Contact Lenses Market Size, Share & Trends Analysis Report By Material (Hybrid Lens, Silicone Hydrogel), By Design (Spherical Lens, Toric Lens), By Application, By Distribution Channel, By Usage, And Segment Forecasts, 2023 - 2030

Contact Lenses Market Growth & Trends

The global contact lenses market size is estimated to reach USD 33.80 billion by 2030, registering an estimated CAGR of 8.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be ascribed to the increasing demand for contact lenses driven by factors, such as rising cases of refractive errors coupled with the growing aging population. A significant rise in the cases of astigmatism and myopia across the globe and the growing acceptance of contact lenses in developing countries are favoring the expansion of the market. In addition, increasing product demand for aesthetic appearance, especially among the young population, and rising disposable income are enhancing the market growth.

Technological advancements, a rising number of active lens wearers, and the development of innovative solutions, such as silicone hydrogel material, are influencing the growth of the market. The market players are focusing on introducing innovative products that can cater to a larger customer base and help them gain a competitive edge. For Instance, in September 2022, Johnson & Johnson Vision Care, Inc. unveiled two new contact lenses, namely ACUVUE OASYS MAX 1-Day MULTIFOCAL and ACUVUE OASYS MAX 1-DAY, for presbyopia. The latest offerings are designed with modern technologies that are suitable for digitally intense lifestyles.

It is based on TearStable Technology, which maximizes tear-film stability and locks in moisture for enhanced comfort all day long. Hybrid contact lenses are gaining massive traction across the global market as they offer advantages of both soft and hard lenses. Designed to provide the comfort of soft lenses and RGP lenses’ excellent visual quality, they are suitable for patients with presbyopia with astigmatism or corneal astigmatism. Moreover, these lenses are suitable for individuals who are concerned about the comfort of RGP lenses or who find it difficult to achieve optimal vision with soft lenses.

Contact Lenses Market Report Highlights

• The silicone hydrogel material segment captured a significant revenue share in 2022 and is expected to grow significantly over time owing to the flexibility, comfort, and oxygen permeability offered by silicone hydrogel-based lenses
• The toric design segment is estimated to record a CAGR of over 11.0% from 2023 to 2030 owing to the advantages associated with them. These lenses are suitable for patients with both astigmatism as well as refractive errors at the same time. They help in correcting the corneal shape, which is responsible for refractive errors
• The corrective segment accounted for a sizeable revenue share in 2022 owing to increased demand for majorly recognized corrective lenses, such as multifocal, bifocal, spherical, and toric
• The e-commerce distribution channel segment is expected to record a significant growth rate over the forecast period. This can be credited to the easy availability of several brands on a single portal and also the convenience of buying online
• In terms of usage, the daily disposable segment is expected to grow at a CAGR of nearly 10.0% over the forecast period. These lenses offer greater convenience and are easy to use and do not require additional care, such as storage or disinfection when not in use
• North America captured the largest revenue share of 39.0% in 2022 due to the increased product demand on account of the high cases of refractive errors in the region

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