruction of frames. They are particularly popular among individuals with active lifestyles, as they offer greater freedom during activities like sports and outdoor events. Technological advancements have also significantly improved the comfort of contact lenses, with modern lenses now being more breathable and hydrating, which helps reduce irritation and dryness.

The introduction of daily disposable lenses adds to this convenience by eliminating the need for cleaning and maintenance, making them a preferred option for many. The market is segmented by type, including rigid gas permeable (RGP), soft, and hybrid contact lenses. The rigid gas permeable lenses led the market in 2023 with a revenue of USD 9.8 million and are expected to reach USD 17.5 million by 2032. These lenses are favored for their superior oxygen permeability, providing better eye health by reducing the risk of conditions like hypoxia. They also offer exceptional visual clarity, particularly for individuals with irregular corneas.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$19.5 Million
Forecast Value	$34.1 Million
CAGR	6.5%

Furthermore, RGP lenses are known for their durability and cost-effectiveness, making them a reliable long-term choice for many users. Based on material, the market is divided into hydrogel and polymers. In 2023, hydrogel lenses held around 71% of the market and are anticipated to grow at a CAGR of 6.7% during the forecast period. Hydrogel's high water content and soft texture make it a comfortable option, offering better oxygen permeability and reducing the chances of eye irritation.In terms of regional analysis, the Asia-Pacific region dominated the market, generating USD 6.1 million in revenue in 2023 and is projected to reach USD 11.23 million by 2032. The region's growth is driven by large populations and the increasing popularity of contact lenses for aesthetic enhancement and vision correction.

Product Code: 11598

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Market 360° synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Distribution channel trends

Chapter 3 Market Insights

3.1 Industry ecosystem analysis
3.2 Key news and initiatives
- 3.2.1 Partnership/Collaboration
- 3.2.2 Merger/Acquisition
- 3.2.3 Investment
- 3.2.4 Product launch & innovation
3.3 Regulatory landscape
3.4 Impact forces
3.5 Growth drivers
- 3.5.1 Rising vision related issues
- 3.5.2 Convenience and comfort offered
- 3.5.3 Expanding product ranges and availability
3.6 Industry pitfalls & challenges
- 3.6.1 Competition from alternative vision treatments
3.7 Growth potential analysis
3.8 Raw material analysis
3.9 Trade analysis
- 3.9.1 Export data
- 3.9.2 Import data
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023

Chapter 5 Market Estimates & Forecast, By Type 2018 - 2032, (USD Million) (Thousand units)

5.1 Key trends
5.2 Rigid gas permeable
5.3 Soft contact
5.4 Hybrid contact

Chapter 6 Market Estimates & Forecast, By Material 2018 - 2032, (USD Million) (Thousand units)

6.1 Key trends
6.2 Hydrogel
- 6.2.1 HEMA hydrogel
- 6.2.2 Silicone hydrogel
6.3 Polymers
- 6.3.1 Polyvinyl alcohol
- 6.3.2 Rigid gas permeable

Chapter 7 Market Estimates & Forecast, By Design 2018 - 2032, (USD Million) (Thousand units)

7.1 Key trends
7.2 Spherical
7.3 Toric
7.4 Multifocal
7.5 Others (Monovision)

Chapter 8 Market Estimates & Forecast, By Product 2018 - 2032, (USD Million) (Thousand units)

8.1 Key trends
8.2 Corrective
8.3 Therapeutic lenses
8.4 Cosmetic lenses
- 8.4.1 Colored
- 8.4.2 Circle
8.5 Prosthetic lenses

Chapter 9 Market Estimates & Forecast, By Usage 2018 - 2032, (USD Million) (Thousand units)

9.1 Key trends
9.2 Daily disposable
9.3 Weekly disposable
9.4 Monthly disposable
9.5 Annual

Chapter 10 Market Estimates & Forecast, By Distribution channel 2018 - 2032, (USD Million) (Thousand units)

10.1 Key trends
10.2 Online
- 10.2.1 E commerce
- 10.2.2 Company websites
10.3 Offline
- 10.3.1 Optical stores
- 10.3.2 Eye care clinics

Chapter 11 Market Estimates & Forecast, By Region 2018 - 2032, (USD Million) (Thousand units)

11.1 Key trends
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 ANZ
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
11.6 MEA
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 South Africa

Chapter 12 Company Profiles

12.1 Alcon Inc.
12.2 Bausch Health Companies Inc.
12.3 Blanchard Contact Lenses, Inc.
12.4 Carl Zeiss Beteiligungs-GmbH
12.5 Conforma Laboratories, Inc.
12.6 Contamac Limited
12.7 Cooper Vision, Inc.
12.8 Essilor Luxottica S.A.
12.9 Hoya Corporation
12.10 Johnson & Johnson Vision Care, Inc.
12.11 Menicon Co., Ltd.
12.12 Novartis AG
12.13 SynergEyes
12.14 Ultra Vision CLPL