Contact Lenses Market Expansion Trends, Regional Insights, and Forecast 2032

The contact lenses market is a steadily growing segment of the eye care industry, driven by rising cases of vision disorders such as myopia, hyperopia, and astigmatism. Contact lenses are widely preferred over traditional eyeglasses due to their convenience, comfort, and improved visual clarity. In addition to corrective use, cosmetic and therapeutic lenses are also gaining popularity, especially among younger consumers. Technological advancements, such as the development of silicone hydrogel lenses and daily disposable lenses, have further boosted adoption by improving safety and comfort. Growing awareness of eye health, increasing disposable incomes, and expanding availability through retail and online channels are key factors supporting market expansion globally. North America holds a significant share due to advanced healthcare systems, while Asia-Pacific is emerging as the fastest-growing region owing to its large population base and rising demand for affordable vision correction solutions.

According to Fortune Business Insights, the global contact lenses market size was valued at USD 10.45 billion in 2023 and is projected to grow from USD 11.08 billion in 2024 to USD 18.30 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period. In 2023, North America dominated the market with a 34.45% share.

Top Companies in the Market

• Johnson & Johnson Vision Care, Inc. (U.S.)

• Alcon (Switzerland)

• The Cooper Companies Inc. (U.S.)

• Menicon Co., Ltd. (Japan)

• HOYA Corporation (Japan)

• EssilorLuxottica (France)

• Carl Zeiss Meditec AG (Germany)

Key Industry Development

In October 2023, Alcon unveiled its TOTAL30 multifocal lenses tailored for presbyopia patients. This launch marked a significant milestone, as the lenses became available in the U.S. and select international markets.

Market Drivers

Several factors are fuelling growth in the contact lenses market:

• Increasing global prevalence of refractive disorders—such as myopia, hyperopia, presbyopia, and astigmatism—especially within aging populations.

• Alarming statistics: Delineating that nearly 90 % of visual impairments are preventable or treatable; estimates suggest 65 million individuals with moderate-to-severe cataracts, 153 million with uncorrected refractive errors, 1.8 billion living with presbyopia, and 146 million facing diabetic retinopathy.

• Elevated awareness around eye health, bolstered by initiatives such as the UN’s “Vision for Everyone,” which targets 1.1 billion people with preventable sight loss.

Market Restraints

Growth, however, is tempered by competing vision correction alternatives:

• Risks associated with long-term lens use—including corneal edema, infections, red eye, and superficial keratitis—are prompting some users to seek permanent correction methods.

• Technological advancement in surgical options such as LASIK, implantable lenses, and corneal inlays offer long-term solutions, reducing reliance on contact lenses.

• ZEISS’s deployment of SMILE (Small Incision Lenticule Extraction) technology in over 1,500 clinics globally underscores the rising appeal of laser-guided corrective procedures, particularly in India.

Market Segmentation

By Modality

The reusable segment currently leads, favored for cost-efficiency and durability, especially among astigmatic wearers. Notably, around 40% of adults exhibit astigmatism, representing 13 % of all refractive errors.

However, the disposable segment is projected to grow fastest, driven by user preference for daily disposables that minimize complications—buoyed by innovations from key players.

By Design

Spherical lenses hold the largest share for their versatile, precise, and user-friendly design suitable for hyperopia and myopia.

Toric lenses are on the rise due to escalating astigmatism prevalence; they correct not only astigmatism but also hyperopia and myopia.

Multifocal lenses are gaining traction as presbyopia prescriptions rise—resulting from R&D efforts at companies like Johnson & Johnson Vision Care, which is currently studying daily disposable silicone hydrogel multifocal lenses for myopia and hyperopia.

By Material

The soft lens segment dominates, due to widespread adoption, comfort, and convenience—especially disposables.

Gas-permeable lenses are set for rapid growth, offering high oxygen permeability, enhanced ocular health benefits, durability, and longevity—particularly beneficial for presbyopia and astigmatism patients.

By Distribution Channel

The retail stores segment is currently the largest—offering immediate access, diverse brand portfolios, and convenient shopping experiences. For example, Menicon’s acquisition of a retail outlet in Osaka in 2020 aimed to boost product accessibility.

The ophthalmologists’ channel ranks second, as many consumers still prefer prescription-based acquisition in developed markets.

The online stores segment is expected to grow fastest, propelled by regulatory easing in developed territories and pandemic-driven shifts toward e-pharmacies. Post-pandemic, the Vision Council reported a 14 % surge in online eyewear sales by end-2021.

Regional Insights

North America generated approximately USD 3.60 billion in revenue in 2023. Driving factors include heightened awareness of vision correction alternatives and rising refractive disorder prevalence—especially in the U.S., where an estimated 150 million individuals are affected.

Europe also holds substantial share, aided by regulatory enhancements—such as the EU’s October 2023 update to the Medical Device Regulation (MDR), which accelerates unique device identifier (UDI) requirements for lenses. Lens penetration is noteworthy in Scandinavia, with Sweden at 14.8 %, Denmark at 13.19 %, and Norway at 11.37 %.

The Asia Pacific region is projected to post the fastest CAGR during the forecast. Rising vision impairment, improved diagnostic capabilities, technological innovation in lens manufacturing, and expanding disposable incomes in emerging markets are key growth drivers. In India, Johnson & Johnson initiatives like “Vision Made Possible” are boosting awareness and adoption of their ACUVUE brand.

Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/contact-lenses-market-101775 

Market Competitive Landscape

The market features several prominent players with robust portfolios and strategic growth tactics:

• Recent approvals and launches include: Menicon’s orthokeratology lens Menicon Z Night approved by China’s NMPA in November 2022; Bausch & Lomb’s INFUSE multifocal silicone hydrogel daily disposables launched in the U.S. in June 2023; CooperVision’s MyDay Energys lenses targeting digital eye strain launched in March 2023; Alcon’s Total Toric lens for astigmatism in February 2023; and Alcon’s TOTAL30 multifocal lens in October 2023.

Conclusion

In summary, the global contact lenses market is on a robust growth trajectory—driven by increasing refractive error prevalence, expanding ageing populations, rising awareness of eye health, and novel product introductions. While alternatives such as laser surgery pose competitive challenges, innovations in soft, gas-permeable, and daily disposable lenses, combined with expanding distribution channels and emerging market demand, position the industry for sustained growth.

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