Contact Lenses Market size is estimated to reach USD 16 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of contact lenses was over USD 10 Billion.The key factors driving the market expansion are the expanding preference for contact lenses among developing nations and the frequency of refractive defects worldwide. By 2025, the volume in the contact lenses industry is projected to reach over 7,800 million units. Volume growth of around 13% is anticipated for the contact lens industry in 2023.
Online vision tests have become more popular recently, however, for legitimate reasons, an eye test for the elderly, adults, or kids from a reputable optometrist is still the only method to acquire a prescription for contact lenses. Additionally, with the rising interests amongst individuals for contact lenses, eye tests are nowadays streamlined and tailored to meet the needs of these individuals by including a contact lens test. These lenses offer the vision correction that the majority of people require without the use of frames and lenses which some individuals find vital for certain activities and lifestyles. Approximately, 8% of people who wear contacts are below the age of 17 and 14% are aged from 18 to 24, and 75% of people over the age of 25 wear contacts.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~USD 10 Billion |
|
Forecast Year Market Size (2033) |
~USD 16 Billion |
Material (Gas Permeable, Silicon Hydrogel, Hybrid)
The global contact lenses market is segmented and analyzed for demand and supply by material into gas permeable, silicone hydrogel, and hybrid. Out of these, the silicone hydrogel segment is attributed to garnering the highest market share by 2033 owing to the comfort and hydration provided while wearing lenses. It is estimated that silicone hydrogel materials are adopted in 78% of contact lens fittings. This ratio is significantly greater for patients who wear frequent replacement contact lenses, 83% of these lenses are made of silicone hydrogel materials.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics, by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864,313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to a health care expenditure of USD 10,623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditure (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in the upcoming years.
Our in-depth analysis of the global market includes the following segments:
|
By Material |
·Gas Permeable ·Silicon Hydrogel ·Hybrid |
|
By Design |
·Spherical ·Multifocal ·Toric ·Others |
|
By Application |
·Orthokeratology ·Decorative Lens ·Others |
Regionally, the global contact lenses market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2033. The enhanced market potential includes the number of people who adopt contact lenses, the number of people suffering from refractive problems, and the growing awareness of the benefits of vision correction therapies. According to CDC, around 45 million Americans wear contact lenses.
Author Credits: Radhika Gupta, Shivam Bhutani
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