The contact lenses market is expected to rise from USD 10,035.9 million in 2024 to USD 16,256.8 million by 2034. The market is expected to grow at a CAGR of 4.90% over the next decade.

Contact lenses are expected to see wider adoption this decade as manufacturers innovate with coatings, materials, and manufacturing processes to create more breathable, comfortable, and durable lenses. The aging population, an expanding segment in current demographics, increasingly requires vision correction. With people living longer and staying more active due to ongoing advancements in the medical sector, the demand for comfortable and convenient vision solutions, including contact lenses, is on the rise.

Sales of contact lenses are increasing due to the rising prevalence of myopia, especially among the population below the age of 30 years. The upward growth trajectory of the population in a quest for vision correction is creating a solid demand for contact lenses. Spectacles wearers are discarding traditional glasses and adopting contact lenses, especially those individuals who have active lifestyles and are fashion-forward.

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Key Takeaways from the Contact Lenses Market Report

The contact lenses market grew at a CAGR of 3.8% during the historical period and is forecasted to register a CAGR of 4.9% through 2034.

The United States contact lenses industry is assessed to record a 4% CAGR through 2034.

In Europe, Germany and the United Kingdom are anticipated to exhibit CAGRs of 5.20% and 4% through 2034, respectively.

In Asia Pacific, China and India are predicted to showcase CAGRs of 6.80% and 5.30% through 2034, respectively.

By product type, the soft lenses segment is estimated to acquire a market share of 56.10% in 2024.

Based on the design type, the spherical contact lenses segment is expected to account for a value share of 34.4% in 2024.

Competitive Landscape

Key players are strategically navigating the dynamic, competitive contact lenses market to carve a larger revenue share. Industry leaders are focusing on research and development of advanced materials that offer features like UV protection, extra wearability period, and moisture retention. Leading companies are making efforts to serve niche markets like toric lenses and multifocal lenses for astigmatism, as well as colored lenses for cosmetic applications.

In upcoming years, the marketing efforts for sales of smart lenses are expected to accelerate. Besides, smart lenses are predicted to be strengthened with health monitoring features, augmented reality capabilities, and others to capture the forward-thinking consumer segment

Key Manufacturers in Contact Lenses Market

CooperVision, Inc.

Johnson Johnson Vision Care, Inc.

Hoya Vision Care Company

Alcon (Division of Novartis AG)

Bausch Lomb Incorporated

BenQ Materials Corporation

ZEISS International

SEED Co. Ltd.

Essilor International S.A.

Menicon Co. Ltd.

Others