The global market for Contact Lenses and Solutions is projected to reach US$14.3 billion by 2024, driven by widening wearer base led by aesthetic and cosmetic attributes, continual shift towards daily disposable lenses and introduction of lenses with improved functionality.
Contact lenses are thin lenses placed directly on the surface of the eye for vision correction or for cosmetic purposes. While cosmetics and aesthetics usually serve as the most appealing factors for people to opt for contact lens, others wear it for optical or functional reasons such vision correction. Global contact lenses market is witnessing steady growth largely buoyed by growing wincidence of ophthalmic or vision related disorders, convenience, favorable demographics, and rapid penetration of high-value products. Besides this, rising awareness levels, reduction in wearer dropouts, and increasing uptake in lesser-developed markets continues to buoy market expansion. Rapid expansion in wearer base with reducing age of contact lens users coupled with strong growth in specialty lens segment and advancements in material science continue to improve industry prospects. Another factor driving growth is customers trading up to premium products.
Daily disposable lenses represent the fastest growing contact lens category by modality. The rise in uptake of daily disposables is mainly due to attributes such as convenience, high performance, easy maintenance, and lower health risks. Silicon hydrogel lenses continue to display significant growth since introduction, at the expense of traditional materials. Despite high price points, adoption of these lenses is driven by benefits such as higher level of oxygen supply to the cornea and alleviation of hypoxia-related concerns such as corneal swelling and ocular redness. The segment also stands to benefit from the introduction of new toric and multifocal silicone hydrogel daily disposable contact lenses in recent years. Hi-tech/Sci-Fi contact lenses are being designed and developed for a variety of purposes and applications. The latest focus of few players has been on expanding the usefulness of contact lens to biosensing, drug delivery and visual augmentation among other innovative applications. AR contact lenses and 3D-printed contact lenses are some other high-tech lens types being pursued by lens manufacturers.
The United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.4% through the analysis period, led by growing preference for daily contact lenses, increase in number of sophisticated eye care providers, aggressive promotional strategies of multinational companies to drive adoption in relatively less penetrated regions, and positive consumer reception.
Major players in the market include Alcon Inc., Bausch & Lomb, CooperVision Inc., Ginko International Co. Ltd., Johnson & Johnson Vision Care, and St.Shine Optical Co. among others.