Contact Lenses Market Overview

Contact lenses are a lightweight, cosmetic or medical device that is worn directly over the cornea of one’s eyes. Similar to eyeglasses, contact lenses help correct the refractive errors by adding or subtracting the focus power to the cornea and lens of the eyes. It has various benefits for the wearers, including its ability to enhance the appearance and practicality. With eye-related issues being extremely common these days, a striking 24 million people wear contact lenses in the United States alone. When used with proper care and supervision, the lenses provide a highly safe and effective method of correcting an individual’s vision. Many people prefer wearing contact lenses as opposed to spectacles due to a number of reasons; contact lenses do not steam up, they are much more suitable for sports or any other physical activities and provide a wider field of vision. The lenses vary in terms of wear time, construction material, replacement schedule, and design.

The global Contact Lenses market is projected to strikingly increase from USD 7.9 Billion in 2017 to USD 11 Billion by 2023 with a CAGR of 5.70%. Contact lenses have become a highly popular medical device over the years, and the market is only slated to expand further in the forthcoming years. The growing acceptance of contact lenses has led to an influx of manufacturers into the market who are time and again developing multiple categories of lenses. This, in turn, is widening the product range and aiding the Contact Lenses Market expansion. Contact Lenses are even recommended for non-surgical management of numerous eye-related diseases. The factors as mentioned above are most likely to shape the course of the global contact lenses market and steer its growth trajectory.

Contact lenses have different uses- decorative, cosmetic, therapeutic, and optical. Optical lenses are those that are used to correct the vision, therapeutic lenses help in the work of medicines which are used for treating eye conditions, cosmetic lenses help to enhance or change the wearer’s natural eye color and alter the appearance of the eyes, and decorative lenses are colored contacts that are used for fun which comes in various patterns for producing various effects. Contact lenses provide functional benefits over glasses, especially in areas such as work-in humid climate, sports, and occupations where glasses are not compatible and are inconvenient with the equipment utilized, especially headgears. Below are some benefits that contact lenses provide over glasses.

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Contact Lenses Market Segmentation

• The global Contact Lenses market is segmented into four key segments for improved understanding of the same:
• By type, the market includes Therapeutic Lenses, Cosmetic & Lifestyle Lenses, Corrective Lenses, and others. Expected to grow with a CAGR of 5.22%, the corrective lenses segment is at present the dominant player among the various other product types.
• By material, the market includes Gas-Permeable Contact Lens, Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, and others. Silicone Hydrogel Soft Contact Lens holds more than 66% of the market share.
• By design, the market comprises Toric, Spherical, Multifocal, and others. Spherical design lenses spearhead more than half of the market. The market is expected to grow further due to the widespread prevalence of myopia and other refractive vision errors.

Contact Lenses Market Regional Analysis

The geographical market segmentation of the global Contact Lenses market is divided into five major regions of the world: Europe, Asia-Pacific, North America, the Middle East & Africa, and Latin America.

The Americas hold a dominant portion of the market share primarily due to the increasing population of consumers using contact lenses, rapid implementation of cosmetic lenses among the youth, and growing eye-related issues.

Europe comes second in the market share standings due to its established healthcare sector and increased expenditure in healthcare. Another contributor to the market during the forecast period is the substantial research & development investments by private and government organizations.

The Asia-Pacific region is anticipated to be the fastest growing market, with an expected CAGR of 6.2% during the assessment period.

Contact Lenses Market Players

• Luxottica Group
• Essilor International
• Johnson & Johnson Vision Care
• Cooper Vision Corporation
• Bausch & Lomb Incorporated
• Contact Lens Express Inc.
• Ciba Vision AG

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