Contact Lenses Market Report by Material, Usage (Daily Disposable, Disposable, Frequently Disposable, Traditional Lenses), Design, Application, Distribution Channel, Regions and Company Analysis 2024-2032

Renub Research predicts that by 2032, the Contact Lens Market will have reached US$ 15.41 billion, valued at US$ 9.67 billion in 2023. The market is expected to grow at a CAGR of 5.31% between 2024 and 2032.

Contact lenses are thin, curved lenses placed on the eye's surface to correct vision or manage certain corneal conditions. They come in various sizes, shapes, and materials, including soft, rigid, gas-permeable, and hybrid lenses. They can correct refractive errors like myopia, hyperopia, astigmatism, and presbyopia and treat eye conditions like keratoconus. The global contact lenses market is growing due to their increasing adoption and the rising prevalence of refractive errors.

Market Trends

AMD is a condition that affects the eyes, causing severe vision loss in older people. It affects around 196 million people globally, including 20 million in the US. The risk of developing it increases with age. By age 60, about 1 in every 200 people has AMD, and by age 90, 1 in 5 people are affected, according to a 2024 PubMed article. In August 2021, it was reported that keratitis occurs in 2-20 per 10,000 contact lens wearers in the United States, as per Harvest Health. The increase in the number of crucial strategy adoptions by major manufacturers and the rise in product launches provide an opportunity for the contact lens market to grow.

Myopia and presbyopia cases are increasing, leading to a rise in the percentage of people with vision impairment globally. Uncorrected refractive errors cause blindness worldwide, and reluctance toward vision correction worsens the problem. Myopia, also known as nearsightedness, is becoming more common worldwide. It is projected to affect almost half the global population by 2050. Severe nearsightedness can lead to serious and lasting vision problems related to complications. Efforts have been made to slow the progression of myopia through optical and pharmaceutical strategies to prevent blindness.

Approximately 1.3 billion people globally struggle with vision issues, particularly those over 50. The primary causes of vision problems are uncorrected refractive errors, cataracts, glaucoma, and diabetic retinopathy. Around 80% of vision problems can be prevented. Glasses and contact lenses are the most commonly used solutions for vision problems. In most cases, patients prefer these options over eye surgery.

The United States Contact Lenses Market

The demand for contact lenses in the US is increasing due to the rising number of people with visual impairments. Contact lenses offer accurate visualization and excellent visual clarity for wearers, making them increasingly popular. A survey by the Contact Lens Institute found that 75% of people who used contact lenses felt natural and comfortable using them. The trend will continue in the coming years, promoting market growth. The US Census Bureau also predicts that people aged 65 plus will reach 98 million by 2060.

China Contact Lenses Market

China's growing market for goods and services is expected to drive growth in the demand for contact lenses due to increased disposable income. Myopia is the most common problem associated with the eyes and is expected to be China's main driver of growth. The senior population, especially in developing nations, is expected to increase, leading to growth in the market during the forecast period. The increased use of smartphones and laptops has led to changes in lifestyle, which will also contribute to the market's growth. Additionally, Menicon Co., Ltd. announced the launch of "ROSE K(R)" in China by its subsidiary, Itabashi Medical (Dalian) Co., Ltd., and the upcoming launch of "Menicon Z Night" orthokeratology lens in China.

Company Analysis in the Contact Lenses Market

Several contact lens market enterprises include Bausch & Lomb Incorporated, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, Inc., Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd, and Seed Co. Ltd.

Contact Lenses Market Company News

The company's recent developments are leading to an increase in product approval and market growth. Due to increased development strategies, such as product launches and acquisitions, the contact lens industry is expected to experience growth.

• Cooper Vision acquired No7 Contact Lenses in April 2021, and Bausch+ Lomb received approval for their monthly silicone hydrogel contact lenses in China in June 2020.
• CooperVision launched MyDay Energys in the U.S. in March 2023. It's a 1-day contact lens that helps alleviate tiredness and dryness caused by digital eye strain. MyDay Energys combines a CooperVision-exclusive aspheric design and material technology, delivering extraordinary comfort.
• Alcon launched TOTAL30 for astigmatism in January 2023. It's the first reusable contact lens with water gradient material for astigmatic wearers.

The contact lens market benefits significantly from company collaboration, as it drives innovation, improves patient outcomes, and ensures access to affordable and quality contact lenses worldwide.

• In April 2021, Johnson & Johnson Vision partnered with Menicon to develop products and services for managing myopia in children.
• In October 2023, ZEISS Ventures invested in Vibrosonic, a Germany-based developer of innovative hearing solutions using patented hearing contact lens technology.

Material - Contact Lenses Market breakup in 3 viewpoints:

1. Gas Permeable

2. Silicone Hydrogel

3. Hybrid

Usage - Contact Lenses Market breakup in 4 viewpoints:

1. Daily Disposable

2. Disposable

3. Frequently Disposable

4. Traditional (Reusable) Lenses

Design - Contact Lenses Market breakup in 3 viewpoints:

1. Spherical

2. Toric

3. Multifocal

Application - Contact Lenses Market breakup in 2 viewpoints:

1. Vision Correction

2. Cosmetic

Distribution Channels - Contact Lenses Market breakup in 3 viewpoints:

1. Online Pharmacy

2. Retail Pharmacy

3. Hospital Pharmacy

Country - Contact Lenses Market breakup in 25 viewpoints:

1. North America

• 1.1 United States
• 1.2 Canada

2. Europe

• 2.1 France
• 2.2 Germany
• 2.3 Italy
• 2.4 Spain
• 2.5 United Kingdom
• 2.6 Belgium
• 2.7 Netherlands
• 2.8 Turkey

3. Asia Pacific

• 3.1 China
• 3.2 Japan
• 3.3 India
• 3.4 South Korea
• 3.5 Thailand
• 3.6 Malaysia
• 3.7 Indonesia
• 3.8 Australia
• 3.9 New Zealand

4. Latin America

• 4.1 Brazil
• 4.2 Mexico
• 4.3 Argentina

5. Middle East & Africa

• 5.1 Saudi Arabia
• 5.2 United Arab Emirates
• 5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Bausch & Lomb Incorporated

2. Alcon

3. Carl Zeiss Meditec AG

4. The Cooper Companies, Inc.

5. Hoya Corporation

6. EssilorLuxottica

7. Menicon Co. Ltd

8. Seed Co. Ltd.