As per newly released data by Future Market Insights (FMI), the contact lenses market is estimated at USD 9.1 billion in 2022 and is projected to reach USD 12.5 billion by 2029, at a CAGR of 3.8% from 2014 to 2021. Share of contact lenses market in its parent market (eyewear market) is approximately ~5%-7%.
| Attribute | Details |
| Estimated Contact Lenses Market Size 2022 | US$ 9.1 Bn |
| Projected Contact Lenses (2029) Market Size | US$ 12.5 Bn |
| Value CAGR (2022-2029) | 4.6% |
| Contact Lenses Market Top Players Share in 2021. | 10%-15% |
A recent Future Market Insights (FMI) report predicts that until the year 2029, the contact lens market would expand at a moderate rate. Although soft contact lenses are most usually prescribed, toric lens designs have gained significant ground recently. The latter are gaining popularity as a result of their capacity to correct mixed astigmatism. In addition to their ability to block UV rays and be anti-radiation, these lenses can also filter dim light, work on small components, and are fashionable. Due to the fact that they reduce the risk of ocular illnesses brought on by hypoxia, silicone hydrogel contact lenses are likewise experiencing steadily rising demand.
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Key Takeaways – Contact Lenses Market
- North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
- Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
- Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.
Growing prevalence of myopia among young children and elderly demographic will continue to create significant opportunities for prominent players in the contact lenses market. Daily wear soft contact lenses made of flexible plastic that enables oxygen to pass through the eyes are gathering traction in market. Besides such innovations, online sales will help manufacturers reap sizeable profits in the global market.
Smart Contact Lenses Gaining Traction
Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.
Contact Lenses Market: Competitive Landscape
Prominent players in the global contact lenses market are CooperVision, Inc., Johnson & Johnson Vision Care, Inc., Hoya Vision Care Company, Alcon (Division of Novartis AG), Bausch & Lomb Incorporated, BenQ Materials Corporation, ZEISS International, SEED Co. Ltd., Essilor International S.A., and Menicon Co. Ltd. These market players primarily focus on product innovation, particularly on product design.
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Global Contact Lenses Market by Category
By Product Type :
- Soft Lenses
- Daily wear
- Extended Wear
- Gas Permeable
By Design Type :
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
- Others
By Wear Type :
- Disposable Contact Lenses
- Reusable Contact Lenses
By Sales Channel :
- Online
- E-commerce Portal
- Company Owned Portal
- Offline
- Exclusive Stores
- Multi-brand Stores
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Know More About Contact Lenses Market Report
Future Market Insights, in its new offering, provides an analysis of the global contact lenses market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The report on the global contact lenses market reveals compelling insights on the basis of product type (soft lenses [daily wear and extended wear] and gas permeable), design type (spherical, toric, multifocal, and others), wear type (disposable and reusable), and sales channel (online [e-Commerce portal and company owned portal] and offline [exclusive stores and multiband stores]), across seven major regions.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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