Contact Lenses Market Size worth $21.28 Billion By 2030 | CAGR: 4.5%

The global contact lenses market size is expected to reach USD 21.28 billion by 2030, according to a new study by Polaris Market Research. The report “Contact Lenses Market Share, Size, Trends, Industry Analysis Report By Design (Spherical, Toric, Multifocal, Others); By Material (Gas Permeable, Silicone Hydrogel, Hybrid); By Usage; By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The aging population and unfulfilled demand in developing countries are the major drivers for the lens industry. Many people are getting their eyes inspected to determine the kind of lens they need. It is possible because of the progression in technology and growing awareness about the eye's health. Therefore, the demand for is increasing, propelling the industry growth.

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The increasing frequency of persistent eye illnesses, as well as the development in the percentage of youngsters dealing with myopia, will drive the industry forward. Furthermore, investment in eyeglasses is projected to contribute to industry expansion. For example, in December 2019, SoftBank Vision Fund funded over US$ 275 million in Lenskart, an omnichannel eyeglasses shop.

The disposable usage segment is expected to hold the majority share in the global market due to the increasing population demand for daily disposable lenses. Furthermore, easy to wear and cost-effective advantages are other factors expected to increase the demand for disposable lenses during the forecast period.

North America is expected to dominate the global market during the projected timeframe due to the presence of major companies such as Bausch & Lomb, Johnson & Johnson, CooperVision, and others. These companies are continuously introducing innovative products, which in turn is anticipated to propel regional growth.

Industry participants such as Alcon Laboratories, Inc., Abbott Medical Optics, Inc., Alcon Vision LLC, Contamac U.S., Inc., Bausch + Lomb, Carl Zeiss AG, Essilor International S.A., SynergEyes, Inc., CooperVision, Inc., Hoya Corporation, Medennium, Seed Co., Ltd., Johnson & Johnson Vision Care, Inc., STAAR Surgical Company, X-Cel Specialty Contacts, and others are among players operating in the global market.

Polaris market research has segmented the contact lenses market report based on material, design, application, distribution channel, usage, and region:

Contact Lenses, Material Outlook (Revenue - USD Billion, 2018 - 2030)

• Silicone Hydrogel
• Gas Permeable
• Hybrid

Contact Lenses, Design Outlook (Revenue - USD Billion, 2018 - 2030)

• Toric
• Spherical
• Multifocal
• Others

Contact Lenses, Application Outlook (Revenue - USD Billion, 2018 - 2030)

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

Contact Lenses, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)

• Eye Care Practitioners
• E-commerce
• Retail

Contact Lenses, Usage Outlook (Revenue - USD Billion, 2018 - 2030)

• Disposable
• Daily Disposable
• Frequently Replacement
• Traditional

Contact Lenses, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa