Contact Lenses Market

Contact Lenses Market Outlook from 2024 to 2034

The global contact lenses market size is estimated to be USD 10,035.9 million in 2024. By 2034, the market is projected to reach USD 16,256.8 million. The demand for contact lenses is expected to rise at a CAGR of 4.9% over the forecast period.

Demand prospects for contact lenses are predicted to surge in the future as the need for advanced contact lens variants and visual impairments is set to beat previous sales records. Increasing investments in research and development activities in the optometry-centric field are also projected to raise the market valuation.

Key Market Highlights

• Increasing prevalence of diseases like diabetes and glaucoma affects vision, which is raising the demand for contact lenses.
• Surging demand for smart contact lenses with health monitoring features like intraocular pressure monitoring for glaucoma patients facilitates complex ocular disease prevention and treatment options.
• Rising sales of daily contact lenses are elevating the market value.

Attributes	Details
Contact Lenses Market Size (2024)	USD 10,035.9 million
Projected Market Size (2034)	USD 16,256.8 million
Value-based CAGR (2024 to 2034)	4.9%

Contact Lenses Market Trends and Opportunities

Attributes	Details
Trends	Surging advancements in material science Increasing emphasis on wearability and user comfort Growing demand for smart lenses integrated with augmented reality (AR) features Emerging demand for personalization and customization in wearable technology Focus on research and development of smart contact lenses as drug-delivery devices Growing demand for colored contact lenses for their aesthetic appeal
Opportunities	Contact lens manufacturers are focusing on entering emerging markets to increase their product penetration. Manufacturers are expected to leverage 3D printing and complex scanning technologies to develop personalized lenses with optimal correction and precise fit. Thus, increasing the scope of bespoke vision solutions. Active companies are expected to join eCommerce platforms and build a strong online presence to make contact lenses readily available to a broader audience, especially in under-served countries. Leading players are expected to emphasize compostable or recyclable materials to develop lenses and packaging that address environmental concerns and capture eco-conscious consumers. Eye care professionals have the opportunity to serve the areas with limited access to healthcare with the help of virtual eye exams and online consultations. This, combined with the easy process of lens ordering and delivery could increase the access to vision correction.

Contact Lenses Industry Analysis by Region/Country

In North America, the demand for contact lenses is increasing on account of the surging patient population dealing with refractive errors. The growing awareness about the different vision correction treatments is also boosting the market. Key players in the region are forming strategic partnerships and collaborations to raise the adoption of contact lenses.

In Europe, the market is projected to expand on account of growing opportunities for the business of specialty contact lenses. The increasing patient pool with eye disorders like presbyopia and myopia is contributing to the product demand. Further, rising regulatory approvals for novel lenses are augmenting the regional market.

Accelerating cases of vision impairment are propelling the Asia Pacific contact lenses industry, which is prompting medical professionals to enhance their diagnostic techniques for ocular disorders in clinics and hospitals with inbuilt laboratories. Manufacturing companies of contact lenses are launching various new eye care technologies to develop these lenses, thus driving the regional market.

Country	Forecasted CAGR (2024 to 2034)
United States	4.0%
Germany	5.20%
United Kingdom	4.0%
China	6.80%
India	5.30%

Rising Adoption of Contact Lenses in the United States

The revenue generation of contact lens companies and start-ups in the United States is predicted to rise at a 4.0% CAGR through 2034. The market is driven by the following factors:

• Surging use of contact lenses among people of all age groups
• Rising investments by research institutions and companies as well as continuous technological advancements

Growing Appeal for Contact Lenses in Multiple Textures, Colors, and Tints in Germany

The contact lenses market in Germany is expected to grow at a CAGR of 5.20% through 2034. Common factors that are driving the market growth are:

• Leading players in the country are increasing the use of specialty contact lenses
• Growing senior population with multiple vision-related problems
• Surging eye injuries and vision-related illness

Increasing Ophthalmic Patients Raising Demand for Contact Lenses in the United Kingdom

In the United Kingdom, the demand for contact lenses is predicted to surge at a CAGR of 4.0% over the forecast period. The market is driven by the following aspects:

• Increasing cases of eyesight problems have raised the demand for prescription eyewear among ophthalmic patients.
• Rising consumer desire for contact lenses with different colors, textures, and tints to enhance the overall eye look.

Robust Sales of Contact Lenses Via Online Channels in China

China's contact lenses market is predicted to observe expansion at a CAGR of 6.80% through 2034. Key forces driving the market growth are:

• Increasing sales of contact lenses and solutions via internet retailing, propelled by rising consumer awareness and communication about the safety of these solutions sold online.
• Market players are employing advanced eye care technologies to provide superior quality offerings to users.
• Surging number of domestic companies in China’s marketplace.

Rapid Online Sales of Contact Lenses to Stir Market in India

The contact lens business in India is projected to surge at a CAGR of 5.30% through 2034. The market is driven by the following factors:

• Increasing prevalence of myopia in the country
• Several companies are launching novel contact lenses to reduce the progression of myopia in children to cater to this spreading issue
• Population in India is turning toward online channels to shop for contact lenses from a wide variety

Category-wise Analysis

Soft Lenses to Grab a Prominent Market Share

Attributes	Details
Top Product Type	Soft Lenses
Market Share in 2024	56.10%

The soft lenses segment is estimated to acquire a massive share of 56.10% of the contact lenses market by product in 2024. Given below is the soft contact lenses market analysis:

• Increasing number of patients suffering from keratoconus and astigmatism is widening scope for specialized soft contact lens
• Growing demand for sharp and consistent vision
• Rising screen time among people is escalating the cases of myopia, especially among young adults and children. Thus, driving the demand for convenient and comfortable alternative options for glasses.
• Surging popularity of disposable lenses owing to hygiene reasons is increasing the appeal of soft disposable lenses among busy individuals.

Spherical Contact Lenses to Occupy a Leading Market Share

Attributes	Details
Top Design Type	Spherical
Market Share in 2024	34.4%

The spherical contact lenses segment is predicted to acquire a market share of 34.4% in 2024. The segment’s expansion is based on account of:

• Upsurge in the use of spherical contact lenses to treat myopia (nearsightedness), hyperopia (farsightedness), and presbyopia (age-related farsightedness). These contact lenses are frequently prescribed by doctors.
• Growing demand for comfortable lenses that are easy to settle into the right position of the eye. Spherical lenses have similar optical power in each lens, which is propelling the demand among users.
• Surging eye health awareness and the significance of regular eye examinations are motivating individuals to explore vision correction options, such as spherical lenses.
• Online distribution platforms are increasing the accessibility of spherical lenses and offer competitive pricing to potentially raise sales of contact lenses.

Growth Strategies to Compete in the Contact Lens Marketplace

Key players are strengthening their distribution networks to boost sales of contact lenses. Industry players are focusing on strategic collaborations and product launches to raise their market position. Leading companies are concentrating on developing technologically advanced products to enjoy a competitive edge over their rivals.

Top players are emphasizing research and development programs to formulate unique product offerings. They are increasing their reach in emerging markets.

Latest Developments in the Contact Lenses Market

• In 2022, Cooper Companies Inc. invested USD 110.30 million in research and development activities, as compared to USD 92.70 million in 2021. These activities are mainly focused on manufacturing technology, lens development, and process enhancements.
• In January 2023, Alcon introduced TOTAL30, which is a reusable contact lens composed of water gradient material for astigmatic contact lens wearers. With this new launch, the company widened its product portfolio.
• Johnson & Johnson Vision Care, Inc. introduced ACUVUE OASYS MAX 1-Day MULTIFOCAL lenses in September 2022. These lenses are intended for users dealing with presbyopia.
• Bausch & Lomb introduced Revive, which is a custom soft lens, in the United States in June 2022. This resulted in the expansion of the company’s product portfolio in the United States market.
• Cooper Companies Inc. enhanced its manufacturing and distribution unit in New York to expand its geographical presence in June 2022.
• Cooper Companies Inc. reported in April 2021 that it acquired No7 Lenses, which manufactures and designs specialty lenses distributed across the United Kingdom.

Key Manufacturers in Contact Lenses Market

• CooperVision, Inc.
• Johnson & Johnson Vision Care, Inc.
• Hoya Vision Care Company
• Alcon (Division of Novartis AG)
• Bausch & Lomb Incorporated
• BenQ Materials Corporation
• ZEISS International
• SEED Co. Ltd.
• Essilor International S.A.
• Menicon Co. Ltd.
• Others

Key Segments in the Contact Lenses Market Report

By Product Type:

• Soft Lenses
• Daily wear
• Extended Wear
• Gas Permeable

By Design Type:

• Spherical Contact Lenses
• Toric Contact Lenses
• Multifocal Contact Lenses
• Others

By Wear Type:

• Disposable Contact Lenses
• Reusable Contact Lenses

By Sales Channel:

• Online
  • eCommerce Portal
  • Company Owned Portal
• Offline
  • Exclusive Stores
  • Multi-brand Stores

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Frequently Asked Questions

How Big is the Contact Lenses Market?

The contact lenses market is estimated to be valued at USD 10,035.9 million in 2024.

What is the Demand Forecast for Contact Lenses by 2034?

The contact lenses market size is expected to surpass a valuation of USD 16,256.8 million by 2034.

What is the Projected CAGR for the Contact Lenses Market?

The CAGR of the contact lenses market is projected to be 4.9% through 2034.

Which are the Leading Companies offering Contact Lenses?

SEED Co. Ltd., Essilor International S.A., and Menicon Co. Ltd. are some of the market leaders.

Which Region is Projected to Significantly Rise in the Market?

Asia Pacific is expected to make a significant contribution to the overall market growth.