Corrective Contact Lenses Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, UK, Germany, Japan, Canada - Size and Forecast 2024-2028

Corrective Contact Lenses Market Size 2024-2028 

The corrective contact lenses market size is forecast to increase by USD 3.42 billion, at a CAGR of 5.54% between 2023 and 2028. The market is significantly driven by the increasing prevalence of refractive errors, which has led to a rising adoption of daily disposable corrective contact lenses. Additionally, the growing popularity of silicone hydrogel corrective contact lenses, known for their superior comfort and oxygen permeability, further fuels this expansion. As more consumers seek convenient and effective solutions for vision correction, the demand for these advanced lens options continues to rise, shaping the trajectory of the market. This combined effect of rising refractive errors and the growing preference for innovative lens technologies underscores a robust growth trend in the corrective contact lenses industry.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market caters to individuals with refractive errors such as Myopia, Hyperopia, Presbyopia, and Astigmatism. These lenses are designed to correct vision impairments caused by these conditions, providing an alternative to eyeglasses. The market includes various types of contact lenses, including silicone hydrogel lenses, hybrid lenses, and reusable lenses. Daily disposable lenses have gained popularity due to their convenience and health benefits. Optics and optometry have seen significant advancements in contact lens technology, leading to the development of specialized lenses for specific conditions. These include toric lenses for Astigmatism, multifocal contact lenses for Presbyopia, and monovision contact lenses for individuals with different prescriptions in each eye. Age-related eye diseases such as cataracts and diabetic retinopathy also contribute to the growth of the market.

Traditional contact lenses continue to dominate the market, but the trend is shifting towards more advanced lens types. The geriatric population is a significant consumer base due to the prevalence of age-related vision defects. Laser eye surgery is another alternative to contact lenses, but it is not suitable for everyone. The market for corrective contact lenses is expected to grow due to the increasing prevalence of refractive errors and the convenience and cosmetic appeal of contact lenses compared to prescription eyeglasses. Spherical lenses are the most common type of contact lenses, but multifocal and toric lenses are gaining popularity due to their ability to correct multiple vision issues.

Key Market Driver

Increasing prevalence of refractive errors is notably driving market growth. Corrective contact lenses are a popular alternative to eyeglasses for addressing various refractive errors, including myopia, hyperopia, astigmatism, and presbyopia. In the field of optics and optometry, several types of corrective lenses are available, such as silicone hydrogel lenses, hybrid lenses, spherical lenses, toric lenses, and multifocal lenses. These lenses cater to diverse needs, from cosmetic enhancements to addressing visual impairments caused by conditions like cataracts and diabetic retinopathy. The corrective lens market encompasses various segments, including retail, e-commerce, and cosmetic. Daily disposable lenses have gained significant traction due to their convenience and hygiene benefits.

Traditional contact lenses, such as spherical and toric lenses, continue to be popular, while multifocal lenses cater to the geriatric population with age-related eye diseases. Soft lenses, including spherical and multifocal, and gas-permeable lenses, such as orthokeratology, scleral lenses, and rigid gas-permeable lenses, offer unique advantages. Ophthalmologists and retail stores are key distributors, while online stores and prescription eyeglasses are increasingly popular channels for purchasing corrective lenses. Laser eye surgery is another alternative for vision correction, but reusable and disposable lenses remain essential for those who prefer non-surgical options. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

New product launches by market vendors is the key trend in the market. Corrective contact lenses are a popular alternative to eyeglasses for addressing various refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. In the field of optics and optometry, several types of corrective lenses are available, including silicone hydrogel lenses, hybrid lenses, spherical lenses, toric lenses, and multifocal lenses. The cosmetic segment of the contact lens market has gained significant traction due to the desire for enhanced visual appearance and comfort. The retail segment, including optometrists and retail stores, dominates the market, while the e-commerce segment is growing rapidly due to the convenience and accessibility it offers. Daily disposable lenses are increasingly popular due to their ease of use and reduced risk of eye infections.

In addition, visual impairments caused by conditions like cataracts and diabetic retinopathy can also be corrected with corrective lenses. Laser eye surgery and reusable lenses are alternative solutions for correcting vision defects, but they may not be suitable for everyone. Spherical lenses correct nearsightedness or farsightedness, while toric lenses address astigmatism. Soft lenses and gas-permeable lenses are common types of contact lenses, with orthokeratology and scleral lenses being specialized options. Ophthalmologists and retail stores are the primary providers of corrective lenses, but online stores and prescription eyeglasses are also significant players in the market. The geriatric population, with its higher prevalence of age-related eye diseases, is a significant consumer group for corrective lenses. Thus, such trends will shape the growth of the market during the forecast period.

Major Market Challenge

Availability of substitutes for corrective contact lenses is the major challenge that affects the growth of the market. Corrective contact lenses are a popular alternative to eyeglasses for addressing various refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. Optics and optometry have advanced significantly, leading to the development of various types of corrective lenses including silicone hydrogel lenses, hybrid lenses, spherical lenses, toric lenses, and multifocal lenses. The cosmetic segment of the corrective lens market continues to grow as people seek to enhance their appearance, while the retail and e-commerce segments offer convenience and accessibility. Visual impairments caused by conditions like cataracts and diabetic retinopathy can also be addressed with corrective lenses, although laser eye surgery is often a preferred long-term solution. Daily disposable lenses, reusable lenses, and spherical lenses are popular choices for those with active lifestyles. Soft lenses, including orthokeratology lenses and scleral lenses, offer comfort and flexibility for those with unique eye shapes or conditions. Ophthalmologists and retail stores are key players in the corrective lens market, providing professional fittings and consultations.

Further, online stores offer prescription eyeglasses and contact lenses, making corrective solutions more accessible to the geriatric population and those with age-related eye diseases. Daily disposable lenses and multifocal lenses are increasingly popular among this demographic due to their convenience and ability to address multiple vision defects. Traditional spherical contact lenses and toric contact lenses continue to be widely used, while newer technologies like multifocal contact lenses offer improved vision for those with presbyopia. Overall, the corrective lens market is diverse and evolving, providing solutions for a wide range of vision needs and preferences. Hence, the above factors will impede the growth of the market during the forecast period

Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Alcon Inc. - The company offers corrective contact lenses such as Alcon contact presbyopia-correcting lenses.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Bausch Lomb Corp.
• Carl Zeiss AG
• Conforma Laboratories Inc.
• Dealskart Online Services Pvt. Ltd.
• Essilor International SAS
• Eyewa
• HOYA Vision Care Europe Hoya Holdings N.V
• Interojo Inc.
• Johnson and Johnson Services Inc.
• Menicon Co. Ltd.
• SEED Co. Ltd.
• St. Shine Optical Co. Ltd.
• STAAR Surgical Co.
• SynergEyes Inc.
• The Cooper Companies Inc.
• Titan Co. Ltd.
• UltraVision CLPL
• Visioneering Technologies Inc.
• Warby Parker Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By Type 

The soft contact lenses segment is estimated to witness significant growth during the forecast period. The market caters to individuals with refractive errors such as Myopia, Hyperopia, Presbyopia, and Astigmatism. Optics and optometry offer various corrective lens solutions, including silicone hydrogel lenses, hybrid lenses, spherical lenses, toric lenses, and multifocal lenses. The cosmetic segment of the market focuses on enhancing visual appearance, while the retail and e-commerce segments provide convenience and accessibility. Daily disposable lenses are gaining popularity due to their health benefits, while visual impairments from conditions like cataracts and diabetic retinopathy drive demand for corrective eyeglasses and daily disposable lenses. Laser eye surgery is another alternative, but reusable and disposable lenses remain preferred options for many. 

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The soft contact lenses segment was valued at USD 7.80 billion in 2018. Soft lenses, including spherical and multifocal lenses, and gas-permeable lenses, such as orthokeratology, scleral lenses, are available for various prescriptions. Ophthalmologists and retail stores are key distribution channels, with online stores increasingly gaining traction. The geriatric population with age-related eye diseases and those with prescription needs are significant market segments. Traditional spherical contact lenses and toric contact lenses continue to dominate the market, while technological advancements lead to innovations like multifocal contact lenses. This diverse market caters to various needs, ensuring improved vision and quality of life for millions.

Regional Analysis

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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Monovision contact lenses and cosmetic contact lenses represent distinct segments within the contact lens market. Monovision contact lenses are designed to correct vision in one eye for presbyopia or astigmatism, while the other eye remains unaffected for distance vision. Hospitals and clinics remain significant channels for the sale of prescription contact lenses, including monovision lenses. In contrast, cosmetic contact lenses, which alter eye color or enhance appearance, are increasingly available over-the-counter and through e-commerce platforms. The growing popularity of online sales and the convenience they offer contribute to the expansion of the contact lens market. Both monovision and cosmetic contact lenses cater to diverse consumer needs, ensuring continued demand in this sector.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Type Outlook
  • Soft contact lenses
  • RGP contact lenses
  • Hybrid contact lenses

• Distribution Channel Outlook
  • Offline
  • Online

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview 

The market caters to individuals with refractive errors such as myopia, hyperopia, presbyopia, and astigmatism. Optics and optometry play a significant role in the production and distribution of these lenses. Silicone hydrogel lenses, hybrid lenses, spherical lenses, toric lenses, and corrective lenses are the primary types available. The cosmetic segment of the market focuses on enhancing the appearance of the eyes, while the retail and e-commerce segments cater to various distribution channels. Daily disposable lenses are gaining popularity due to their convenience and hygiene benefits. Visual impairments caused by conditions like cataracts and diabetic retinopathy also drive the demand for corrective lenses.

In adition, eyeglasses and laser eye surgery are alternative solutions, but contact lenses offer greater flexibility and comfort for some users. Reusable lenses, disposable lenses, spherical lenses, multifocal lenses, soft lenses, gas-permeable lenses, orthokeratology, and scleral lenses are other types of corrective contact lenses. Ophthalmologists and retail stores, including online stores, are key players in the market. The geriatric population and age-related eye diseases contribute significantly to the market's growth. Traditional contact lenses, such as spherical contact lenses, toric contact lenses, and multifocal contact lenses, continue to dominate the market. The increasing prevalence of refractive errors and the rising awareness of contact lenses as an alternative to eyeglasses are expected to further fuel market growth.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, Middle East and Africa, and South America
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies