The contact lenses market is estimated at USD 9.1 billion in 2022 and is projected to reach USD 12.5 billion by 2029, at a CAGR of 3.8% from 2014 to 2021. Share of contact lenses market in its parent market (eyewear market) is approximately ~5%-7%. A new Future Market Insights (FMI) study reveals that the contact lenses market will see a moderate CAGR over 2029. Soft contact lenses are the most prescribed contact lenses, while toric lens designs are significantly gaining popularity over the recent past. The latter are gaining traction attributing to their properties to correct mixed astigmatism.
Moreover, these lenses are fashionable, serve various purposes owing to their anti-radiation (block UV rays) properties, and abilities to filter dim lights and work on miniature components. Demand for silicone hydrogel contact lenses is also on a constant rise, as they reduce the risk of hypoxia related eye problems.
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List Of Key Players Covered in Contact Lenses Market are:
- 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.
Key Takeaways – Contact Lenses Market
- North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
- Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
- Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.
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Growing prevalence of myopia among young children and elderly demographic will continue to create significant opportunities for prominent players in the contact lenses market. Daily wear soft contact lenses made of flexible plastic that enables oxygen to pass through the eyes are gathering traction in market. Besides such innovations, online sales will help manufacturers reap sizeable profits in the global market.
Smart Contact Lenses Gaining Traction
Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.
Know More About Contact Lenses Market Report
Future Market Insights, in its new offering, provides an analysis of the global contact lenses market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The report on the global contact lenses market reveals compelling insights on the basis of product type (soft lenses [daily wear and extended wear] and gas permeable), design type (spherical, toric, multifocal, and others), wear type (disposable and reusable), and sales channel (online [e-Commerce portal and company owned portal] and offline [exclusive stores and multiband stores]), across seven major regions.
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Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Summary of Key Statistics
- Summary of Key Findings
- Product Evolution Analysis
- Analysis and Recommendations
- Market Overview
- Market Taxonomy
- Market Definition
- Key Market Trends
- Key Trends Impacting the Market
- Product Innovation Trends
- Evolution of Eyewear Industry
- Future Prospects of Eyewear Industry
- Factors Fuelling Growth
- Influx of Brands
- Innovative Distribution & Marketing Strategies
- The Massive Impact of the Crisis
- Covid-19 The Situation Now
- Countries in action: How have countries been responding?
- The Economic Impact of the COVID-19 Outbreak on Developing Asia
- Impact of COVID-19 on the Gross Domestic Product of Selected Economies
- Current Economic Projection – GDP/GVA and probable impact
- Comparison of SAARs and market recovery, comparison to 2008 financial crisis and market recovery and forecast comparison for recovery of COVID 19
- Impact of Covid-19 on Manufacturing Industry
- Coronavirus Impact on The World of Work
- Projected Recovery for Hardest Hit Sectors
- Brand Mapping Analysis
- Price v/s Product
- Value for Money
- Top of Mind Contact Lenses Brands
- Brand Portfolio-by Key Players
- Brand Loyalty Mapping
- Usage Pattern Overview
- Branded vs Unbranded-Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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