Contact Lenses Market Report 2024

This Contact Lenses industry report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The contact lenses market size has grown strongly in recent years. It will grow from $8.6 billion in 2023 to $9.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth during the historic period can be attributed to the increasing prevalence of vision disorders, heightened awareness of eye health, a rise in refractive surgeries, the growth of online retail channels, and the expansion of vision care clinics.

The contact lenses market size is expected to see strong growth in the next few years. It will grow to $11.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth projected for the forecast period can be attributed to the rising prevalence of myopia, increased demand for daily disposable lenses, an aging population, growing preference for contact lenses, and a higher incidence of refractive errors. Key trends expected during this period include technological advancements, the popularity of disposable lenses, UV protection lenses, smart lens technology, and the expansion of telemedicine.

The anticipated growth of the contact lens market is expected to be driven by the increasing prevalence of eye disorders. Eye disorders, which affect the structure or function of the eye and can lead to visual impairment, discomfort, or other ocular symptoms, are becoming more common due to factors such as increased screen time, aging populations, environmental pollution, and lifestyle changes. Contact lenses address these issues by providing corrective solutions for refractive errors, enhancing comfort for dry eyes, managing conditions such as keratoconus with specialized lenses, and supporting therapeutic needs through protective or bandage lenses. For example, in March 2024, the Office for Health Improvement and Disparities, a UK government organization, reported that approximately 2 million people in the UK have some form of vision loss, with this number projected to increase to 2.7 million by 2030. This rise in eye disorders is consequently boosting the contact lens market.

Leading companies in the contact lens market are focusing on developing innovative products, such as multifocal lenses, to meet a variety of vision correction needs and improve user experience. Multifocal lenses are designed to correct vision at various distances, addressing conditions such as presbyopia that affect near, intermediate, and distance vision. For instance, in September 2022, Johnson & Johnson Vision Care Inc. launched the ACUVUE OASYS MAX 1-DAY contact lenses, a multifocal lens for presbyopia. This lens features advanced HydraMax technology for enhanced moisture retention and comfort, addressing dryness and irritation from prolonged screen use, and provides high-definition visual clarity to reduce digital eye strain.

In April 2021, CooperVision, a US-based manufacturer of soft lenses, acquired No7 Contact Lenses, a UK-based company specializing in custom and specialty lenses. This acquisition aims to expand CooperVision's portfolio of specialty contact lenses and strengthen its presence in the eye care market by incorporating No7 Contact Lenses' expertise and innovative products.

Major companies operating in the contact lenses market are Abbott Medical Optics Inc., EssilorLuxottica SA, Alcon Inc., Bausch Health Companies Inc., HOYA Corporation, The Cooper Companies Inc., Johnson & Johnson Vision Care Inc., Menicon Co. Ltd., BenQ Materials Corporation, STAAR Surgical Company, Alpha Corporation, SynergEyes Inc., Contamac Ltd., Euclid Systems Corporation, Lenstec Inc., Paragon Vision Sciences, X-Cel Specialty Contacts, Medennium Inc., NEO Vision, Blanchard Contact Lens Inc., Weicon Contact Lens Co. Ltd., Lucid Korea Co. Ltd., Bescon Co. Ltd., Conforma Contact Lens Inc.

North America was the largest region in the contact lenses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Contact lenses are thin, curved optical devices placed directly on the surface of the eye to correct vision or provide cosmetic enhancements. They improve visual acuity by addressing refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, and can also be used for aesthetic purposes, such as changing eye color or achieving specific looks.

The primary types of contact lenses include corrective lenses, therapeutic lenses, cosmetic lenses, and lifestyle-oriented lenses. Corrective lenses are designed to enhance vision by compensating for refractive errors in the eye. They modify how light enters the eye, ensuring it focuses correctly on the retina to produce clear and sharp vision. These lenses are available in various wear types, such as daily disposable lenses, disposable lenses (replaced every two weeks or sooner), frequent replacement lenses (replaced monthly or quarterly), and conventional lenses. The materials used for contact lenses include silicone hydrogel soft contact lenses, methacrylate hydrogel soft contact lenses, gas-permeable contact lenses, and others. They come in various designs, including spherical lenses, toric lenses, multifocal lenses, and more, and are distributed through different channels such as ophthalmologists, retail stores, and online shops.

The contact lenses market research report is one of a series of new reports that provides contact lenses market statistics, including contact lenses industry global market size, regional shares, competitors with a contact lenses market share, detailed contact lenses market segments, market trends and opportunities, and any further data you may need to thrive in the contact lenses industry. This contact lenses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The contact lenses market consists of sales of bifocal lenses, colored lenses, rigid gas permeable (RGP) lenses, and scleral lenses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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