Contact Lenses Market Competition by Manufacturers 2030

Contact Lenses Market Growth & Trends

The global contact lenses market size is expected to reach USD 21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. Innovative materials for manufacturing contact lenses and the increasing adoption of contact lenses are prominent factors boosting the market's growth. The rising tendency of youngsters to enhance their aesthetic appearance and the growing aging population is expected to drive the demand for contact lenses over the forecast period. The rise of astigmatism and myopia cases worldwide and the increased acceptance of these lenses in developing countries are boosting market expansion over the forecast period. Also, global factors such as the rising disposable income and improvement in the overall economy are anticipated to propel the market's growth.

Contact Lenses Market Segmentation

Grand View Research has segmented the global contact lenses market based on material, design, application, distribution channel, usage and region:

Based on the Material Insights, the market is segmented into Gas Permeable, Silicone Hydrogel, Hybrid.

• The silicone hydrogel lens segment dominated the market for contact lenses and accounted for the largest revenue share of more than 88.4% in 2021. Silicone hydrogel lenses offer a wide range of benefits, including greater comfort and flexibility than gas-permeable lenses. Therefore, it is more preferred by the users than other lenses. The hybrid lens segment is expected to witness significant growth over the forecast period. A hybrid lens is a combination of gas permeable and silicone It consists of an RGP central zone surrounded by a soft peripheral skirt made of soft or silicone hydrogel material.
• It provides the wearing comfort of a soft lens and visual clarity of an RGP lens. The increased use of hybrid lenses by people with astigmatism and keratoconus is expected to impact segment growth favorably. Gas Permeable is more breathable than its counterparts, which reduces the risk of infection. However, this segment is expected to continue losing market share because of the considerable benefits associated with soft lenses.

Based on the Design Insights, the market is segmented into Spherical, Toric, Multifocal, Others.

• The spherical lens segment led the market for contact lenses and accounted for the largest revenue share of 61.8% in 2021. Based on designs, the contact lenses industry is segmented into multifocal, spherical, toric, and others, including orthokeratology or ortho-k lenses. The multifocal lenses segment is expected to witness moderate demand due to the ability of these lenses to incorporate multiple prescriptions. They are primarily used for treating age-related ophthalmic disorders such as presbyopia. It offers a variety of benefits, such as improved visual acuity for users that need to incorporate multiple prescriptions in a single lens.
• Toric Lenses are used to correct astigmatism problems that arise from a variation in the cornea's curvature. The demand for toric lenses is expected to increase substantially with a CAGR of 6.7% over the forecast period. The demand for ortho-k is expected to grow, with increasing incidences of myopia and more prolonged use of tablets, laptops, and smartphones causing digital eye strain. Orthokeratology (Ortho K) is a recent technological advancement that reshapes the cornea to improve vision which involves wearing specially developed overnight contact lenses to change the structure of the eyes during sleep.

Based on the Application Insights, the market is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-oriented

• The corrective lens segment dominates the market and accounted for the largest revenue share of more than 44.0% in 2021. The segment is anticipated to portray the highest CAGR of 4.7% over the forecast period. Multifocal, bifocal, toric, and spherical are majorly recognized corrective lenses. Therapeutic contact lenses are fitted with a therapeutic goal and help in ocular pain relief, corneal healing, and others.
• The therapeutic application segment accounted for a substantial portion of the total market share in 2021. The segment is expected to witness a reduction in market share over the forecast period as the lenses can also be used to deliver drugs to the cornea. The cosmetic lens industry is anticipated to witness colossal growth opportunities due to the surging demand for an improved aesthetic appeal of eyes. The cosmetic segment is expected to witness a CAGR of 4.7% during the forecast period.

Based on the Distribution Channel Insights, the market is segmented into E-commerce, Eye Care Practitioners, Retail.

• The retail segment led the market for contact lenses and accounted for the largest revenue share of 60.4% in 2021. The retail store segment is growing due to manufacturers' initiative to produce advanced products at very affordable prices at retail stores, which are again combined with extra discounts offered by retail sellers. Additionally, the strong growth of retail pharmacies in developed countries enhances the development of this segment.
• The majority of the lenses manufactured are distributed through independent eye-care professionals. Due to this, online retailing accounts for the smallest share. As a result, market penetration in the ECP channel is a crucial opportunity to gain profits. The e-commerce distribution channel is anticipated to portray the highest CAGR of 5.6% over the forecast period.
• In the past, contact lenses required daily removal and involved broad cleaning regimens. Besides, the consumer generally purchased eye lenses from eye practitioners. Still, the introduction of disposable soft contact lenses that consumers wear for only a few weeks and the advancement of non-practitioner lens sellers, namely e-commerce contact lens retailers, changed the market dynamics. The e-commerce segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe.

Based on the Usage Insights, the market is segmented into Daily Disposable, Disposable, Frequently Replacement, Traditional.

• The daily disposable lens segment dominated the market for contact lenses and accounted for the largest revenue share of more than 33.0% in 2021. The segment is anticipated to witness a CAGR of 5.1% from 2022 to 2030. Further, the segment is also expected to remain the dominant usage segment over the forecast period. The preference for daily disposable lenses has been rising because a new set of lenses provides greater comfort to the user. Hence, many players have initiated the development of daily disposable lenses. These lenses are considered the healthiest contact lenses by most users. Eye care professionals are also prescribing daily disposable lenses as they avoid problems associated with longer lens replacements.
• The daily disposable lens is a soft and flexible plastic material widely used in an active lifestyle. Individuals are actively involved in sports activities, and others prefer using daily disposable lenses. Also, the adoption of these contact lenses is increasing owing to various health benefits. Vendors in the market are focusing on offering more significant rebates on the daily disposable lens to increase its adoption amongst users. The frequently disposable lens is replaced on a planned schedule of two weeks or months or quarterly. The traditional (reusable) lenses can be used for a long time and are more economical for full-time wearers.

Contact Lenses Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa (MEA)

Market Share Insights

• January 2019: Mark'Ennovy Personalized Care, S.L (MARK'ENNOVY), a contact lens manufacturer in Europe, announced its collaboration with Capricornia Contact Lens Pty Ltd, a contact lenses distributor, and manufacturer.

Key Companies Profile & Market Share Insights

The industry perceives growing market consolidations through mergers, collaborations, and acquisitions through strategic initiatives. This is primarily due to the market players' brand value and customer base and establishing a global footprint. Industry participants enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence.

Some of the prominent players operating in the global contact lenses market include,

• Essilor International S.A.
• Alcon Vision LLC
• Abbott Medical Optics, Inc.
• CooperVision, Inc.
• Hoya Corporation
• SynergEyes, Inc.
• X-Cel Specialty Contacts
• Johnson & Johnson Vision Care, Inc.
• Medennium; Seed Co., Ltd.
• STAAR Surgical Company

Order a free sample PDF of the Contact Lenses Market Intelligence Study, published by Grand View Research.