The growth of the global contact lenses market is driven by factors such as rise in prevalence of vision impairment, increase in number of geriatric populations, and presence of market players who manufacture contact lenses.
PORTLAND, Ore., May 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Contact lenses Market by Material (Silicon Hydrogel, Hydrogel, and Others), by Design (Spherical, Toric, and Others), by Usage (Daily Disposable Lens, Disposable Lens, Frequently Replacement Lens, and Traditional Lens), by Application (Vision Correction and Cosmetic), by Distribution Channel (Online Store & Pharmacy, Retail Store & Pharmacy, and Hospital Pharmacy): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global contact lenses industry generated $15.5 billion in 2022, and is anticipated to generate $24.2 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the global contact lenses market is driven by factors such as rise in prevalence of vision impairment, increase in number of geriatric populations, and presence of market players who manufacture contact lenses. However, side effects of contact lenses are hampering the contact lenses market growth. On the contrary, increase in number of adoptions of key strategies by market players and rise in product launches and product approvals for contact lenses are expected to offer remunerative opportunities for expansion of the contact lenses market during the forecast period.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $15.5 billion |
Market Size in 2032 | $24.2 billion |
CAGR | 4.6 % |
No. of Pages in Report | 156 |
Segments covered | Material, Design, Usage, Application, Distribution Channel, and Regions |
Drivers | Rise in prevalence of vision impairment Increase in number of geriatric populations Presence of market players who manufacture contact lenses |
Opportunities | Increase in number of adoptions of key strategies by market players Rise in product launches and product approvals for contact lenses |
Restraints | Side effects of contact lenses |
Covid-19 Scenario
- The COVID-19 outbreak had a negative impact on the growth of the global contact lenses market, owing to a significant decrease in the use of contact lenses.
- However, the market recovered by the end of 2021.
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The silicon hydrogel segment to maintain its leadership status throughout the forecast period
Based on material, the silicon hydrogel segment held the highest market share in 2022, accounting for around half of the global contact lenses market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 5.0% from 2023 to 2032, due to rise in number of market players who manufacture silicon hydrogel and rise in number of product launches & product approvals for silicon hydrogel.
The spherical segment to maintain its leadership status throughout the forecast period
Based on design, the spherical segment held the highest market share in 2022, accounting for nearly three-fifths of the global contact lenses market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in adoption of spherical lenses and increase in prevalence of vision impairment. However, the others segment is also projected to manifest the highest CAGR of 5.4% from 2023 to 2032, due to rise in adoption of multifocal lenses and increase in prevalence of vision impairment.
The daily disposable lens segment to maintain its leadership status throughout the forecast period
Based on usage, the daily disposable lens segment held the highest market share in 2022, accounting for more than two-fifths of the global contact lenses market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the highest CAGR of 5.3% from 2023 to 2032, owing to rise in awareness among the people regarding effectiveness of traditional lenses.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global contact lenses market revenue and is likely to dominate the market during the forecast period, owing to increase in number of market players who manufacture contact lenses, availability of well-developed healthcare infrastructure, and surge in prevalence of vision impairment. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.3% from 2023 to 2032, owing to increase in awareness among the people regarding availability & advantages of contact lenses, rise in prevalence of refractive error, and increase in disposable income.
Leading Market Players:
- Johnson & Johnson
- The Cooper Companies, Inc.
- Alcon
- Baush & Lomb
- Hoya Corporation
- Carl Zeiss AG
- EssilorLuxottica SA
- Menicon Co. Limited
- SynergEyes Inc.
- SEED Co. Limited
The report provides a detailed analysis of these key players of the global contact lenses market. These players have adopted different strategies such as acquisition, product approval, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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