Contact Lenses Market Growth: Trends, Segmentation & Key Players 2024-2031

Market Overview
Contact lenses market is estimated to grow at a CAGR of 4.2% during the forecast period 2024-2031.

Contact lenses are thin lenses placed directly on the surface of the eye. Contact lenses are considered medical devices and can be worn to correct vision, or for cosmetic or therapeutic reasons. They are used majorly for visual deficiencies treatment, such as myopia, hyperopia, astigmatism, and presbyopia, and can also be used to correct refractive errors.

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Contact Lenses Market Trends
The rising prevalence of optical disorders is driving the market growth in the forecast period

The growth of the contact lens market is attributed to the rising prevalence of optical disorders. According to the International Agency for the Prevention of Blindness (IAPB), approximately 28% of the global population was affected by myopia in 2010, and its prevalence is set to reach to almost 50% of the worldwide population by 2050.

Moreover, rising popularity to enhance personal aesthetics as they are available in various colors and designs, increasing disposable incomes, and increasing preference for daily disposables as they are easy to use and maintenance-free are further contributing to the market growth.

Other factors driving the growth of the global contact lenses market include the increasing R&D on the therapeutic application and increasing consumer awareness of the comprehensive range of options is expected to propel the market growth further. For instance, In March 2019, Johnson & Johnson Vision unveiled positive Phase III data from two clinical studies of its antihistamine-releasing contact lens, showing that it was able to reduce feelings of itchy eyes after exposure to allergens.

The field of optometry and optics has observed a significant increase in research and development activities related to the studied market. Some of the recent advancements pertaining to the studied market such as the development of dynamic soft contact lenses with advanced technology have propelled the growth of contact lenses globally.

For instance, in August 2020, Bausch + Lomb launched Bausch + Lomb Infuse silicone hydrogel (SiHy) daily disposable contact lens. The Infuse lenses feature a next-generation material infused with ProBalance Technology to help reduce symptoms of contact lens dryness and help in maintaining ocular surface homeostasis.

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Contact Lenses Market Segmentation

By Design
Spherical Contact Lenses
Toric Contact Lenses
Multi-focal Contact Lenses

By Usage
Daily-Use
Weekly
Monthly

By Application
Corrective
Therapeutic
Cosmetic

By Distribution Channel
Retail Stores
Clinics
Hospitals and Clinics
Online Stores

Contact Lens Market Key Players
Major players are Abbott Medical Optics Inc., Bausch Health Companies Inc., Contamac, Essilor International SA, Haohai Biological Technology, Hoya Corporation, Johnson & Johnson, Polylite Sofclear, Scrivens House and Alcon Inc.

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