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Redding, California - May 15, 2024

Contact Lens Market to be Worth $14.57 Billion by 2031

Contact Lens Market Size, Share, Forecast & Trends Analysis by Type (Hydrogel, Hybrid, RGP) Design (Spherical, Bifocal, Toric) Application (Orthokeratology, Cosmetic, Therapeutic) Color (Opaque, Tinted) Usage, Distribution Channel - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Contact Lens Market Size, Share, Forecast & Trends Analysis by Type (Hydrogel, Hybrid, RGP) Design (Spherical, Bifocal, Toric) Application (Orthokeratology, Cosmetic, Therapeutic) Color (Opaque, Tinted) Usage, Distribution Channel—Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the contact lens market is projected to reach $14.57 billion by 2031, at a CAGR of 5.3% during the forecast period.The growth of this market is driven by the rising incidence of eye diseases, a growing prevalence of presbyopia among the geriatric population, the increasing preference for contact lenses over traditional eyeglasses, and the rising utilization of contact lenses for aesthetic purposes. Furthermore, the rising awareness regarding contact lens usage, advancements in contact lens materials, and technological innovations are expected to create market growth opportunities.

However, complications associated with prolonged contact lens wear, issues with adaptation, and a limited pool of potential customers restrain the market's growth. Additionally, the availability of alternative vision correction methods and the need to ensure the proper handling of contact lenses are some of the challenges impeding the market’s growth.

Key Players:

The key players operating in the contact lens market are Johnson Vision Care, Inc. (U.S.), Alcon Inc. (Switzerland), CooperVision, Inc. (U.S.), Bausch + Lomb Corporation (Canada), Carl Zeiss AG (Germany), HOYA Corporation (Japan), Essilor International SA (France), Menicon Co., Ltd. (Japan), UltraVision CLPL (U.K.), STAAR SURGICAL (U.S.), BenQ Materials Corporation (Taiwan), Visioneering Technologies, Inc. (U.S.), Excellent Hi-Care Pvt Ltd (India), and SEED Co., Ltd. (Japan).

Contact Lens Market: Future Outlook

The contact lens market is segmented based on Type (Hydrogel Contact Lenses, Silicone Hydrogel Contact Lenses, Rigid Gas Permeable (RGP) Contact Lenses, Hybrid Contact Lenses, Polymethyl Methacrylate (PMMA) Contact Lenses, Contact Lenses Accessories), Design (Spherical, Toric, Bifocal and Multifocal, Monovision), Usage (Daily Wear Contact Lenses, Daily Disposable Contact Lenses, Monthly Replacement Contact Lenses, Extended Wear Contact Lenses, Traditional Contact Lenses, Cosmetic Contact Lenses), Application (Orthokeratology, Cosmetic Purpose, Therapeutic Applications, Prosthetic Purpose, Other Application), Color Variation (Opaque Color Contact Lenses, Enhancers/Tinted Contact Lenses, Visibility Tint Contact Lenses), Distribution Channel (Hospitals & Clinics, Retail Stores, E-commerce) and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, the contact lens market is segmented into hydrogel contact lenses, silicone hydrogel contact lenses, Rigid Gas Permeable (RGP) contact lenses, hybrid contact lenses, Polymethyl Methacrylate (PMMA) contact lenses, and accessories. In 2024, the silicone hydrogel contact lenses segment is expected to account for the largest share of 64.3% of the contact lens market. This segment’s large market share can be attributed to the growing preference for silicone hydrogel lenses due to their benefits, including superior comfort, better oxygen permeability compared to conventional hydrogel lenses, and extended wear duration. Additionally, these lenses are increasingly utilized to address various eye issues, including corneal swelling, redness, discomfort, and blurred vision.

Based on design, the contact lens market is segmented into spherical, toric, bifocal, multifocal, and monovision. In 2024, the spherical segment is expected to account for the largest share of the contact lens market. The segment’s large market share can be attributed to the benefits offered by spherical contact lenses, including improved optics, reduced blur, and enhanced depth perception.

Based on usage, the contact lens market is segmented into daily wear contact lenses, daily disposable contact lenses, monthly replacement contact lenses, extended-wear contact lenses, traditional contact lenses, and cosmetic contact lenses. In 2024, the daily wear contact lenses segment is expected to account for the largest share of the contact lens market. This segment’s large market share can be attributed to the benefits offered by daily wear contact lenses over other types, such as increased convenience and reduced risk of infection. Additionally, the rising disposable incomes of consumers further contribute to the segment's large market share.

Based on application, the contact lens market is segmented into orthokeratology, cosmetic purpose, therapeutic applications, prosthetic purpose, and other applications. In 2024, the orthokeratology segment is expected to account for the larger share of the contact lens market. This segment’s large market share can be attributed to the rising prevalence of eye disorders stemming from the prolonged use of digital screens, the growing prevalence of myopia, and the increasing eye disease awareness programs and campaigns.

Based on color variation, the contact lens market is segmented into opaque color contact lenses, enhancers/tinted contact lenses, and visibility tint contact lenses. In 2024, the opaque color contact lenses segment is expected to account for the larger share of the contact lens market. This segment’s large market share can be attributed to the growing emphasis on self-appearance and beauty enhancement, coupled with advancements in opaque color contact lens technology.

Based on distribution channel, the contact lens market is segmented into hospitals & clinics, retail stores, and online stores. In 2024, the hospitals & clinics segment is expected to account for the largest share of 52.0% of the contact lens market. This segment’s large market share can be attributed to the increasing number of patients seeking treatment for eye diseases in hospitals & clinics, the presence of highly skilled healthcare professionals in these settings, and the convenience and accessibility offered by these healthcare facilities.

Geographic Review:

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 34.5% of the contact lens market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to the presence of prominent contact lens companies in the region, along with its advanced healthcare infrastructure. Furthermore, factors such as high disposable incomes and the prevalence of various eye conditions, such as astigmatism, hyperopia, myopia, presbyopia, and corneal ectasias, contribute to the growth of this regional market.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5891

Key questions answered in the report:

Which are the high-growth market segments in terms of type, design, usage, application, color variation, distribution channel, and region/country?
What was the historical market size for contact lenses across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the global contact lens market?
Who are the major players operating in the global contact lens market?
What is the competitive landscape like, and who are the market leaders in the global contact lens market?
What are the recent developments in the contact lens market?
What are the strategies adopted by major players in the contact lens market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - May 15, 2024

Contact Lens Market to be Worth $14.57 Billion by 2031

Contact Lens Market Size, Share, Forecast & Trends Analysis by Type (Hydrogel, Hybrid, RGP) Design (Spherical, Bifocal, Toric) Application (Orthokeratology, Cosmetic, Therapeutic) Color (Opaque, Tinted) Usage, Distribution Channel - Global Forecast to 2031

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