Contact Lenses Market Size

Contact Lenses Market Analysis

The Contact Lenses Market size is estimated at USD 10.23 billion in 2024, and is expected to reach USD 12.24 billion by 2029, growing at a CAGR of 3.66% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the market studied as a result of fewer eye care consultations due to the decrease in footfall in hospitals and clinics. For instance, according to the American Academy of Ophthalmology data published in August 2020, there was a nearly 80% initial decrease in ophthalmology visits. As of mid-June, there was still a cumulative decrease in ophthalmology visits by 40% in the United States. According to an article published by Optometry Times Journal in January 2021, the outbreak of the COVID-19 pandemic in 2020 led to a decrease in preference for contact lens usage. A significant factor behind this was to avoid touching the face and eyes as there was a risk of infection from the SARS-CoV-2 virus. This led to a decrease in demand for contact lenses during the pandemic. The increased risk of mask-associated dry eye (MADE), insufficient blinking, and decreased blink rate brought on by prolonged computer use are additional factors that contributed to the discontinued use of contact lenses. However, with the large-scale vaccinations and decreasing number of COVID-19 cases, the contact lenses market is expected to grow significantly during the forecast period.

The growth of the contact lenses market is also attributed to the rising prevalence of optical disorders, the rising tendency to improve aesthetics, and increasing disposable incomes. For instance, according to the October 2022 update of the WHO, about 2.2 billion people worldwide suffer from near or distant vision impairment. The primary causes of vision impairment are uncorrected refractive errors and cataracts. The same source also mentioned that the prevalence of distance vision impairment in low- and middle-income regions was estimated to be four times higher compared to high-income regions. The prevalence of unaddressed near vision impairment was estimated to be greater than 80% in western, eastern, and central sub-Saharan Africa. Comparative rates in high-income regions of North America, Australasia, Western Europe, and Asia-Pacific are reported to be lower than 10%. Thus, these regions may emerge as significant growth regions for the contact lenses market over the forecast period. Hence, the increasing burden of optical disorders is expected to play a crucial role in the growth of the contact lenses market over the forecast period.

The growing senior population further aggravates the prevalence of ophthalmic disorders. For instance, according to the June 2021 report of the BrightFocus Foundation, glaucoma affected more than 3 million Americans, with the most common kind, open-angle glaucoma, affecting 2.7 million people aged 40 and older. According to the same source, glaucoma will affect over 111 million people by 2040, leading to an increasing burden of glaucoma worldwide. Thus, the contact lenses market is expected to grow as glaucoma is one of the primary causes of vision loss worldwide.

Furthermore, optometry and optics have observed a significant increase in R&D activities. Some recent advancements in the market studied, such as developing dynamic soft contact lenses with advanced technology, propelled the growth of the contact lenses market globally. For instance, in January 2021, SyngergEyes Inc. launched the next generation of hybrid contact lenses named SynergEyes iD. Eye care professionals across the United States and Canada have successfully prescribed SynergEyes iDhybrid lenses to patients suffering from astigmatism and presbyopia. Hence, the numerous product launches are further contributing to the growth of the market studied.

However, factors such as the availability of alternative techniques and complications associated with lenses are likely to hamper the growth of the market studied.