Contact Lenses Market Size Worth US$ 10.8 Billion by 2027, Growing at a CAGR of 6%

November 16 18:50 2022
Contact Lenses Market Size Worth US$ 10.8 Billion by 2027, Growing at a CAGR of 6%
The global contact lenses market size reached US$ 7.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.8 Billion by 2027, exhibiting a growth rate (CAGR) of 6% during 2022-2027.

According to the latest report by IMARC Group “Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global contact lenses market size reached US$ 7.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.8 Billion by 2027, exhibiting a growth rate (CAGR) of 6% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Contact lenses are thin, clear, and plastic polymer lenses that can be placed on the surface of the eyes to enhance vision. They are manufactured from various materials, such as hydrogel, silicone hydrogel, and hyper gel and immersed in lens solution to maintain the quality and restrict bacterial growth. They can provide a visual aid for farsightedness, nearsightedness, astigmatism, irregular corneal curvature, and age-associated loss of close vision. They are customized according to the size of the eye and the power of the vision of the user.

They are also available in various attractive colors, such as hazel, blue, olive green, red, and brown, which are worn as prosthetics to modify the color of the eye and add an aesthetic touch to the overall look of the user. Contact lenses are comfortable to wear and provide a natural vision to the user. They do not glide down, obstruct the vision, or get wet or foggy and reduce image distortions and unnecessary reflections by directly sitting on the cornea. They also assist in reducing eye irritation and infection and enable the user to carry on with their normal daily activities. As contact lenses are affordable, convenient, and help cure eyesight complications effectively, they are prescribed by ophthalmologists and eye surgeons across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Contact Lenses Market Trends:

At present, the increasing demand for contact lenses among the masses due to their convenience and cost-efficiency represents one of the key factors driving the market. Besides this, the rising number of brands selling disposable contact lenses manufactured from eye-safe material is propelling the growth of the market. In addition, the increasing utilization of smart devices is affecting the eyesight of individuals around the world, which is contributing to the growth of the market. Apart from this, the rising incidence of eyesight complications, along with the growing elderly population worldwide, is positively influencing the market. In addition, there is a rise in the employment of contact lenses for cosmetic purposes and to complement different makeup looks. This, coupled with the increasing variety of colors in contact lenses, is strengthening the growth of the market. Moreover, the rising awareness about vision correction, along with advancements made in eyecare diagnosis, is offering a favorable market outlook. Furthermore, key players operating in the industry are investing in research and development (R&D) activities to enhance the quality of contact lenses, which is projected to bolster the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global contact lenses market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on material, design, usage, application and distribution channel.

Breakup by Material:

  • Gas Permeable
  • Silicone Hydrogel
  • Hybrid
  • Others

Breakup by Design:

  • Spherical
  • Toric
  • Multifocal
  • Others

Breakup by Usage:

  • Daily Disposable
  • Disposable
  • Frequently Replacement
  • Traditional

Breakup by Application:

  • Corrective
  • Therapeutic
  • Cosmetic
  • Prosthetic
  • Lifestyle-oriented

Breakup by Distribution Channel:

  • E-commerce
  • Eye Care Practitioners
  • Retail Stores

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • Alcon Vision LLC
  • Bausch & Lomb Incorporated
  • Carl Zeiss AG
  • Contamac Holdings Limited
  • EssilorLuxottica SA
  • Hoya Corporation
  • Johnson & Johnson
  • Menicon Co. Ltd.
  • SEED Co. Ltd.
  • SynergEyes
  • The Cooper Companies Inc.

Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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