The Global Contact Lenses Market Size Was Valued At USD 9.48 Billion In 2021. The Market Is Projected To Grow From USD 9.94 Billion In 2022 To USD 14.80 Billion By 2030, Exhibiting A CAGR Of 5.9% During The Forecast Period.

Contact Lenses Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand is lower than expected in all regions compared to what it was before the pandemic. Based on our research, the global market was 9.0% smaller in 2020 than it was in 2019.

Contact lenses are thin lenses that are put on the surface of the eye to improve vision. The lenses can be hard or soft, depending on how they feel and how often they can be used. The market is expected to grow during the forecast period because more people in developing countries are using these devices and the number of people with refractive errors is rising all over the world.

According to a BMC Public Health report from 2021, a recent study found that 116.3 million people with uncorrected refractive error have moderate to severe vision loss. The contact lenses market is expected to grow as the number of people with refractive errors around the world rises and more people learn that they can correct their vision with contact lenses.

Market Dynamics:

Latest Trends:

More worries about eye safety will drive up demand for daily disposables.

Making more people aware of the benefits of disposable lenses over reusable lenses, such as the fact that cleaning solutions can cause side effects like eye staining and lid effects. Even though there isn't much of a difference between the cost of disposable and reusable lenses over the course of a year, ophthalmologists recommend using disposable lenses because they are safer. Also, the biggest players in the market are running programmes to raise awareness and putting out new, innovative products, which are expected to help the growth of daily disposables. For example, in January 2021, Alcon released PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens for people with astigmatism in the United States.

Driving Factors:

The growth of the market will be boosted by the prevalence of refractive errors and the introduction of technologically advanced products.

Presbyopia and myopia are becoming more and more common in both children and adults. This, along with the fact that most people, especially in developing countries, don't know much about vision correction and are hesitant to get it done, is why the number of people with vision problems is going up. According to data published by the WHO in 2021, 2.2 billion people around the world have nearsightedness or farsightedness, and about 1 billion of them have not been diagnosed. Most of the cases were found to be refractive errors and cataracts that hadn't been fixed.

But efforts by regional and national government agencies and key market players to make people more aware of vision correction have led to a rise in the number of people who use vision correction, including lens wearers, around the world. Also, one of the main reasons why these products are becoming popular in emerging economies like China, India, and South Korea is that market players are making lenses that are more technologically advanced. As more people use these high-tech devices, key market players have more chances to grow and grow their presence in established markets.

Restraining Factors:

The growth of the market will slow down if there are other ways to treat refractive errors.

Several clinical studies showed that people who wear contact lenses might have side effects depending on how they use them. Some of these side effects can cause permanent damage to the eyes or even make it impossible to see. There are a lot of side effects that come with using contact lenses, such as infection, corneal edoema, superficial keratitis, red eye, mucus buildup, epithelial microcysts, infiltrates, giant papillary conjunctivitis (GPC), and corneal vascularization. Because of these side effects, these lenses aren't used as much as they could be.

Harvard Health Publishing will report in 2021 that up to 20 out of every 10,000 people who wear contact lenses get keratitis, which can lead to blindness. Also, these devices were used wrongly about 1 million times each year, which led to trips to hospitals and emergency rooms.

Also, the fact that eyeglasses and LASIK surgery can be used to treat refractive errors is a major factor that slows the growth of the market. Also, insurance companies don't pay for these devices, which makes it harder for people in developed countries to buy them during the forecast period.

Segmentation Analysis:

By Modality Analysis:

The market is divided into reusable and disposable parts based on how they are used. Most of the market was made up of things that can be used more than once. Patients with refractive errors are buying more of these products because both the number of people with refractive errors and the number of people who wear glasses are going up.

For example, a report by the Vision Council in 2020 said that about 125 million people around the world wear contact lenses, and that about 42.2 million of those people were in the U.S. The segment is expected to grow because more people around the world wear contact lenses and more people are using lenses that can be used more than once.

Also, the benefits of reusable lenses, such as their durability and comfort, will help the market grow over the next few years.

On the other hand, during the forecast period, the disposable segment grew at a very high rate. It's because more people are choosing daily disposable lenses because they're easier to wear and cause less trouble. This, along with the fact that leading players are coming out with new disposable lenses, keeps this segment of the global market going.

By Design Analysis:

The market is split into toric, multifocal, and spherical based on how the lenses are made. During the time frame of the forecast, the spherical segment is expected to have the largest market share. Spherical lenses have the biggest market share because technology is improving in this area and more adults are using lenses.

For example, Alcon said that the PRECISION1 contact lens with SMARTSURFACE technology would come out in May 2021. This is a high-tech product that the company made with the comfort of the wearer and customer preference in mind. The growth of the segment is likely to be helped by the fact that market players are putting more effort into releasing technologically advanced products to meet the growing demand for spherical lenses.

On the other hand, the toric segment had the second-largest share of the market. This segment is growing quickly because more people are getting astigmatism and new products are coming out.

By Distribution Channel Analysis:

Based on how the products are sold, the market is split into ophthalmologists, retail stores, and online stores.

In 2020, retail stores made up the biggest part of the world market. The retail stores segment is the most important because manufacturers are putting out new products at reasonable prices in retail stores, and retail stores offer discounts and are getting into larger store chains. Also, the strong network of retail stores in developed countries is a big reason why retail pharmacies are growing so quickly on the global market.

On the other hand, it is expected that the online stores subsegment will have a higher CAGR than the other subsegments. The higher growth of online channels can be traced to the fact that online sales of these devices are becoming more regulated in developed countries and that leading e-pharmacy players are entering the market. Also, the pandemic crisis has made people much more likely to shop online than in stores.

For example, the Vision Council said in 2021 that almost 35% of buyers used the internet in some way when they bought their last pair of contact lenses. The growth of the segment is likely to be helped by the fact that more and more contact lens users prefer to compare and buy lenses online and that more and more manufacturers are building strong e-commerce platforms.

Regional Insights:

In 2021, North America had the largest share of the market for contact lenses, which was worth USD 3.27 billion. Refractive errors are affecting a growing number of patients, and patients are becoming more aware of vision correction treatments. Market players are also putting more emphasis on strategic partnerships and collaborations. So, these are the most important reasons why the market is growing in North America.

In April 2021, for example, Johnson & Johnson Vision announced a global strategic partnership with Menicon, a top maker of innovative lenses. The goal of this partnership was to create therapeutic lenses to help stop the spread of myopia in children and stop it from getting worse.

Also, the number of people in the U.S. who wear contact lenses is likely to slowly rise. A report from the U.S. Environmental Protection Agency says that 31 million people in the U.S. will be wearing contact lenses in 2021. The North American market is expected to grow because more people will want to use it because their tastes in eyewear are changing.

Also, Europe had the second largest market share in the whole world. This is because there are a lot of people with eye problems like myopia and presbyopia, the region is using more and more advanced products, and regulatory approvals have been given for new lenses.

The Association of Optometrists says that 14.8% of people in Sweden wear contact lenses. This is followed by 13.19% in Denmark and 11.37 in Norway. This is likely to help the market grow in the near future.

On the other hand, it is expected that the Asia-Pacific market will grow at the fastest rate over the next few years. In Asian countries, the market is growing because more people are having trouble seeing and because doctors are getting better at diagnosing eye diseases in the clinics and hospitals where they work. A growing middle class in the region is also helping the market grow.

Along with the Middle East and Africa, Latin America had a smaller share of the global market. But the number of people with vision problems is growing, and more and more people in these areas are using these devices. This is expected to drive growth over the next few years.

Scope Analysis

Recent Development:

• April 2021 - Cooper Companies Inc. announced the acquisition of No7 Lenses, which designs and manufactures specialty lenses primarily distributed in the UK.
• April 2021 – EssilorLuxottica announced the acquisition of GrandVision, an optical retail chain with over 350 stores across Europe.
• October 2020 - Bausch & Lomb Incorporated has obtained an exclusive license for a myopic control design for lenses developed by BHVI, an Australian non-profit organization with an international focus on vision research.

Market Segmentation

By Modality:

• Reusable
• Disposable
• Others

By Design:

• Toric
• Multifocal
• Spherical
• Others

By Distribution Channel:

• Ophthalmologists
• Retail Stores
• Online Stores
• Others

By Companies:

• Johnson & Johnson Vision Care, Inc. (U.S.)
• Carl Zeiss Meditec AG (Germany)
• Bausch & Lomb Incorporated (Canada)
• Alcon (Switzerland)
• The Cooper Companies Inc. (U.S.)
• Hoya Corporation(Japan)
• EssilorLuxottica (France)
• Menicon Co., Ltd. (Japan)
• Others