Contact lenses are thin, curved lenses placed on the eye's surface to correct vision or manage certain corneal conditions. They come in various sizes, shapes, and materials, including soft, rigid, gas-permeable, and hybrid lenses. They can correct refractive errors like myopia, hyperopia, astigmatism, and presbyopia and treat eye conditions like keratoconus. The global contact lenses market is growing due to their increasing adoption and the rising prevalence of refractive errors.
Market Trends
AMD is a condition that affects the eyes, causing severe vision loss in older people. It affects around 196 million people globally, including 20 million in the US. The risk of developing it increases with age. By age 60, about 1 in every 200 people has AMD, and by age 90, 1 in 5 people are affected, according to a 2024 PubMed article. In August 2021, it was reported that keratitis occurs in 2-20 per 10,000 contact lens wearers in the United States, as per Harvest Health. The increase in the number of crucial strategy adoptions by major manufacturers and the rise in product launches provide an opportunity for the contact lens market to grow.Myopia and presbyopia cases are increasing, leading to a rise in the percentage of people with vision impairment globally. Uncorrected refractive errors cause blindness worldwide, and reluctance toward vision correction worsens the problem. Myopia, also known as nearsightedness, is becoming more common worldwide. It is projected to affect almost half the global population by 2050. Severe nearsightedness can lead to serious and lasting vision problems related to complications. Efforts have been made to slow the progression of myopia through optical and pharmaceutical strategies to prevent blindness.
Approximately 1.3 billion people globally struggle with vision issues, particularly those over 50. The primary causes of vision problems are uncorrected refractive errors, cataracts, glaucoma, and diabetic retinopathy. Around 80% of vision problems can be prevented. Glasses and contact lenses are the most commonly used solutions for vision problems. In most cases, patients prefer these options over eye surgery.
The United States Contact Lenses Market
The demand for contact lenses in the US is increasing due to the rising number of people with visual impairments. Contact lenses offer accurate visualization and excellent visual clarity for wearers, making them increasingly popular. A survey by the Contact Lens Institute found that 75% of people who used contact lenses felt natural and comfortable using them. The trend will continue in the coming years, promoting market growth. The US Census Bureau also predicts that people aged 65 plus will reach 98 million by 2060.China Contact Lenses Market
China's growing market for goods and services is expected to drive growth in the demand for contact lenses due to increased disposable income. Myopia is the most common problem associated with the eyes and is expected to be China's main driver of growth. The senior population, especially in developing nations, is expected to increase, leading to growth in the market during the forecast period. The increased use of smartphones and laptops has led to changes in lifestyle, which will also contribute to the market's growth. Additionally, Menicon Co., Ltd. announced the launch of "ROSE K®" in China by its subsidiary, Itabashi Medical (Dalian) Co., Ltd., and the upcoming launch of "Menicon Z Night" orthokeratology lens in China.Company Analysis in the Contact Lenses Market
Several contact lens market enterprises include Bausch & Lomb Incorporated, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, Inc., Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd, and Seed Co. Ltd.Contact Lenses Market Company News
The company's recent developments are leading to an increase in product approval and market growth. Due to increased development strategies, such as product launches and acquisitions, the contact lens industry is expected to experience growth.- Cooper Vision acquired No7 Contact Lenses in April 2021, and Bausch+ Lomb received approval for their monthly silicone hydrogel contact lenses in China in June 2020.
- CooperVision launched MyDay Energys in the U.S. in March 2023. It's a 1-day contact lens that helps alleviate tiredness and dryness caused by digital eye strain. MyDay Energys combines a CooperVision-exclusive aspheric design and material technology, delivering extraordinary comfort.
- Alcon launched TOTAL30 for astigmatism in January 2023. It's the first reusable contact lens with water gradient material for astigmatic wearers.
- In April 2021, Johnson & Johnson Vision partnered with Menicon to develop products and services for managing myopia in children.
- In October 2023, ZEISS Ventures invested in Vibrosonic, a Germany-based developer of innovative hearing solutions using patented hearing contact lens technology.
Material - Contact Lenses Market breakup in 3 viewpoints:
1. Gas Permeable2. Silicone Hydrogel
3. Hybrid
Usage - Contact Lenses Market breakup in 4 viewpoints:
1. Daily Disposable2. Disposable
3. Frequently Disposable
4. Traditional (Reusable) Lenses
Design - Contact Lenses Market breakup in 3 viewpoints:
1. Spherical2. Toric
3. Multifocal
Application - Contact Lenses Market breakup in 2 viewpoints:
1. Vision Correction2. Cosmetic
Distribution Channels - Contact Lenses Market breakup in 3 viewpoints:
1. Online Pharmacy2. Retail Pharmacy
3. Hospital Pharmacy
Country - Contact Lenses Market breakup in 25 viewpoints:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Bausch & Lomb Incorporated2. Alcon
3. Carl Zeiss Meditec AG
4. The Cooper Companies, Inc.
5. Hoya Corporation
6. EssilorLuxottica
7. Menicon Co. Ltd
8. Seed Co. Ltd.
Table of Contents
Companies Mentioned
- Bausch & Lomb Incorporated
- Alcon
- Carl Zeiss Meditec AG
- The Cooper Companies, Inc.
- Hoya Corporation
- EssilorLuxottica
- Menicon Co. Ltd
- Seed Co. Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 230 |
| Published | June 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 9.67 Billion |
| Forecasted Market Value ( USD | $ 15.41 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
