The contact lenses market is growing steadily, driven by increasing awareness of vision correction and a rise in refractive errors like myopia and astigmatism. Modern lenses now include options such as daily disposables, toric, multifocal, and silicone hydrogel materials, offering improved comfort, breathability, and vision clarity. Advances like smart lenses, cosmetic colored lenses, and materials that filter blue light are further fueling innovation. With expanding healthcare access and the convenience of e-commerce and retail channels, contact lenses are becoming a preferred alternative to eyeglasses for cosmetic, therapeutic, and lifestyle reasons.
According to Fortune Business Insights, the global contact lenses market was valued at USD 10.45 billion in 2023. It is projected to grow from USD 11.08 billion in 2024 to USD 18.30 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period. In 2023, North America dominated the contact lenses market with a market share of 34.45%.
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 – October 2023
Alcon made headlines in October 2023 with the launch of the TOTAL30 multifocal lenses, a first-of-its-kind solution targeting presbyopia patients. Available across the U.S. and select international markets, these lenses deliver daily disposable convenience paired with top-tier visual acuity .
Market Drivers & Restraints
Drivers
- Aging Population & Refractive Disorders: With rising cases of myopia, presbyopia, astigmatism, and hyperopia, the global demand for vision-correcting solutions continues to grow. Approximately 2.2 billion people worldwide suffer from myopia, and over a billion are impacted by uncorrected refractive errors .
- Technological Advancements: Next-gen multifocal and silicone hydrogel daily disposables, such as those launched by Alcon and Bausch + Lomb, offer enhanced comfort, vision clarity, and reduced complications .
- Regulatory Support & Awareness Campaigns: Global initiatives like the UN’s “Vision for Everyone” drive awareness and adoption. In addition, updates to Europe’s MDR are fast‑tracking innovation in lens design and safety .
- Strong Distribution Channels: The dominance of retail stores and a growing preference for online purchases offer consumers greater access and price parity. For example, Alcon’s and Cooper Companies’ retail expansions and online entry are making lenses more accessible .
Restraints