The global contact lenses market is projected to reach US$15.7 billion by the year 2027, trailing a CAGR of 5.1% over the analysis period 2020 through 2027. Incidence of refractive errors is on the rise globally among both men and women. Increasing digital screen time accompanying the increased use of computers, smart phones & tablets is playing a key role in myopia development. Women represent the largest user base for contact lenses largely due to the aesthetic benefits offered. Colored contact lenses in green, blue, brown, grey & turquoise are especially growing in popularity among women in the younger age groups of 18 to 28 years. Soft contact lens is the most preferred type of contact lens by women. The market also stands to benefit from the growing focus of contact lenses manufacturers on identifying and fulfilling unmet needs in patients with ocular diseases like glaucoma, age related macular degeneration (AMD), dry eyes, mixed astigmatism and presbyopia. Few of the benefits of contact lenses as against eyeglasses include aesthetic and cosmetic benefits; improved functionality and visual correction outcomes; unobstructed vision; short adaptation period; suitability for active lifestyles; reduced cleaning and maintenance burden; and slows down the progression of myopia. Innovations ranks supreme in its ability to drive new growth in the market.

Few of the noteworthy innovations include silicone hydro gel lenses engineered to lower the risk of hypoxia-related eye problems; development of Toric contact lenses for never before achieved effectiveness in treating mixed astigmatism; Water Gradient contact lenses for offering 100% lubricity to the eyes to alleviate problems related to dry eye syndrome; Telescopic contact lenses for AMD and glaucoma patients with significant visual field loss; therapeutic contact lenses for ocular drug delivery; and smart contact lenses to monitor intraocular pressure. Custom contact lenses and made-to-measure contact lenses are growing in popularity, encouraging its use among the younger population. China and Rest of Asia-Pacific rank as major markets led by the unprecedented rise in myopia in the younger generation; implementation of programs for free contact lens counseling in schools and colleges; expanding and developing ophthalmic care infrastructure; easy access to affordable vision evaluation and counseling services; growing preference for the glasses-free look; rising awareness over the importance of contact lens compliance; and increased spending on daily disposable lenses by the growing base of affluent middle class population.