COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic

The global contact lenses market size is expected to reach USD 19.26 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to exhibit a CAGR of 5.0% from 2020 to 2027.

The use of innovative materials for manufacturing contact lenses and increasing adoption of contact lenses are prominent factors boosting the growth of the market. The rising consumer consciousness regarding physical appearance and vision correction advantages of the product are projected to drive the market growth. Rising demand from aging population is also expected to drive the product demand. Factors such as rising disposable income and improvement in the overall global economy are anticipated to further propel the growth.

Contact lens manufacturers are the source for wholesale distributors as well as retail distributors. Manufacturers distribute their contact lenses through a variety of channels. Significant growth of the market can be attributed to factors such as increasing number of active lens wearers and technological advancements including the development of silicon hydrogel material for the soft lenses for convenient usage are expected to bode well for the growth of the contact lenses market in the forthcoming years.

In the material segment, the hybrid contact lens is expected to portray the highest CAGR over the forecast period. By application, the adoption of corrective contact lenses is anticipated to rise, owing to increasing use of for correction of refractive errors. They are used for correcting hypermetropia/hyperopia, presbyopia, astigmatism, and myopia. Based on usage, the daily disposables contact lenses accounted for the largest market share in 2019.

Further key findings from the report suggest:

  • Soft lenses segment is expected to generate the highest revenue over the forecast period. The product has the highest acceptance rate, owing to its flexibility and oxygen permeability along with ability to provide user comfort
  • The multifocal design segment is expected to portray a high CAGR of 7.1% over the projected period
  • South America is expected to register significant growth over the forecast period, owing to the large-scale penetration of contact lenses
  • The key players in the content lenses market areAbbott Medical Optics, Inc.; Alcon Vision LLC; Bausch & Lomb, Incorporated; ZEISS International; Contamac; CooperVision, Inc.; Essilor International S.A.; Hoya Corporation; Johnson & Johnson Vision Care, Inc.; Medennium; Seed Co., Ltd.; STAAR Surgical Company; SynergEyes, Inc.; and X-Cel Specialty Contacts