Growing Plano Sunglasses Market Is Anticipated To Bode Well For Contact Lenses Industry Growth

Contact Lenses Industry Overview

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 and 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.
• 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 hydrogel.

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

• The retail segment led the market for contact lenses and accounted for the largest revenue share of 60.4% in 2021.
• The e-commerce distribution channel is anticipated to portray the highest CAGR of 5.6% over the forecast period.

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

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

• The spherical lens segment led the market for contact lenses and accounted for the largest revenue share of 61.8% in 2021.
• The demand for toric lenses is expected to increase substantially with a CAGR of 6.7% over the forecast period.

Based on the Application Insights, the market is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic and 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.
• 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.

Contact Lenses Regional Outlook

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

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 prominent players in the 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.