The contact lenses market is valued at USD 9.6 billion in 2023 and is anticipated to reach USD 15.2 billion by 2033. The market is expected to grow at a CAGR of 4.7% from 2023 to 2033.
Consumer Demand for Advanced Variants with High-Efficiency Drive Market Growth
Visual impairments such as myopia are on the rise impacting both children and adult populations alike. According to WHO's latest analysis, almost 2 billion people are globally affected by vision impairment, of which around one billion are undiagnosed. Such refractive errors, if untreated could lead to the need for an advanced product with high prescription strength.
With contact lenses, that are as effective as traditional spectacles, the market growth could steadily improve. Due to aesthetic and functionality factors, contact lenses are preferred by many over traditional lenses. In developing markets such as China and South Korea, advanced lens technology is aiding to expand the consumer base. The rising adoption of these advanced devices has created key growth opportunities for existing market players.
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Side Effects Could Lead Consumers to Prefer Alternatives
Undesirable side effects of contact lenses continue to plague the market. These include eye irritation, disability, and even loss of vision in extreme cases. Many prefer not to have a foreign object inserted in the eyes, that could trigger superficial keratitis, corneal vascularization, and corneal edema
Hence, several consumers are opting for alternative refractive correction treatments. These include LASIK surgery and other surgical procedures. With rising disposable income and affordability of such treatments, it is gaining popularity among lens and spectacle users. Alternatively, deterred by the side effects of contact lenses, many are also opting to go back to using traditional spectacles.
Key Players Invest in Research Development as the Ultimate Growth Strategy
Currently, heavy investments are pouring into optometry-centric research and development activities. Consumers are seeking contact lenses, that provide comfort and efficiency. Hence, issues such as contact lens-induced eye dryness, aren't factors impacting advanced product variants. For instance, the latest technology has led to the launch of soft contact lenses, that are long-wear safe and prioritize consumer comfort.
Key Takeaways from the Report:
Between 2017 and 2022, the contact lenses market progressed at a CAGR of 4.3%.
The contact lenses market was valued at US$ 9.2 billion in 2022.
The United States market is projected to grow at a CAGR of 3.4% to attain a valuation of US$ 3.9 billion by 2033.
In terms of wear type, the disposable segment is expected to register a CAGR of 4.8% from 2023 to 2033
The design type segment is dominated by spherical contact lenses, projected to grow at a CAGR of 4.0% during the forecast period
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Key Market Developments:
In April 2022, Alcon launched a highly efficient, disposable contact lens for Astigmatism. It is known as Precision and is a silicone hydrogel contact lens.
In August 2020, Bausch + Lomb launched a new silicone hydrogel contact lens. It is a variant of daily disposable contact lenses. It is crafted with advanced material, embedded with the Rebalance Technology. This aids in reducing side effects such as lens dryness.
MojoVision is a United States-based startup integrating ultra-modern technologies with traditional contact lenses. With their product, one might soon be able to check notifications, without even looking down at a screen.
Key Players:
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.
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