Contact lenses are thin plastic lenses which are directly placed on eye ball in order to correct the vision. Global contact lens market was valued at USD 9.4 billion in 2015; further the market is estimated to reach USD 18.1 billion by the end of 2023 witnessing a compound annual growth rate of 8.1% over the forecast period. In terms of volume, the global market is estimated to reach 2.527 billion units by the end of 2023.
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“Contact Lens Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
Global Contact Lens Market Overview
Contact lenses are thin plastic lenses which are directly placed on eye ball in order to correct the vision. They are very sensitive and should be handled with care to avoid infections and dislocation.
Depending upon the eye disorder wide variety of contact lenses is available in the market such as bifocal contact lenses, bifocal lens for astigmatism, color contact lenses, daily disposable contact lenses, and scleral contact lenses.
Market Size & Forecast
Global Contact Lens Market was valued at USD 9.4 billion in 2015; further the market is estimated to reach USD 18.1 billion by the end of 2023 witnessing a compound annual growth rate of 8.1% over the forecast period.
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In terms of volume, the global market is estimated to reach 2.527 billion units by the end of 2023. North America is anticipated to hold the largest consumer base of global contact lens market, the region accounted for 32% market share of the global market.
This is mainly attributed towards the large pool of young and middle aged consumers with ophthalmic issues.
On the back of rising awareness of proper use of contact lenses coupled with increasing personal disposable income, Asia Pacific contact lens market is anticipated to reach USD 4 billion by the end of 2023. Gas permeable lenses are more popular among the consumer from the safety point of view, gas permeable lenses hold out exceptional eye care factors as they are less likely to port bacteria compared to soft contact lenses.
Gas permeable lens market is anticipated to project 28% market share of the global contact lens market by the end of 2023.
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Special effect contact lenses are widely used in media and entertainment industry to develop various looks such as vampire, anime. Governments of underdeveloped countries are taking initiatives in collaboration with the market players to provide eye exams and glasses to people suffering from vision disorders.
They also provide training to the local people to become eye care professionals in areas where eye care is limited or non-existent. Various latest technologies are emerging in global contact lens market such as lathe cutting, cast molding.
Eye is very sensitive part of our body; key players of the market are mainly attentive on the quality of contact lenses in order to provide better safety solutions.
Global Contact Lens Market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa ( GGC, South Africa, North Africa ) Market size, Y-O-Y growth & Opportunity Analysis
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Growth Drivers and Challenges
Rising popularity of contact lenses among young generation coupled with increasing use of fashionable contact lenses is anticipated to fuel the sales of contact lenses across the globe. Consumers are mostly focused on the quality of contact lenses due to safety concerns, international brand are more preferred in these cases.
Key players of the market are conducting strong R&D activities to ensure safety of the contact lenses; this will further boost the growth of global contact lens market.
Emerging e-commerce companies such as lenscart.com are offering attractive cost-effective deals in order to grab the market; the increasing competition among market key players is anticipated to bring down the prices of contact lenses, this will further impulse the demand of contact lenses over the forecast period. The easy accessibility of disposable, colored and affordable contact lenses have also led to the vast increase in their usage as fashion accessories across the globe.
Production of contact lenses is mainly carried out by automated and computer controlled cast molding technology, the use of latest automation technology is generating bulk and cost effective production, this will further increase the supply of contact lenses in the global market hence, propelling the overall growth of the market. Factors such as safety concerns associated with the use of contact lenses and lack of professional eye care services are some challenges that can restrain the market growth over the period of forecast.
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