Contact Lenses Market Share, Emerging Trends, Regional Insights, Growth Impact and Industry Overview to 2027 – Tips & Results

Contact Lenses Market Overview

Contact lenses have been used to correct astigmatism, improve night vision, and even allow patients to see infrared light for cosmetic and medical purposes. The contact lens market is expected to grow at a CAGR of 5.70 percent to reach US$12,330.46 million during the forecast period.

The contact lens market is expected to increase due to an aging population and unmet demand for lenses in developing countries. The use of contact lenses for cosmetic purposes, such as color enhancement, will make the contact lens business attractive in the future.

Contact Lens Market Segment Analysis

The contact lens market includes disposable lenses, frequent replacement lenses, daily lenses and traditional lenses by wearing style. By design, the contact lens market includes toric, spherical and multifocal lenses. By material, the contact lens market includes methacrylate hydrogel soft contact lens, silicone hydrogel soft contact lens and gas permeable contact lens. Depending on the type, the contact lens market includes therapeutic, corrective, cosmetic and lifestyle lenses.

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Regional analysis of the contact lenses market

The North American market captured the global market due to the increasing patient population suffering from ametropia, increased patient awareness of vision correction treatments, and increased competitors’ focus on strategic alliances and collaborations. The European market had the second largest share of the world market. This is due to the huge customer base suffering from myopia and presbyopia, as well as increased use of advanced products in the region and regulatory approvals for innovative lenses. On the other hand, the Asia-Pacific market is forecast to develop the fastest during the forecast period. The increasing prevalence of visual impairments in the region and improved diagnostic methods for eye diseases in the in-house laboratories of eye clinics and hospitals are driving the market in Asian countries. In addition, the intensification of disposable income in the region’s emerging markets is creating favorable conditions for market expansion.

Contact Lenses Market Competitive Analysis

Unique socio-economic issues are expected to impact the global contact lens market during the projected period. The integration of digitized processes in organizations is expected to boost the industry shortly. Given the current circumstances of the global pandemic, organizations can significantly intensify their responsiveness and crisis response over the next few years. The market is expected to enter a resurgent era of growth soon. The market is also expected to make significant strides in sectors such as AI design and distributed cloud, where large digital spends are expected. The stimulating impact of analytics on enterprise value is expected to fuel creativity and more strategic strategies in the near future. In the years to come, the impact of automation is expected to trickle down into virtually every aspect of business operations, fueling global market growth. The future strategies of the market participants are expected to benefit from the steady increase in net output.

The main competitors in the contact lens market are Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Camax Optical Corp., Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Johnson & Johnson Services Inc., Menicon Co., Ltd, Oculus Private Limited and St Shine Optical Co., Ltd.

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Contact lens market news

The FDA has approved Johnson & Johnson Vision Care’s Acuvue Theravision with ketotifen disposable contact lenses. According to the manufacturer, each lens is made of the material etafilcon A and contains 19 µg of the antihistamine ketotifen. These are the first FDA-cleared drug-eluting contact lenses, now available to patients in Japan and Canada. Acuvue Theravision with Ketotifen daily disposable lenses are “indicated for the prevention of ocular itching due to allergic conjunctivitis and provide vision correction in patients who do not have red eyes, are contact lens-eligible and have less than 1.00 D astigmatism,” according to the company .

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