The global contact lens market is estimated to be valued at USD 19.52 Bn in 2024, exhibiting a CAGR of 8.7% over the forecast period (2024-2031).
Rising adoption of soft lenses over rigid gas permeable lenses and growing prevalence of myopia across the world are the major factors driving the growth of the market. Furthermore, increasing acceptance of colored, toric, and multifocal lenses is also expected to support the market growth during the forecast period.
Market Dynamics:
The global contact lens market is primarily driven by two major factors:
Growing Myopia Prevalence: The prevalence of myopia has increased significantly across the world over the past few decades. According to a study, nearly 30% of the world's population is expected to be affected by myopia by 2050. The rising cases of near-sightedness and defocus vision have increased the adoption of contact lenses for vision correction.
Rising Adoption of Soft Lenses: Soft contact lenses have gained higher popularity over rigid gas permeable lenses due to their enhanced comfort and flexibility. Soft lenses are preferred for daily and extended wear. Various innovative soft lenses featuring advanced materials and design have further boosted their demand. Manufacturers are focusing on strengthening their product portfolio with advanced soft contact lenses.
Increased Adoption of Daily and Monthly Disposable Contact Lenses
One of the major drivers for the global contact lens market is the increased adoption of daily and monthly disposable contact lenses. These contact lenses only need to be replaced once every day or month and do not require cleaning or disinfection. This offers greater convenience to users as they do not have to spend time cleaning and storing contact lenses. Many users prefer disposable lenses as they reduce the risk of infections and eye irritation caused by improper cleaning or handling of reusable lenses. The disposable nature also eliminates the need for multi-purpose solution bottles or lens cases. This has boosted the demand for daily and monthly disposable contact lenses globally.
Growing Prevalence of Myopia and Other Vision Impairments
The rising number of people suffering from vision impairments such as myopia, hyperopia, and presbyopia is another key growth driver for the contact lens market. According to WHO, nearly 2.5 billion people worldwide are estimated to be nearsighted by 2020. Countries in Asia Pacific with large populations like China and India have seen a particularly sharp rise in the number of people with myopia. Contact lenses provide an effective non-surgical solution to correct refractive errors and vision problems. This has increased the potential patient pool and boosted the uptake of contact lenses for vision correction.
Potential Risks and Side Effects of Contact Lens Usage
One major restraint affecting the contact lens market is the potential health risks and side effects associated with improper contact lens usage. Issues like corneal abrasions, vision loss due to infections like microbial keratitis, and allergic reactions can occur if lenses are not handled, cleaned or replaced as recommended. The risk of eye infections is higher with extended wear and reusable lenses. Strict regulatory compliance and standards are required regarding care, replacement and disposal of lenses. This increases production and marketing costs for contact lens manufacturers.
High Cost of Specialty Contact Lenses
The high price of premium specialty contact lenses also limits their mass adoption. Examples include lens types for astigmatism correction, presbyopia correction and silicone hydrogel lenses offering improved oxygen permeability. While they provide enhanced comfort and performance, they are too costly for many consumers. This restrains the overall market expansion, especially in price-sensitive developing nations with large patient pools. Sustained R&D is needed to drive down costs through technological advancements and economies of scale.
Emergence of E-commerce Platforms
One opportunity for contact lens sellers is the growth of dedicated e-commerce platforms and apps for purchasing lenses online. Sites allow consumers to select lenses based on prescriptions, conveniently shop from a wide selection, benefit from recommendations by artificial intelligence tools, track previous orders, subscribe for automatic regular deliveries and earn loyalty points. This offers an easy way for users to procure lenses without visiting eye clinics or retail stores. It encourages repeat purchases and enhances consumer experience.
Increasing Marketing of Colored Contact Lenses
Another area offering lucrative opportunities is the rising popularity of colored contact lenses among young consumers not just for vision correction but also for fashion purposes. High-tech colored lenses are being creatively promoted on social media platforms through style and makeup bloggers. Options include lenses that change eye color subtly as well as bold shades. This attracts a new segment of users interested in temporary eye color change as a form of self-expression. Sophisticated marketing strategies can help further tap this emerging untapped market segment. In conclusion, factors like the growing trend of daily disposable contact lenses and the rising prevalence of eyesight issues are fueling growth in the global contact lens industry. However, risks to eye health and high costs of premium products continue limiting full market potential. E-commerce and colored contact lenses present opportunities to boost sales through innovative customer-centric strategies.
Link: https://www.coherentmarketinsights.com/market-insight/contact-lens-market-715
Key Developments:
- In June 2024, Bausch + Lomb has launched INFUSE for Astigmatism, daily disposable contact lenses, with shipments to eye care professionals expected to begin in July 2024. These lenses are designed to combat common issues faced by toric lens wearers, such as dryness and blurred vision, especially in today's digital-focused lifestyles. Developed by Bausch + Lomb's research and development team, INFUSE lenses offer exceptional clarity, stability, and all-day comfort.
- In January 2024, Wöhlk unveils the new wöhlk MULTI FEN RGP contact lens the multifocal, dimensionally stable RGP contact lenses. it provides users with a fast and easy solution for achieving natural vision.
- In October 2023, Alcon a global leader in eye care, has announced the worldwide launch of TOTAL30 Multifocal, the first and only monthly Water Gradient multifocal contact lens.
Key Player:
Bausch & Lomb Incorporated, Alcon Vision LLC, EssilorLuxottica, Carl Zeiss AG, Contamac Ltd, Menicon Co., Ltd., CooperVision, Johnson & Johnson Vision Care, Hoya Corporation, Ximenes S.R.L., Sky Medical For Medical Devices, Bausch Health Companies Inc., Optical Center, Alden Optical, Oculus Optikgeräte GmbH, Hanita Lenses, Mark'ennovy, Ocutec, Aveo Vision, and Dynamic Vision Systems
