The contact lenses market is expected to rise from USD 10,035.9 million in 2024 to USD 16,256.8 million by 2034. The market is expected to grow at a CAGR of 4.90% over the next decade.
Contact lenses are expected to see wider adoption this decade as manufacturers innovate with coatings, materials, and manufacturing processes to create more breathable, comfortable, and durable lenses. The aging population, an expanding segment in current demographics, increasingly requires vision correction. With people living longer and staying more active due to ongoing advancements in the medical sector, the demand for comfortable and convenient vision solutions, including contact lenses, is on the rise.
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Sales of contact lenses are increasing due to the rising prevalence of myopia, especially among the population below the age of 30 years. The upward growth trajectory of the population in a quest for vision correction is creating a solid demand for contact lenses. Spectacles wearers are discarding traditional glasses and adopting contact lenses, especially those individuals who have active lifestyles and are fashion-forward.
“Key players in the contact lenses market are expected to benefit from the increasing eyesight-related problems. As a result, they are expected to develop smart as well as therapeutic contact lenses to gain higher profits,” says an analyst at Future Market Insights.
Key Takeaways from the Contact Lenses Market Report
- The contact lenses market grew at a CAGR of 3.8% during the historical period and is forecasted to register a CAGR of 4.9% through 2034.
- The United States contact lenses industry is assessed to record a 4% CAGR through 2034.
- In Europe, Germany and the United Kingdom are anticipated to exhibit CAGRs of 5.20% and 4% through 2034, respectively.
- In Asia Pacific, China and India are predicted to showcase CAGRs of 6.80% and 5.30% through 2034, respectively.
- By product type, the soft lenses segment is estimated to acquire a market share of 56.10% in 2024.
- Based on the design type, the spherical contact lenses segment is expected to account for a value share of 34.4% in 2024.
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Competitive Landscape
Key players are strategically navigating the dynamic, competitive contact lenses market to carve a larger revenue share. Industry leaders are focusing on research and development of advanced materials that offer features like UV protection, extra wearability period, and moisture retention. Leading companies are making efforts to serve niche markets like toric lenses and multifocal lenses for astigmatism, as well as colored lenses for cosmetic applications.
In upcoming years, the marketing efforts for sales of smart lenses are expected to accelerate. Besides, smart lenses are predicted to be strengthened with health monitoring features, augmented reality capabilities, and others to capture the forward-thinking consumer segment.
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
Latest Developments in the Contact Lenses Market
- In January 2024, Healio published that the treatment done with MiSight 1 day contact lenses decreases the axial growth by 0.52 mm in children, as per the 6-year data issued by Ophthalmic and Physiological Optics.
- Oregon State University’s scientists recently deployed ultra-thin transistor technology to engineer SCLs to register information regarding the wearer’s physiological state.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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