Contact Lenses Market major leading industry players, 2022 - 2030

The global contact lenses market size is expected to reach USD 21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. Innovative materials for manufacturing contact lenses and the increasing adoption of contact lenses are prominent factors boosting the market's growth. The rising tendency of youngsters to enhance their aesthetic appearance and the growing aging population is expected to drive the demand for contact lenses over the forecast period. The rise of astigmatism and myopia cases worldwide and the increased acceptance of these lenses in developing countries are boosting market expansion over the forecast period. Also, global factors such as the rising disposable income and improvement in the overall economy are anticipated to propel the market's growth.

Contact lens manufacturers are the source for wholesale and retail distributors, and manufacturers distribute their contact lenses through various channels. Significant market growth can be attributed to the increasing number of active lens wearers, technological advancements, and the development of silicone hydrogel material to fabric soft lenses. Orthokeratology (Ortho K) is a recent technological advancement that reshapes the cornea to improve vision which involves wearing specially developed overnight contact lenses to change the structure of the eyes during sleep. Increasing product launches and developments resulted in increased adoption of contact lenses. For Instance, In March 2019, Alcon Vision LLC, a manufacturer of eye care devices, introduced the AcrySof IQ PanOptix Trifocal IOL, which may be used for intermediate, distance, and close vision in the U.S. Market.

Contact Lenses Market Segmentation

Grand View Research has segmented the global oleoresin market report based on the product, application and region

Based on the Material Insights, the market is segmented into Gas Permeable, Silicone Hydrogel and Hybrid.

• The silicone hydrogel lens segment dominated the market for contact lenses and accounted for the largest revenue share of more than 88.4% in 2021. Silicone hydrogel lenses offer a wide range of benefits, including greater comfort and flexibility than gas-permeable lenses.
• The hybrid lens segment is expected to witness significant growth over the forecast period. A hybrid lens is a combination of gas permeable and silicone hydrogel. It consists of an RGP central zone surrounded by a soft peripheral skirt made of soft or silicone hydrogel material.
• Gas Permeable is more breathable than its counterparts, which reduces the risk of infection.

Based on the Design Insights, the market is segmented into Spherical, Toric, Multifocal and Others.

• The spherical lens segment led the market for contact lenses and accounted for the largest revenue share of 61.8% in 2021.
• The multifocal lenses segment is expected to witness moderate demand due to the ability of these lenses to incorporate multiple prescriptions.
• The demand for toric lenses is expected to increase substantially with a CAGR of 6.7% over the forecast period.

Based on the Application Insights, the market is segmented into Corrective, Therapeutic, Cosmetic, Prosthetic and Lifestyle-oriented.

• The corrective lens segment dominates the market and accounted for the largest revenue share of more than 44.0% in 2021.
• The therapeutic application segment accounted for a substantial portion of the total market share in 2021.
• The cosmetic lens industry is anticipated to witness colossal growth opportunities due to the surging demand for an improved aesthetic appeal of eyes.

Based on the Distribution Insights, the market is segmented into E-commerce, Eye Care Practitioners and Retail.

• The retail segment led the market for contact lenses and accounted for the largest revenue share of 60.4% in 2021.
• The majority of the lenses manufactured are distributed through independent eye-care professionals. Due to this, online retailing accounts for the smallest share.
• The e-commerce segment has simplified distribution and has enabled manufacturers to expand their geographical footprint across the globe.

Based on the Usage Insights, the market is segmented into Daily Disposable, Disposable, Frequently Replacement and Traditional.

• The daily disposable lens segment dominated the market for contact lenses and accounted for the largest revenue share of more than 33.0% in 2021.
• The preference for daily disposable lenses has been rising because a new set of lenses provides greater comfort to the user.
• Vendors in the market are focusing on offering more significant rebates on the daily disposable lens to increase its adoption amongst users.

Contact Lenses Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The industry perceives growing market consolidations through mergers, collaborations, and acquisitions through strategic initiatives. This is primarily due to the market players' brand value and customer base and establishing a global footprint. Industry participants enter into long-term partnerships with suppliers and distributors to strengthen their product portfolio and geographical presence. For instance, in January 2019, Mark'Ennovy Personalized Care, S.L (MARK'ENNOVY), a contact lens manufacturer in Europe, announced its collaboration with Capricornia Contact Lens Pty Ltd, a contact lenses distributor, and manufacturer. 

Some prominent players in the Global Contact Lenses market include:

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

Order a free sample PDF of the in Contact Lenses Market Intelligence Study, published by Grand View Research.