Contact lens market size worth $21.6 billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, May 19, 2022 /PRNewswire/ — The Global contact lens market the size should reach $21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.3% from 2022 to 2030. Innovative materials for manufacturing contact lenses and increasing adoption of contact lenses are significant factors driving the market growth. The growing trend of young people to enhance their aesthetic appearance and growing aging population is expected to drive the demand for contact lenses over the forecast period. Rising cases of astigmatism and myopia globally and increased acceptance of these lenses in developing countries are driving the expansion of the market over the forecast period. Additionally, global factors such as rising disposable income and improving overall economy are expected to propel the market growth.

Main information and conclusions of the report:

  • Soft contact lenses/silicone hydrogel lenses have the highest acceptance rate, due to their flexibility, comfort and oxygen permeability to the eyes. Soft lenses are expected to be the highest growing segment in terms of revenue over the forecast period.
  • The toroidal design segment is expected to exhibit a CAGR of 6.7% over the projected period.
  • In South Americathe market is expected to witness significant growth over the forecast period, owing to the large-scale penetration of contact lenses.

Read the 100-page market research report, “Contact Lens Market Size, Share, and Trend Analysis Report by Material (Gas Permeable, Silicone Hydrogel), by Design (Spherical, Multifocal), by Application, by Distribution Channel, by Usage , by region and segment forecast, 2022-2030“, published by Grand View Research.

Contact lens market growth and trends

Contact lens manufacturers are the source of wholesale and retail distributors, and manufacturers distribute their contact lenses through various channels. The significant growth of the market can be attributed to the growing number of active lens wearers, advancements in technology, and the development of silicone hydrogel material for soft cloth lenses. Orthokeratology (Ortho K) is a recent technological advancement that reshapes the cornea to improve vision, which involves wearing night contact lenses specially developed to alter the structure of the eyes during sleep. The increase in product launches and developments has led to increased adoption of contact lenses. For example, in March 2019Alcon Vision LLC, a manufacturer of eye care devices, introduced the AcrySof IQ PanOptix trifocal IOL, which can be used for intermediate, distance and near vision in the US market.

Hybrid contact lens is expected to exhibit the highest CAGR over the forecast period in the materials segment. By application, the adoption of corrective contact lenses is expected to increase, due to the increasing use of these lenses to correct refractive errors. They are also used to compensate for various vision deficiencies such as farsightedness, presbyopia, astigmatism and myopia. Based on usage, daily disposable contact lenses accounted for the largest market share in 2021.

Segmentation of the contact lens market

Grand View Research has segmented the global contact lens market on the basis of material, design, application, distribution channel, usage, and region:

Contact Lenses Market – Material Outlook (Revenue, USD Million, 2017 – 2030)

  • Gas permeable
  • Silicone Hydrogel
  • Hybrid

Contact Lenses Market – Design Outlook (Revenue, USD Million, 2017 – 2030)

  • Spherical
  • Toric
  • Multifocal
  • Others

Contact Lens Market – Application Outlook (Revenue, USD Million, 2017 – 2030)

  • Patch
  • Therapeutic
  • Cosmetic
  • Prosthetic
  • Lifestyle oriented

Contact Lens Market – Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

  • E-commerce
  • Eye care professionals
  • Retail

Contact Lenses Market – Usage Outlook (Revenue, USD Million, 2017 – 2030)

  • Disposable Daily
  • Disposable
  • Frequent replacement
  • Traditional

Contact Lens Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)

  • North America
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Singapore
    • Australia
    • South Korea
  • South America
  • Middle East and Africa

List of Contact Lenses Market Key Players

  • Essilor International S.A.
  • Alcon Vision LLC
  • Abbott Medical Optics, Inc.
  • CooperVision, Inc.
  • Hoya Company
  • SynergEyes, Inc.
  • X-Cel Specialist Contacts
  • Johnson & Johnson Vision Care, Inc.
  • Medennium; Seed Co., Ltd.
  • STAAR Surgical Society

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About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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