Contact Lens Market Size & Share to Surpass USD 12.6 billion by 2031 | Analysis by Transparency Market Research Inc.
Transparency Market Research
5 min read
Transparency Market Research
The adoption of telemedicine and remote healthcare services present opportunities for the contact lens market. Virtual consultations for eye examinations and prescription renewals are anticipated to drive online sales of contact lenses.
Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global contact lens market was estimated to have acquired US$ 7.9 billion in 2022. It is anticipated to register a 5.5% CAGR from 2023 to 2031 and by 2031; the market is likely to gain US$ 12.6 billion.
A trend towards personalized eye care solutions, including custom fitted contact lenses, is emerging. Advancements in technology allow for more precise measurements and customization, enhancing the overall user experience.
Integration of contact lenses with wearable technology for applications beyond vision correction, such as augmented reality displays or health monitoring, represents a futuristic trend that is expected to open new opportunities for market expansion.
Key Findings of Market Report
On the basis of product, the soft lenses segment is anticipated to lead the contact lens market, owing to comfort and convenience, technological advancements, and myopia control solutions.
In terms of technology, the acrylic segment is expected to dominate the market growth, attributed to efficiency in mass production, as well as versatility.
By design, the spherical lenses segment is expected to accelerate the demand for contact lens, owing to common vision issues, and ease of adaptation.
Trends for Contact Lens Market
Continued advancements in contact lens materials and design, such as the development of silicone hydrogel lenses, are expected to enhance comfort, breathability, and overall performance.
The rising prevalence of vision related issues, such as myopia, presbyopia, and astigmatism, is anticipated to accelerate the demand for contact lenses as a corrective solution.
Contact lenses are not only seen as a vision correction tool but also as a fashion accessory and cosmetic enhancement. Colored and cosmetic lenses are gaining popularity, especially among younger consumers, contributing to market growth.
The convenience of purchasing contact lenses online is expected to boost sales through e-commerce platforms. Online retailers offering a wide range of products and competitive pricing are likely to attract consumers seeking hassle free purchasing options.
Global Market for Contact Lens: Regional Outlook
Various reasons are propelling the growth of the contact lens market in different regions. The regions include,
Asia Pacific
More individuals can afford to purchase contact lenses in Asia Pacific, as disposable incomes rise in emerging economies within the region, and this economic factor contributes to market growth.
The expansion of the middle class population in many countries in Asia Pacific has led to increased purchasing power. A larger demographic can afford and adopt contact lenses, contributing to market growth.
Rapid urbanization and lifestyle changes, including increased screen time and exposure to digital devices, have contributed to a higher incidence of myopia. The trend is expected to drive the demand for contact lenses, especially among urban populations.
North America
The rising prevalence of vision related issues, such as myopia and presbyopia, in North America is expected to drive the demand for contact lenses as a corrective solution.
North America boasts advanced healthcare infrastructure and accessibility to eye care services, which facilitates easier access to eye examinations and prescriptions, supporting the growth of the contact lens market.
In 2021, Johnson & Johnson Vision, a prominent figure in global eye health and a division of the Johnson & Johnson Medical Devices Companies, unveiled a novel eye care solution, ACUVUE® OASYS MULTIFOCAL Contact Lenses featuring PUPIL OPTIMIZED DESIGN, which is tailored for individuals with presbyopia.
Global Contact Lens Market: Key Players
The following companies are well known participants in the global contact lens market:
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