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Contact Lenses - Global Strategic Business Report

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    Report

  • 528 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338817

Global Contact Lenses Market to Reach $20.1 Billion by 2030

The global market for Contact Lenses estimated at US$13.1 Billion in the year 2022, is projected to reach a revised size of US$20.1 Billion by 2030, growing at a CAGR of 5.5% over the analysis period 2022-2030. Silicone Hydrogel, one of the segments analyzed in the report, is projected to record 5.7% CAGR and reach US$14.2 Billion by the end of the analysis period. Growth in the Other Materials segment is estimated at 5.2% CAGR for the next 8-year period.

The U.S. Market is Estimated at $3.6 Billion, While China is Forecast to Grow at 8.5% CAGR

The Contact Lenses market in the U.S. is estimated at US$3.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2030 trailing a CAGR of 8.5% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 4.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR.

Select Competitors (Total 94 Featured) -

  • Alcon Inc.
  • Bausch & Lomb Incorporated
  • Conforma Contact Lenses
  • Johnson & Johnson Vision Care, Inc.
  • Hoya Corporation
  • Paragon Vision Sciences
  • Menicon
  • The Cooper Companies, Inc.
  • United Contact Lens
  • ZEISS International

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
Frequently Asked Questions about the Contact Lenses Market

What is the estimated value of the Contact Lenses Market?

The Contact Lenses Market was estimated to be valued at $13.1 Billion in 2022.

What is the growth rate of the Contact Lenses Market?

The growth rate of the Contact Lenses Market is 5.5%, with an estimated value of $20.1 Billion by 2030.

What is the forecasted size of the Contact Lenses Market?

The Contact Lenses Market is estimated to be worth $20.1 Billion by 2030.

Who are the key companies in the Contact Lenses Market?

Key companies in the Contact Lenses Market include Alcon Inc., Bausch & Lomb Incorporated, Conforma Contact Lenses, Johnson & Johnson Vision Care, Inc., Hoya Corporation, Paragon Vision Sciences, Menicon, The Cooper Companies, Inc., United Contact Lens and ZEISS International.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact of COVID-19 on Eye Care Industry
  • YoY Change in New Patient Bookings at Optometrist Offces in the US: 2020 Vs 2019
  • Contact Lens Sales Slow Down Amid the Pandemic
  • US Contact Lens Purchases % Growth: January 2020- Nov 2020
  • Noteworthy Contact Lens Trends to Watch-for amid COVID-19 Pandemic
  • High Uptake among First-Time Wearers
  • High Dropout Rate for Contact Lenses
  • Specialty Lenses Gain Popularity
  • Industry Witnesses Strong Growth in Online Sales of Contact Lenses
  • Virtual Technology for Eye Care Gains Prominence as Telemedicine Picks up
  • Need for Change in In-Office Settings for Optometry & Contact Lens Business in Post-Pandemic Era
  • Influencer Market Insights
  • World Market Trajectories
  • Contact Lenses and Solutions: A Prelude
  • Developed Regions: Prime Revenue Contributors
  • Asia-Pacific & Other Developing Regions Offer Strong Growth
  • Aesthetics and Improving Functionality Steer Growth Opportunities
  • Vision Correction Market and Role of Contact Lenses
  • Global Vision Correction Market Breakdown (in %) by Category for 2020E
  • Factors with Major Implications for Contact Lens Market, Going Forwards
  • Telemedicine
  • Myopia Control
  • Influx of New Products
  • Changes in Contact Lens Rule
  • Contact Lenses: Actions Needed to Move Past COVID-19 Challenges
  • Direct Delivery of Contact Lenses to Doorstep
  • Focus on Lens Hygiene & Safety
  • Wearer Base for Contact Lenses
  • Breakdown of Contact Lens Users by Gender: 2020E
  • Global Contact Lens Wearers Mean Age and % Female Population by Country: 2019
  • World Population by Age Group
  • Myopia Control Expands Growth Avenues
  • Children: A Potential Wearer Segment
  • Daily Disposables Gains Adoption
  • Global Soft Lenses Market: Percentage Breakdown of Modality by Region for 2020
  • Rigid Gas Permeables Stay Afloat
  • Soft Contacts Drive Overall Growth
  • Torics Records Strong Growth
  • Multifocals Benefit from Demographic Trends
  • Silicone Hydrogels Continue to Drive Gains
  • Recent Market Activity
  • World Brands
  • Contact Lenses - Global Key Competitors Percentage Market Share in 2021 (E)
  • Competition: A Consolidated Marketplace
  • Leading Contact Lens Providers by Region
  • High Entry Barriers Hamper Entry of New Players
  • Differentiated Products Offer an Edge
2. FOCUS ON SELECT PLAYERS
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2021 (E)
3. MARKET TRENDS & DRIVERS
  • As Sustainability Becomes a Global Agenda, Contact Lens Manufacturers Focus on Plastic Free Lenses
  • New Contact Lens Technologies Go Beyond Vision Correction
  • Contact Lenses Enter the Diagnosis Space
  • Johnson & Johnson Vision Develops Contact Lenses to Tackle Eye Allergies
  • Manufacturers Work towards Development of Lenses with Robust Antimicrobial Properties
  • Countering Color Blindness
  • Self powered Lenses for Presbyopia
  • Slower Progression of Myopia
  • High-tech Contact Lenses to Redefine Market Landscape
  • Smart Contact Lenses Emerge as Next Stop for Sophisticated Wearable Technology
  • Potential Applications
  • Lenses to Measure Eyeball Pressure
  • Contact Lenses Worn During Sleep
  • Lenses to Block Harmful UV Ray
  • Telescopic Contact Lenses
  • Advanced Contact Lenses to Monitor Glucose Levels
  • Drug Delivery through Contact Lenses: An Emerging Area of Interest
  • Innovation Trends in Contact Lenses
  • Demand for Multifocal contact lenses on the Rise
  • Online Exams for Vision: A New Route to Widen Reach
  • Contact Lens with Switchable Capability to Address AMD
  • Contact Lenses to Address Concerns over Excess Digital Device Usage
  • Water Gradient Contact Lenses: A Novel Development
  • Addressing the Contact Lens Discomfort
  • Scleral GP Lenses Continue to Draw Opportunities led by Material Design
  • Presbyopes:Another Opportunity Market for Scleral Contact Lenses
  • Craze for Tints Opens New Avenues
  • Manufacturers Gear up to Recycle Contact Lenses
  • Market Restraints
  • Safety of Contact Lenses: A Major Concern
  • Competition on Rise from Advanced Vision Correction Technologies
  • Pure-Play Retailers Challenge Independent Optometry Channels
  • Rise in Online Stores
  • Distribution Dynamics
  • Direct-to Consumer and Subscription Services Gain Traction
  • Diversity in Contact Lens Purchasing Patterns
  • Urbanization: A Megatrend with Significant Implications for Contact Lenses Market
  • Total Population Worldwide by Urban and Rural Population in Thousands: 1950-2050
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Recent Past, Current & Future Analysis for Silicone Hydrogel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 2: World Historic Review for Silicone Hydrogel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 3: World 16-Year Perspective for Silicone Hydrogel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 4: World Recent Past, Current & Future Analysis for Other Materials by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 5: World Historic Review for Other Materials by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 6: World 16-Year Perspective for Other Materials by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 7: World Recent Past, Current & Future Analysis for Spherical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 8: World Historic Review for Spherical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 9: World 16-Year Perspective for Spherical by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 10: World Recent Past, Current & Future Analysis for Multifocal by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 11: World Historic Review for Multifocal by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 12: World 16-Year Perspective for Multifocal by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 13: World Recent Past, Current & Future Analysis for Other Designs by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 14: World Historic Review for Other Designs by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 15: World 16-Year Perspective for Other Designs by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 16: World Recent Past, Current & Future Analysis for Corrective by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 17: World Historic Review for Corrective by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 18: World 16-Year Perspective for Corrective by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 19: World Recent Past, Current & Future Analysis for Therapeutic by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 20: World Historic Review for Therapeutic by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 21: World 16-Year Perspective for Therapeutic by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 22: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 23: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 24: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • Table 25: World Contact Lenses Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
  • Table 26: World Recent Past, Current & Future Analysis for Contact Lenses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • Table 27: World Historic Review for Contact Lenses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • Table 28: World 16-Year Perspective for Contact Lenses by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Market Overview
  • Covid-19 Impacts Contact Lens Uptake
  • Present & Future Growth Prospects Remain Robust
  • US Eye-Care Market: Key Vision Statistics
  • Daily-Contact Lenses Reports Strong Growth
  • US Soft Contact Lens Market (2021E): Percentage Share Breakdown by Lens Modality
  • Astigmats and Presbyopes Drive Demand for Contact Lenses
  • US Population Distribution by Age Group
  • Surge in Adoption of Silicone Hydrogels Continues
  • Market Structure and Competition
  • US Contact Lenses Market (2021E): Percentage Breakdown of Value Sales by Company
  • Specialty Contacts Drive Market Expansion
  • Scleral GP Lenses Report Growth
  • Smart Contact Lenses Technology on the Rise
  • Distribution Scenario
  • Online Retailing Catches Pace
  • US Contact Lenses Market (2021E): Percentage Share Breakdown of Sales by Distribution Channel
  • Direct-to-Consumer and Subscription Services Gain Traction
  • Regulatory Environment
  • Market Analytics
CANADA
  • Market Overview
  • Leading Players in the Canadian Contact lenses Market (2021E): Percentage Share Breakdown of Sales by Company
  • Market Analytics
JAPAN
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Market Overview
  • Competition
  • Market Analytics
CHINA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • Competition
  • Chinese Contact Lens Market (2021E): Percentage Breakdown of Share by Company
  • Market Analytics
EUROPE
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Market Overview
  • Contact Lens Wearer Base
  • Contact Lens Market in Europe (2019): Percentage Penetration of Contact lens (as % of total population of 15 to 64 years of age) by Country
  • Market Analytics
FRANCE
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
GERMANY
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • Market Overview
  • Leading Players in German Contact Lenses Market (2021E): Percentage Breakdown of Sales by Company
  • Market Analytics
ITALY
  • Daily Disposable Lenses: A Popular Modality
UNITED KINGDOM
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Market Overview
  • Retail Scenario
  • Market Analytics
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Market Overview
AUSTRALIA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2023 (E)
INDIA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Market Overview
  • Competition
  • Leading Players in the Indian Contact Lens Market (2021e): Percentage Share Breakdown of Sales by Company
  • Contact Lens Distribution
  • Market Analytics
SOUTH KOREA
  • Market Overview
REST OF ASIA-PACIFIC
LATIN AMERICA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Contact Lenses Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Alcon Inc.
  • Bausch & Lomb Incorporated
  • Conforma Contact Lenses
  • Johnson & Johnson Vision Care, Inc.
  • Hoya Corporation
  • Paragon Vision Sciences
  • Menicon
  • The Cooper Companies, Inc.
  • United Contact Lens
  • ZEISS International