Global Contact Lens Market Research Report: Forecast (2022-2027)

Market Definition

As common as difficulty in vision has become among people across different countries, the use of spectacles is extensive. However, for those who want a clear vision without using spectacles, contact lenses are what they prefer as a go-to product. These lenses are thin, transparent discs worn in the eye over the cornea.

Technology has brought these lenses to grip the cornea and place perfectly in the eye. Contact lenses nowadays are being manufactured using high-tech plastics or polycarbonates that are lightweight & protect the human eye from Ultraviolet (UV) radiation & other harmful substances. 

While the primary purpose of contact lenses is medical, people across different regions worldwide are also showing keen interest in wearing them for fashion or eye protection, which, in turn, is rapidly boosting their sales globally.

Market Insights

The Global Contact Lens Market is projected to grow at a CAGR of around 5.5% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven primarily by the growing number of people suffering from refractive errors, including astigmatism, farsightedness, near-sightedness, & presbyopia, coupled with the increasing consumer awareness about the medical benefits of contact lenses offering a wider view field with less distortion & viewer obstructions than glasses.

Contact lenses help treat multiple eye diseases and might even cure issues after their prescribed usage over time. With changing living standards and the growing working population with constant use of phone screens, laptops, desktops, etc., vision disabilities are becoming common worldwide. As a result, the leading manufacturers of contact lenses are increasing their production & distribution capabilities while introducing new varieties to cater to the burgeoning consumer requirements.

• In March 2021, Johnson & Johnson introduced the ‘Acuvue Oasys Multifocal with Pupil Optimized Design’ lens to optimize the pupil condition to suit bi-focal needs and offer higher effectiveness in vision correction.

Furthermore, with the mounting inclination of the leading manufacturers & new entrants toward digital platforms in order to expand their scalability across different geographies, coupled with the growing penetration of the internet & smartphones with easy payment options, online sales of these lenses are also escalating rapidly and, in turn, significantly contributing to the expansion of the Global Contact Lens Market. 

Market Segmentation

By Material:

• Soft Contact Lenses
  • Silicone Hydrogel
  • Hydrogel
• Hard Contact Lenses
  • Rigid Gas-Permeable Lenses (RGP)
  • Polymethyl Methacrylate (PMMA)
• Hybrid Contact Lenses

Among all, soft contact lenses are anticipated to witness higher demand than others and significantly contribute to the growth of the Global Contact Lens Market during 2022-27. It owes to the growing consumer inclination toward higher comfort & quality of contact lenses with soft & flexible structures. Besides, since these lenses avoid hardness, rigidness, and permeability, their demand is accelerating more rapidly than other types. In addition, the growing awareness among people about the benefits of using soft contact lenses, like higher comfort & efficiency in adjusting & adapting the eye shape, is another crucial aspect promoting the consumer base for these lenses.

Moreover, since soft lenses are made of silicone-hydrogels, it necessitates more oxygen for the pupil. Hence, these lenses are gaining immense popularity & witnessing a burgeoning demand worldwide, especially among the younger population. Furthermore, the fact that soft lenses can be disposed of easily owing to their eco-friendly nature further projects their increasing sales and a notable expansion of the global market in the years ahead.

By Application:

• Corrective Lens
• Cosmetic Lens

Here, corrective lenses are more likely to acquire a prominent market share during 2022-27, principally due to a significant number of people with vision disabilities seeking these contact lenses to cure issues like myopia, hyperopia, astigmatism, & presbyopia. Besides, their demand is also rapidly escalating as they can be customized to suit varied user requirements.

On the other hand, cosmetic lenses are witnessing considerable growth in the Global Contact Lens Market on the back of the changing fashion trends and a growing consumer inclination toward attaining a different pupil color.

By Modality:

• Reusable
• Disposable

Here, reusable contact lenses are anticipated to dominate the Global Contact Lens Market with the largest share through 2027. It owes to the ease of using a single set for multiple applications instead of investing in many lenses every now & then for different occasions.

Reusable lenses are made from organic, safe, & more comfortable materials to offer extended use, owing to which their demand is rising rapidly worldwide. In addition, people with severe vision defects are the most prominent users of reusable lenses with disinfecting properties to safeguard eyes when worn for longer durations. Hence, the rising demand for reusable lenses is fueling the overall growth of the Global Contact Lens Market.

Regional Landscape

Geographically, the Global Contact Lens Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all regions globally, North America is anticipated to dominate the Contact Lens Market with the largest share during 2022-27. It owes to countries like the US & Canada witnessing the active participation of leading manufacturers in the industry by introducing new variants in their product portfolio with advanced features to help enhance the vision. Besides, the swift expansion of the fashion industry, i.e., portraying an increased consumer inclination toward cosmetic lenses, is another prominent aspect driving the regional market.

Moreover, the exponential working population in the region that constantly uses devices like smartphones, laptops, & desktops, is leading to the increasing incidence of vision issues due to longer screen time. As a result, it projects lucrative growth opportunities for the North America Contact Lens Market through 2027.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Contact Lens Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Contact Lens Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Contact Lens Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Contact Lens Market study?