Contact Lenses Market Research Report: By Usage (Daily Wear, Extended Wear, Traditional Wear), Design (Spherical, Toric, Multifocal, Monovision, Cosmetic), Material (Silicone Hydrogel, Hydrogel, Glass Permeable, Hybrid, Polymethyl Methacrylate), Type (Opaque Contact Lenses, Enhanced Contact Lenses, Tinted Contact Lenses) Application (Conventional, Orthokeratology, Decorative) Distribution Channel (Retail Stores, Hospitals & Clinics, E-Commerce) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global contact lenses market was valued around $7.5 billion in 2020, which is projected to witness healthy growth rate during the forecast period (2021–2030). The major factors responsible for the growth of the market include an increase in the per capita income, growth in the older population with vision impairment, and increase in the prevalence of eye injuries and diseases.

With the lockdowns implemented by governments and the work-from-home and online classes cultures, there is excessive computer usage, which is contributing to dry eyes, which result in less contact lens usage among people. Adding to the dropout rates, the worldwide pandemic resulted in many people losing their vision insurance or being unable to buy contact lenses due to the financial crisis, thus hampering the growth of the contact lenses industry.

Due to Reduced Risk of Infection, Daily Wear Category To Grow Fastest

Daily-wear lenses were the largest category in the contact lenses market in 2020, and they are projected to retain their position in the coming years, based on usage. This is attributed to their lower risk of eye infections, better comfort, and convenience of disposal.

Due to Being Preferred by Patients and Optometrists, Spherical Lenses Witnessed Highest Demand in 2020

Spherical lenses dominated the contact lenses market in 2020, based on design. This was majorly due to the preference for them among optometrists, as well as patients, to treat vision impairment. In addition, there is a rising prevalence of vision-related ailments due to the increasing screen time, which is driving the demand for contact lenses.

Due to Easy Access, E-Commerce Category Is Expected To Be Fastest Growing

The e-commerce category is expected to witness the highest CAGR in the contact lenses market during forecast period, based on distribution channel. This is ascribed to the lockdown impelling people to stay home and higher convenience offered by online shopping platforms, such as doorstep delivery and electronic payment. In addition, interactive websites integrated with the augmented reality (AR) technology help consumers check their looks before they buy the lens.

North America Accounted for Largest Market Share owing to Surging Geriatric Population

Geographically, North America held the largest share in the contact lenses market in 2020 due to the rising geriatric population, which is accompanied by the increasing prevalence of vision ailments. In addition, the sedentary lifestyles of people in the region have increased the likelihood of them developing poor vision due to the extensive usage of computers, televisions, and smartphones. Due to the aforementioned factors, the demand for contact lenses is rising.

Product Approvals and Launches Are Key Trends

Product approvals and launches is one of the key trends observed in the contact lenses industry. Technological advancements in the field of optometry have led to a large number of product approvals and launches worldwide. For instance, in March 2021, the Japanese Ministry of Health, Labour and Welfare (MHLW) approved ACUVUE Theravision with ketotifen, a product developed by Johnson & Johnson Medical Devices, a branch of Johnson & Johnson. These lenses combine vision correction with an antihistamine medicine, to reduce the severity of eye itching due to allergy. The lens includes ketotifen and an antagonist of the H1 histamine receptor, which helps minimize the irritation associated with eye allergies.

Increasing Aging Population Is Boosting Market Growth

Individuals experience a variety of stressors as they become older. Some are prevalent across all age groups, whereas others are particularly prevalent among the elderly, such as vision problems. Furthermore, geriatric care is complex and necessitates the use of cutting-edge technologies and therapies. The huge growth in research and development (R&D) activities for an enhanced product to treat eye disorders has led to the availability of improved contact lenses. As a result of the extensive care required by the older population, healthcare facilities are progressively embracing technologically sophisticated optometry solutions, thus supporting the worldwide contact lenses market advance.

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Market Players Are Focusing on Product Launches to Gain Competitive Edge

The global contact lenses market has various key players, such as Johnson & Johnson, Bausch Health Companies Inc., CooperVision Inc., and Alcon Vision LLC.

In recent years, players in the contact lenses industry have brought out several new products to edge out their competitors.

• In March 2021, Johnson & Johnson Medical Devices, a part of Johnson & Johnson, received approval from the Japanese Ministry of Health, Labour, and Welfare (MHLW) for ACUVUE Theravision with ketotifen. These contact lenses deliver vision correction, as well as an antihistamine medicine, to ease the symptoms of allergy-induced itchy eyes. The lens includes ketotifen, as well as an H1 histamine receptor blocker, which aids in reducing the irritation caused by ocular allergies.
• In August 2018, Bausch & Lomb (a division of Bausch Health Companies Inc.) introduced expanded parameters for Biotrue ONEday, for astigmatism daily disposable contact lenses. The extension ranges from +4.00D to -9.00D power, and it will boost the toric parameter range by more than 60%, thus providing eye doctors and their astigmatic patients with more parameter options for daily disposable toric lenses.

Key Players in Contact Lenses Industry Include:

Market Size Breakdown by Segment

The global contact lenses report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.

Based on Usage

• Daily Wear
• Extended Wear
• Traditional Wear

Based on Design

• Spherical
• Toric
• Multifocal
• Monovision
• Cosmetic

Based on Material

• Silicone Hydrogel
• Hydrogel
• Glass Permeable
• Hybrid
• Polymethyl Methacrylate (PMMA)

Based on Type

• Opaque Contact Lenses
• Enhanced Contact Lenses
• Tinted Contact Lenses

Based on Application

• Conventional
• Orthokeratology
• Decorative

Based on Distribution Channel

• Retail Stores
• Hospitals & Clinics
• E-Commerce

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K., Italy
  • Spain
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America (LATAM)
  • Brazil
  • Mexico
• Middle East and Africa (MEA)
  • Saudi Arabia
  • South Africa