The global contact lenses market is estimated to be worth USD 17.34 billion in 2024 and is anticipated to reach USD 25.11 billion by 2029 with a CAGR of 7.68% during the forecast period.
Market Drivers
The rising prevalence of vision disorders worldwide is the primary factor contributing to the enhancing demand for contact lenses leading to market growth. Refractive error is the most common ocular problem which affects all age groups which is fueling the market expansion. For Instance, according to data published by WHO, in 2023, approximately 2.2 billion people will have nearsightedness, and about 1 billion are expected to have severe or average visual impairment or blindness due to uncorrected refractive error. The growing initiatives by the government agencies and major market players to raise awareness among the people, and the continuous investments in R&D activities augments the market growth opportunities.
Market Restraints
The high costs associated with the contact lenses and their maintenance is the significant factor limiting their adoption among the people leading to restricted market growth. The availability of various other alternative treatment options for refractive errors is hampering the market growth rate. The long-term utilisation of contact lenses may lead to several side effects such as corneal edema, infection, red eye, superficial keratitis, and other conditions which impedes the market expansion.
Market Segmentation
Global Contact Lenses Market Analysis – By Material
The soft contact lenses segment dominated the global contact lenses market with most significant share and is expected to continue the dominance during the forecast period. The rising awareness among the people regarding the potential benefits of the lenses is driving the segment growth rate. The disposable lenses are high in demand due to their ease of use, storage and maintenance which fuels the segment revenue growth.
The rigid gas permeable segment is projected to account for notable growth during the forecast period. The gas permeable lenses are widely adopted for specific eye conditions such as presbyopia or astigmatism which is escalating the segment revenue.
Global Contact Lenses Market Analysis – By Application
The corrective segment held the most dominant share in the global market and is anticipated to have substantial growth during the forecast period. The corrective lenses are widely used for the medical purposes which helps in relieving the eye pain and for resolving the cornea problems. This is escalating the demand leading to the segment revenue growth. The growing prevalence of various eye disorders and vision related issues fuels the segment expansion.
Global Contact Lenses Market Analysis – By Design
The spherical lenses segment accounted for the largest share in the global market revenue and is estimated to maintain the domination during the forecast period. The spherical lenses are most widely adopted for treatment of hyperopia, myopia and presbyopia which contributes to the segment revenue expansion. The spherical lenses are easy to use, and quickly settle with the eye position and these have same optical power throughout each lens which is gaining traction among the users leading to segment growth.
The toric segment is projected to have substantial growth during the forecast period. These lenses helps in correcting the astigmatism which is the significant factor contributing to the segment growth.
Global Contact Lenses Market Analysis – By Modality
The disposable segment dominated the global market with notable share and is expected to record considerable growth during the forecast period. The growing consumer preference for the ease of use, comfortable and easy maintenance lenses such as daily disposable lenses is propelling the segment expansion. These are considered as the healthy and safety lenses which are widely prescribed by most of the healthcare professionals which boosts the segment revenue growth.
Global Contact Lenses Market Analysis – By Distribution Channel
The eye hospitals and spectacle stores segment dominated the global market revenue and is anticipated to have prominent growth during the forecast period. The growing number of eye hospitals across the globe and rising prevalence of eye disorders is boosting the segment growth rate. The increasing hospital visits especially by the aging population and children and the availability of skilled healthcare providers is contributing to the segment growth.
Regional Analysis
The North American region accounted for the most prominent share in the global contact lenses market and is anticipated to grow significantly during the forecast period. The increased utilisation of the contact lenses and the presence of well-established infrastructure in the region is contributing to the regional market growth. The increasing investments by the major market players in research activities to develop and enhance the efficacy of the contact lenses in treating the eye disorders and vision problems which propels the regional market share growth. The U.S. market is widely known for its innovation, strategic mergers and acquisitions among the significant manufacturers leading to market growth.
The Asia Pacific region is projected to have substantial growth during the forecast period. The increasing geriatric population, who are widely prone for the vision problems, and the rising disposable incomes, expanding innovations across the region are escalating the market growth opportunities. The rising awareness among the people regarding eye health and strong preference for the high-quality products is fueling the regional market expansion. For Instance, according to WHO, the senior population is expanding, where by 2030, it is projected that over 20% of the population countries like China will be 60 or older.
Recent Market Developments
· In June 2023, Bausch +Lomb announced the U.S. launch of infuse multifocal silicone hydrogel (SiHy) daily disposable lenses. These lenses use ProBalance technology to deliver proper comfort and meet the dynamic vision needs of patients with presbyopia.
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