Contact Lenses Market Size, Share, Growth, Trends, and Global Industry Analysis: By Material (Gas Permeable, Silicone Hydrogel, Hybrid) Design (Spherical, Toric, Multifocal, Others), By Application (Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-oriented), By Distribution Channel (E-commerce, Eye Care Practitioners, Retail) By Usage (Daily Disposable, Disposable, Frequently Replacement, Traditional) and Region Forecast 2019-2030

Contact Lenses Market was valued at US$ 10,303.6 Million in 2023 and is poised to grow at a significant CAGR of 5.3% from 2024-2030. In optics and optometry, a large variety of research and development initiatives have been used to progress the technology. The introduction of dynamic soft contact lenses with improved technology has accelerated the expansion of the contact lens market. The use of contact lenses has increased due to increased product releases and developments. for example, In March 2019, Alcon Vision LLC introduced the AcrySof IQ PanOptix Trifocal IOL in the United States, which may be utilized for intermediate, distance, and close vision. Furthermore, the expanding trend in contact lens advancements with drug-delivery capabilities is projected to fuel market demand.

The worldwide contact lens market is seeing sales opportunities as the trend of participation in outdoor activities grows. These products are increasingly used for cosmetic and aesthetic purposes in addition to their traditional function as refractive lenses. As a result, the popularity of wearing contact lenses for decorative purposes is expected to increase market sales growth over the projection period. The product now has a new level of texture with small colored dots and lines due to technological advancements. To attract more customers, major firms are offering a variety of colors such as blue, hazel, green, violet, brown, grey, and amethyst. Globally, increased demand for improved eyeglasses goods among major consumers is fueling industry expansion over the anticipated period.

Furthermore, increase knowledge of the advantages of detachable lenses over reusable lenses, such as avoiding the adverse effects of cleaning solutions, such as eye discoloration. Furthermore, the market's major companies are involved in generating awareness campaigns and launching innovative goods, both of which are expected to boost the growth of daily disposables.  

Key Developments

• In January 2021, Alcon, the global leader in eye care dedicated to helping people see brilliantly, announced launch of DAILIES TOTAL for Astigmatism, the first and only Water Gradient contact lens for patients with astigmatism.
• In January 2021, Precision1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients in the United States, was presented by Alcon Vision LLC, an eye care product company.