By the end of 2029, the global market for contact lenses is anticipated to generate US$ 12.5 billion in sales. According to a recent Future Market Insights (FMI) analysis, the market for contact lenses will grow at a moderate rate until the year 2029. The most frequently prescribed contact lenses are soft ones, but toric lens designs have considerably gained ground recently. Due to their ability to rectify mixed astigmatism, the latter are becoming more popular.
These lenses also have the ability to filter dim light, work on small components, and are trendy in addition to their ability to block UV rays and be anti-radiation. The demand for silicone hydrogel contact lenses is also consistently increasing since they lower the risk of ocular disorders caused by hypoxia.
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List Of Key Players Covered in Contact Lenses Market are:
- CooperVision, Inc.
- Johnson & Johnson Vision Care, Inc.
- Hoya Vision Care Company
- Alcon (Division of Novartis AG)
- Bausch & Lomb Incorporated
- BenQ Materials Corporation
- ZEISS International
- SEED Co. Ltd.
- Essilor International S.A.
- Menicon Co. Ltd.
Key Takeaways – Contact Lenses Market
- North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
- Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
- Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.
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Myopia is becoming more common in young children and the elderly population, which will continue to present lucrative opportunities for well-known contact lens manufacturers. Daily-use soft contact lenses are becoming more popular on the market. They are comprised of flexible plastic and allow oxygen to travel through the eyes. In addition to these advancements, manufacturers will make significant profits on the global market thanks to internet sales.
Smart Contact Lenses Gaining Traction
Due to R&D breakthroughs, contact lens manufacturers have been releasing unique items to the market. One such innovation that is continuing to gain appeal globally is smart contact lenses. Users can install or remove these lenses without the need for surgery. Innovative biomimetic smart soft contact lenses that users may zoom in and out with a simple blink are being developed by researchers from the University of California San Diego and the Harbin Institute of Technology in China.
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Global Contact Lenses Market by Category
By Product Type :
- Soft Lenses
- Daily wear
- Extended Wear
- Gas Permeable
By Design Type :
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
- Others
By Wear Type :
- Disposable Contact Lenses
- Reusable Contact Lenses
By Sales Channel :
- Online
- E-commerce Portal
- Company Owned Portal
- Offline
- Exclusive Stores
- Multi-brand Stores
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7-years.
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