The global Contact Lenses Market has seen significant growth over the years, with the market size reaching USD 8.31 Billion in 2022. This growth is expected to continue, with revenue expected to reach USD 14.04 Billion in 2032, and a revenue compound annual growth rate (CAGR) of 6% during the forecast period. The market growth is attributed to several factors, including the rising prevalence of visual diseases and the increasing ageing population.
The World Health Organization (WHO) estimates that out of the 2.2 billion people who are blind or have vision impairment, one billion of them could have avoided vision impairment or still have untreated vision impairment. The prevalence of visual impairments rises with aging, which is a significant factor in driving revenue growth of the market.
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Additionally, the demand for aesthetic contact lenses has boosted market expansion. Cosmetic contact lenses can change the color or shape of the eye, and the rising popularity of cosmetic lenses is expected to drive demand for contact lenses in the coming years.
Key players in the Contact Lenses Market:
- Johnson Johnson Services, Inc.
- Novartis International AG
- Alcon Inc.
- Bausch Health Companies Inc.
- Contamac Holdings Limited
- Hoya Corporation
- EssilorLuxottica SA
- Zeiss International
Furthermore, the development of contact lens technology has contributed to the market's revenue growth. Manufacturers are creating new materials and designs to enhance comfort, breathability, and vision quality. For example, silicone hydrogel contact lenses are becoming more popular due to their higher comfort and longer wear times due to their high oxygen permeability. Revenue growth of the market is driven by improvements in production techniques and the use of 3D printing technology.
The popularity of contact lenses as an alternative to traditional eyeglasses is another factor driving revenue growth of the market. Contact lenses are more flexible and convenient than eyeglasses because they do not fog up or get in the way during physical activities. Additionally, contact lenses offer a wider range of vision and maintain the wearer's facial features. The increasing knowledge among consumers of the advantages of contact lenses over glasses is driving revenue growth of the market. For people who lead active lives, contact lenses are preferred over glasses because they do not get in the way of sports or other physical activities. For people with uneven corneas or other vision problems, contact lenses offer better vision correction.
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However, the rising prevalence of eye infections linked to contact lens use could restrain revenue growth of the market. Wearers of contact lenses are more likely to experience eye infections such as microbial keratitis and corneal ulcers, which, if untreated, can impair eyesight. Furthermore, availability of substitutes such as orthokeratology and laser eye surgery presents another factor, which could hamper revenue growth of the market to some extent.
The contact lenses market has been segmented based on product into soft lenses, gas permeable lenses, hybrid lenses, and others. The soft lenses segment accounted for the largest revenue share in 2022. Soft lenses are more comfortable to wear and simpler to adjust to compared to rigid, gas permeable lenses. They are suitable for a variety of vision adjustments since they come in a greater range of powers and designs. Revenue growth of the segment is expected to be driven by rising prevalence of myopia and rising interest in aesthetic lenses that alter the appearance of the eye. Presbyopia and other disorders such as dry eyes, which are prevalent in the senior population, are also treated using soft lenses.
The gas permeable lenses segment is expected to register the fastest revenue CAGR during the forecast period. Rising demand for custom lenses that provide greater visual acuity, comfort, and durability is expected to further drive revenue growth of the segment. Gas permeable lenses have better oxygen permeability and are made of hard materials, making them better for persons who lead active lifestyles or need vision correction for more complicated disorders such as keratoconus or astigmatism since they are more robust.
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