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Contact Lenses Market

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Contact Lenses Market

Contact Lenses Market by Type (Soft Contact Lenses, Hybrid Contact Lenses, and Rigid Gas Permeable Contact Lenses), by Application (Corrective Contact Lenses, Therapeutic Contact Lenses, Cosmetic Contact Lenses, and Prosthetic Contact Lenses), by Usage (Extended Wear Contact Lenses and Disposable Contact Lenses), by Design (Spherical, Toric and Multifocal), by Distribution Channel (E-commerce, Retail Stores and Ophthalmic Clinics) – Global Outlook & Forecast 2022-2030

GR - 860045 Category: Medical Devices

Number of pages: 100  |  Report Format: PDF  |  Published date: September 02, 2022

Historical Years – 2020  |  Base Year – 2021  |  Forecasted Years – 2022-2030


Contact Lenses Market Scope

Report Attribute

Details

Market Size Value in 2021

US$ 9.1 billion

Revenue Forecast in 2030

US$ 14.36 billion

CAGR

5.20%

Base Year for Estimation

2021

Forecast Period

2022-2030

Historical Year

2021

Segments Covered

Type, Application, Usage, Distribution Channel, and Region

Regional Scope

North America, Europe, Asia Pacific, and the Rest of the World (RoW)

Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global contact lenses market was valued at US$ 9.1 billion in 2021 and is expected to register a revenue CAGR of 5.20% to reach US$ 14.36 billion by 2030.

Market Fundamentals 

Contact lenses are clear, thin, curved disk-shaped medical devices placed directly on the cornea of the eye and help correct refractive errors. Contact lenses are used to treat myopia, hyperopia, astigmatism, and presbyopia and are the best alternatives to eyeglasses and LASIK surgery. Contact lenses are also used for enhancing the appearance or altering the color of the eye. 

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Market Dynamics

The global contact lens market revenue growth is driven by the rising prevalence of myopia and increasing preference for contact lenses over eyeglasses. Additionally, innovations in contact lenses i.e., multifocal contact lenses, toric or astigmatic contact lenses, monthly and weekly disposable contact lenses, and personalized contact lenses are contributing to the global contact lenses demand. 

Moreover, research and development in contact lens materials and the affordability of disposable contact lenses are fueling the global contact lens market revenue growth. However, the high time required for application, high maintenance cost, improper adherence to safety instruction, and limited wearing time as against eyeglasses are restraining the global contact lenses market revenue growth.

Market Ecosystem

The global contact lens market is analyzed from six perspectives: types, application, usage, design, distribution channel, and region. 

Contact Lenses Market by Type

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Based on types, the global contact lens market is segmented into soft contact lenses, hybrid contact lenses, and rigid gas permeable contact lenses. 

Soft lenses are bio-engineered using hydrogel which provides more biocompatibility and acceptability. The Soft lenses segment leads the global contact lenses market in terms of revenue share. The large revenue share of this segment is attributed to high comfortability as compared to rigid contact lenses, and more clear, stable, and crisp vision. Additionally, the ease of use, high adoption rate, long wearing time, and availability of customization options are contributing to the segment’s revenue growth. 

Contact Lenses Market by Application

Based on application, the global contact lenses market is segmented into corrective contact lenses, therapeutic contact lenses, cosmetic contact lenses, and prosthetic contact lenses. 

Corrective contact lenses are used to correct refractive errors and improve vision. These lenses account for the largest revenue share, owing to increasing cases of myopia, increasing age-related macular degeneration cases, and increasing dry eye cases and eye strain. Additionally, the high demand for corrective contact lenses and the availability of customization options are contributing to the segment’s revenue growth.

Contact Lenses Market by Usage

Based on usage, the global contact lens market is segmented into extended-wear contact lenses and disposable contact lenses. 

Disposable contact lenses segment accounts for the largest revenue share in the global contact lenses market. The large revenue share of this segment can be attributed to the low cost of these lenses when compared to extended wear contact lenses, convenience, safety, and high comfort. Moreover, the high demand for cosmetic use and the high number of vendors are boosting the segment’s revenue growth.

Contact Lenses Market by Design

Based on the design, the global contact lens market is segmented into spherical contact lenses, toric contact lenses, and multifocal contact lenses. 

The spherical contact lenses segment is leading the global contact lenses market in terms of revenue share. The high revenue of this segment is due to their high imagining power & clear vision, high demand for myopia correction, better therapeutic effects, and optimized optical focal power.

Contact Lenses Market by Distribution Channel

Based on distribution channels, the global contact lenses market is segmented into e-commerce, retail stores, and ophthalmic clinics. 

The retail stores segment accounts for the largest revenue share in the global contact lenses market. The large revenue share of this segment can be attributed to the high discount offers, large numbers of brands, easy-try options, and better customer service. Additionally, high numbers of walk-in customers and a variety of brand availability are contributing to the segment’s revenue growth. 

Contact Lenses Market by Region

Based on region, the global contact lenses market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

North America accounts for the largest revenue share in the global contact lenses market, followed by Asia Pacific. The large revenue share of the North American contact lens market can be attributed to increasing ophthalmic diseases, increasing prevalence of myopia, and the availability of novel products. Additionally, high disposable income, the high adoption rate for contact lenses, technological advancements, and developed infrastructure are contributing to the North American contact lens market revenue growth. Moreover, the high number of approved contact lenses and the multitude of key players are expected to support the revenue growth of the North American contact lens market during the forecast period. 

Asia Pacific is also expected to register exponential revenue growth owing to, its large population, increasing awareness and adaptability for contact lenses, developing infrastructure, and growing prevalence of myopia.

Competitive Landscape

The prominent players operating in the global contact lenses market are:

  • Abbott Medical Optics, Inc.
  • Alcon Vision LLC
  • Bausch & Lomb Incorporated 
  • Carl Zeiss Meditec AG
  • CooperVision, Inc.
  • Essilor International S.A.
  • Hoya Corporation
  • Johnson & Johnson Vision Care, Inc.
  • X-Cel Specialty Contacts
  • Medennium
  • Menicon Co., Ltd.
  • STAAR Surgical Company
  • SynergEyes, Inc.

Strategic Developments

  • In September 2021, Johnson& Johnson Vision received approval from Health Canada for myopia management therapeutic lenses ACUVUE abiliti 1-day. They are single-use and disposable lenses and have the potential to slow the progression of myopia. CUVUE abiliti is specially designed for 7 to 12 years of children.
  • In January 2022, Alon launched DAILIES TOTAL1's first and only water gradient contact lenses for patients with astigmatism in the United States.
  • In August 2021, Alcon launched TOTAL30 water gradient first and only monthly replacement contact lenses in the United States.

Frequently Asked Questions About This Report

North America is a key revenue growth region in the global contact lenses market.

The increasing preference for contact lenses over eyeglasses, rising aesthetic demand for contact lenses, and increasing prevalence of myopia are the major factors driving the global contact lenses market revenue growth.

The high time required for application, high maintenance cost, and difficulty in maintaining the hygiene of contact lenses are restricting the revenue growth of the global contact lenses market

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem 
    2. Timeline Under Consideration
      1. Historical Years – 2020
      2. Base Year – 2021
      3. Forecasted Years – 2022 to 2030
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions       
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2021) 
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY TYPE
    1. Soft Contact Lenses
    2. Hybrid Contact Lenses
    3. Rigid Gas Permeable Contact Lenses
  6. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY APPLICATION
    1. Corrective Contact Lenses
    2. Therapeutic Contact Lenses 
    3. Cosmetic Contact Lenses 
    4. Prosthetic Contact Lenses
  7. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY USAGE
    1. Extended Wear 
    2. Disposable
  8. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY DESIGN
    1. Spherical
    2. Toric
    3. Multifocal
  9. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY DISTRIBUTION CHANNEL
    1. E-commerce
    2. Retail Stores
    3. Ophthalmic Clinics
  10. GLOBAL CONTACT LENSES MARKET - ANALYSIS & FORECAST, BY REGION
    1. North America Contact Lenses Market
      1. North America Contact Lenses Market, by Type
      2. North America Contact Lenses Market, by Application
      3. North America Contact Lenses Market, by Usage
      4. North America Contact Lenses Market, by Design
      5. North America Contact Lenses Market, by Distribution Channel
      6. North America Contact Lenses Market, by Country
        1. U.S.
          1. U.S. Contact Lenses Market, by Type
          2. U.S. Contact Lenses Market, by Application
          3. U.S. Contact Lenses Market, by Usage
          4. U.S. Contact Lenses Market, by Design
          5. U.S. Contact Lenses Market, by Distribution Channel
        2. Canada
          1. Canada Contact Lenses Market, by Type
          2. Canada Contact Lenses Market, by Application
          3. Canada Contact Lenses Market, by Usage
          4. Canada Contact Lenses Market, by Design
          5. Canada Contact Lenses Market, by Distribution Channel
    2. Europe Contact Lenses Market
      1. Europe Contact Lenses Market, by Type
      2. Europe Contact Lenses Market, by Application
      3. Europe Contact Lenses Market, by Usage
      4. Europe Contact Lenses Market, by Design
      5. Europe Contact Lenses Market, by Distribution Channel
      6. Europe Contact Lenses Market, by Country/Region
        1. Germany
          1. Germany Contact Lenses Market, by Type
          2. Germany Contact Lenses Market, by Application
          3. Germany Contact Lenses Market, by Usage
          4. Germany Contact Lenses Market, by Design
          5. Germany Contact Lenses Market, by Distribution Channel
        2. U.K.
          1. U.K. Contact Lenses Market, by Type
          2. U.K. Contact Lenses Market, by Application
          3. U.K. Contact Lenses Market, by Usage
          4. U.K. Contact Lenses Market, by Design
          5. U.K. Contact Lenses Market, by Distribution Channel
        3. Spain
          1. Spain Contact Lenses Market, by Type
          2. Spain Contact Lenses Market, by Application
          3. Spain Contact Lenses Market, by Usage
          4. Spain Contact Lenses Market, by Design
          5. Spain Contact Lenses Market, by Distribution Channel
        4. Italy 
          1. Italy Contact Lenses Market, by Type
          2. Italy Contact Lenses Market, by Application
          3. Italy Contact Lenses Market, by Usage
          4. Italy Contact Lenses Market, by Design
          5. Italy Contact Lenses Market, by Distribution Channel
        5. France
          1. France Contact Lenses Market, by Type
          2. France Contact Lenses Market, by Application
          3. France Contact Lenses Market, by Usage
          4. France Contact Lenses Market, by Design
          5. France Contact Lenses Market, by Distribution Channel
        6. Rest of Europe 
          1. Rest of Europe Contact Lenses Market, by Type
          2. Rest of Europe Contact Lenses Market, by Application
          3. Rest of Europe Contact Lenses Market, by Usage
          4. Rest of Europe Contact Lenses Market, by Design
          5. Rest of Europe Contact Lenses Market, by Distribution Channel
    3. Asia Pacific Contact Lenses Market
      1. Asia Pacific Contact Lenses Market, by Type
      2. Asia Pacific Contact Lenses Market, by Application
      3. Asia Pacific Contact Lenses Market, by Usage
      4. Asia Pacific Contact Lenses Market, by Design
      5. Asia Pacific Contact Lenses Market, by Distribution Channel
      6. Asia Pacific Contact Lenses Market, by Country/Region
        1. China
          1. China Contact Lenses Market, by Type
          2. China Contact Lenses Market, by Application
          3. China Contact Lenses Market, by Usage
          4. China Contact Lenses Market, by Design
          5. China Contact Lenses Market, by Distribution Channel
        2. Japan
          1. Japan Contact Lenses Market, by Type
          2. Japan Contact Lenses Market, by Application
          3. Japan Contact Lenses Market, by Usage
          4. Japan Contact Lenses Market, by Design
          5. Japan Contact Lenses Market, by Distribution Channel
        3. India
          1. India Contact Lenses Market, by Type
          2. India Contact Lenses Market, by Application
          3. India Contact Lenses Market, by Usage
          4. India Contact Lenses Market, by Design
          5. India Contact Lenses Market, by Distribution Channel
        4. South Korea
          1. South Korea Contact Lenses Market, by Type
          2. South Korea Contact Lenses Market, by Application
          3. South Korea Contact Lenses Market, by Usage
          4. South Korea Contact Lenses Market, by Design
          5. South Korea Contact Lenses Market, by Distribution Channel
        5. Australia
          1. Australia Contact Lenses Market, by Type
          2. Australia Contact Lenses Market, by Application
          3. Australia Contact Lenses Market, by Usage
          4. Australia Contact Lenses Market, by Design
          5. Australia Contact Lenses Market, by Distribution Channel
        6. Rest of Asia Pacific 
          1. Rest of Asia Pacific Contact Lenses Market, by Type
          2. Rest of Asia Pacific Contact Lenses Market, by Application
          3. Rest of Asia Pacific Contact Lenses Market, by Usage
          4. Rest of Asia Pacific Contact Lenses Market, by Design
          5. Rest of Asia Pacific Contact Lenses Market, by Distribution Channel
    4. Rest of the World Contact Lenses Market
      1. Rest of the World Contact Lenses Market, By Region
        1. Latin America
          1. Latin America Contact Lenses Market, by Type
          2. Latin America Contact Lenses Market, by Application
          3. Latin America Contact Lenses Market, by Usage
          4. Latin America Contact Lenses Market, by Design
          5. Latin America Contact Lenses Market, by Distribution Channel
        2. Middle East & Africa
          1. Middle East & Africa Contact Lenses Market, by Type
          2. Middle East & Africa Contact Lenses Market, by Application
          3. Middle East & Africa Contact Lenses Market, by Usage
          4. Middle East & Africa Contact Lenses Market, by Design
          5. Middle East & Africa Contact Lenses Market, by Distribution Channel
      2. Rest of the World Contact Lenses Market, by Type
      3. Rest of the World Contact Lenses Market, by Application
      4. Rest of the World Contact Lenses Market, by Usage
      5. Rest of the World Contact Lenses Market, by Age group
      6. Rest of the World Contact Lenses Market, by Distribution Channel
  11. COMPANY PROFILES        
    1. Alcon Vision LLC
      1. Business Snapshot
      2. Products Offered
      3. Financial Details*
      4. Strategic Developments
    2. Bausch & Lomb Incorporated 
    3. Carl Zeiss Meditec AG
    4. CooperVision, Inc.
    5. Essilor International S.A.
    6. Hoya Corporation
    7. Johnson & Johnson Vision Care, Inc.
    8. X-Cel Specialty Contacts
    9. Medennium
    10. Menicon Co., Ltd.
    11. STAAR Surgical Company
    12. SynergEyes, Inc

*Insights on financial performance is subject to availability of information in public domain


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