The global market for Contact Lenses and Solutions is projected to reach US$15 billion by 2024, driven by the epidemic rise in the number of people suffering from refractive errors and 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 hydrogel 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. The United States and Europe represent large markets worldwide with a combined share of 49.1%. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.7% through the analysis period, led by the unprecedented rise in myopia in the younger generation; implementation of programs for free contact lens counselling 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.   

Download Free Sample Pages of this report

Company and Industry News & Stories
  • Bausch + Lomb ULTRA® Multifocal for Astigmatism Contact Lenses Receives 510 (K) Clearance from the US FDA
  • Novartis to Spinoff Alcon in a Move to Help Both Companies Focus on Their Respective Growth Strategies
  • Bausch + Lomb Collaborates with Tangible Science in a Bid to Create Technologies for Improving the Contact Lens Wearing Experience
  • SynergEyes Teams Up with Brien Holden Vision Institute for Specialty Contact Lens Development
  • Johnson & Johnson Vision’s Acuvue Oasys with Transitions Contact Lenses Receives US FDA Approval

Outlook in Key Market Segments
  • Through 2024, Contact Lenses will remain the largest market, followed by Contact Lens Care Solutions.
  • Within the Contact Lenses segment, Soft Contact Lens is projected to provide the largest revenue opportunity over the medium to long-term period.

Product Definition & Scope
  • Contact lenses are defined as medical devices which provide improved comfort and ergonomics for people in need of vision correction. These lenses are worn on eye surface for correcting several vision related disorders such as hyperopia, myopia, astigmatism and presbyopia.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America)

Market Segmentation & Classification
  • Segments:
  • Contact Lenses (Rigid Gas Permeable Lenses, Soft Contact Lenses, & Hybrid Contact Lenses), and Contact Lens Care Solutions

Major Players
  • Johnson & Johnson Vision Care, Inc.
  • Alcon, Inc.
  • CooperVision, Inc.
  • Bausch & Lomb, Inc.
  • Abbott Medical Optics
  • Ginko International Co., Ltd.
  • St. Shine Optical Co., Ltd.

How Can You Benefit?
This research project broadly covers analysis of all market trends, drivers, challenges and other macro market scenarios you need to know to improve your strategic planning and remain informed and competitive. The study also provides reliable ready facts and exclusive statistical data insights in addition to expert and highly accurate market size forecasts and projections to help you identify new markets and opportunities for revenue growth and sustainability. The extensive reportage of industry, company and product news and stories together with coverage of all major and niche players provided in the report helps you build a 360 degree perspective on your markets and gain unsurpassed insights needed to devise plans and strategies to maximize business growth.