CHICAGO, Oct. 10, 2023 /PRNewswire/ -- According to Arizton's latest research report, the contact lenses market is growing at a CAGR of 5.62% during 2023-2029. The demand for the contact lenses market is rising due to multiple factors, including the increasing geriatric population, growing consumer awareness regarding contact lens usage, high prevalence of chronic eye diseases, and increasing adoption of contact lenses.
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Contact Lenses Market Report Scope
Report Attributes | Details |
Market Size (2029) | $13.57 Billion |
Market Size (2023) | $9.77 Billion |
CAGR (2023-2029) | 5.62 % |
Historic Year | 2019-2022 |
Base Year | 2023 |
Forecast Year | 2024-2029 |
Market Segmentation | Application, Design, Usage, Distribution, Material, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics |
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The US has emerged as the largest market for contact lenses due to seamless retail distribution networks and online sales expansion in the country. The country's high penetration rate of contact lenses is attributable to a significant population of early adopters. Also, all these factors have increased the revenue of vendors operating in the market. The use of cosmetic contact lenses is comparatively high in the US due to the US population's high awareness and focus on aesthetic looks. The adoption of daily contact lenses is relatively higher in developed countries than in developing countries due to the high cost of the product. Daily disposable contact lenses cost two or three times more than monthly lenses. Thus, using 730 daily contact lenses per year will generally cost over 24 monthly replacement lenses per year. Market vendors focus on providing more significant rebates on daily disposable lenses to increase user adoption. Many vendors, such as Bausch & Lomb and TerraCycle, have launched recycling programs to minimize the addition of waste associated with daily disposable lenses.
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Recent Developments in the Global Contact Lenses Market
- In 2023, CooperVision announced that MyDay Energys, the latest addition to the MyDay contact lens line, is available to eye care practitioners across the United States.
- In 2023, Bausch + Lomb Corporation announced the U.S. launch of Bausch + Lomb INFUSE Multifocal silicone hydrogel (SiHy) daily disposable contact lenses.
- In 2023, Alcon launched the monthly replacement contact lens, TOTAL30 for Astigmatism, the first-and-only reusable contact lens with Water Gradient material for astigmatic contact lens wearers.
- Technological advances in the manufacturing process are expected to drive the smart contact lenses market growth. In 2023, Alcon announced the expansion of the partnership with Plastic Bank to develop "plastic-neutral products" worldwide.
Segmentation Analysis
The retail stores distribution segment accounted for the highest share of the global contact lenses market in 2023. The dominance is due to the initiative of manufacturers to launch advanced products at affordable prices at retail stores. The larger share of retail stores can be attributed to rising disposable incomes and the demand for cosmetic contact lenses. Moreover, these stores dispense OTC daily wear disposable contact lenses, resulting in a higher sales volume. However, during the forecast period, the online store segment is expected to grow faster in the global contact lenses market. The adoption of digital platforms among the youth has increased the demand for e-commerce and online stores.
The silicone hydrogel material segment accounted for the highest share of the global contact lenses market in 2023 and is projected to grow at a CAGR of over 5% during the forecast period. This segment growth can be attributed to increased flexibility and comfort. The growing population suffering from vision problems, increasing preference from people for contact lenses over traditional spectacles, and technological advancements will drive the industry growth.
Market Segmentation
- Application:?Corrective, Therapeutic, and Cosmetic
- Design:?Spherical, Toric, and Multifocal
- Usage:?Daily Disposable and Frequent Replacement
- Distribution:?Retail Stores, Hospitals & Eye Clinics, and Online Stores
- Material:?Silicone Hydrogel, Hydrogel, and Others
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Key Company Profiles
Johnson & Johnson Vision, Alcon, CooperCompanies, HOYA Corporation, EssilorLuxottica, and Bausch + Lomb, Menicon, Carl Zeiss Meditec, SynergEyes, X-Cel Specialty Contacts, ClearLab, STAAR Surgical, Visioneering Technologies Inc, Solotica, Sensimed AG, Oculus Private Limited, NeoVision, Interojo, Clerio Vision, Contamac, Maxvue Vision, St. Shine Optical, BenQ Material, Ultravision CLPL, Seed Co Ltd, Aqualens, Feel Good Contacts, Bescon, CAMAX OPTICAL, Medios, POLYTOUCH, Shanghai Weicon Optical, and Ginko International.
Key Questions Answered in the Report:
How big is the global contact lenses market?
What is the projected growth rate of the global contact lens market?
What are the rising trends in the contact lens market?
Which region holds the most significant global contact lens market share?
Who are the key players in the global contact lenses market?
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