Contact Lenses Market Research: Effectiveness, Safety, and Regulatory Considerations

The global contact lenses market size was estimated at USD 18.6 billion in 2023 and is projected to grow at a CAGR of 8.9% from 2024 to 2030. The increasing cases of refractive errors, such as myopia, hyperopia, presbyopia, and astigmatism, are the major factors driving the demand for contact lenses globally. The growing aging population, which is prone to eye disease, has also created the demand for contact lenses. In May 2023, during Vision Health Month, the Canadian Ophthalmological Society (COS) emphasized the significance of vision health care, especially among the country's senior citizens.



Numerous research and development initiatives in optics and optometry have been undertaken to enhance technology. Innovations like introducing dynamic soft contact lenses with advanced features have driven market growth. For instance, in July 2022, Mojo Vision announced that it had successfully performed testing on its newest prototype of the Mojo Lens, which is designed for one eye. This innovative augmented reality (AR) contact lens incorporates advanced features such as medical-grade micro batteries, a micro-LED display, and upgraded hardware. Additionally, it integrates various technologies, including communication capabilities, eye tracking, and specialized software.

Testing has been conducted for one lens in one eye. However, the company aims to have two lenses operating as a pair, allowing users to obtain a 3D view similar to AR and virtual reality (VR). The growing awareness among people regarding eye health, coupled with supportive government initiatives, is expected to create ample growth opportunities for the market shortly. In December 2022, the U.S. government announced that USD 6.5 million would be allocated for vision and eye health programs conducted by the Centers for Disease Control and Prevention (CDC). The fund comes as a part of the government’s initiative toward the prevalence of vision impairment and eye disease across the country.

The expansion of the contact lens market is significantly influenced by the rising trend of cosmetic and colored lenses, which are increasingly sought after for aesthetic purposes. Additionally, individuals who lead active lifestyles, including athletes and those participating in various physical activities, are turning to contact lenses for their enhanced convenience and comfort. These users favor contact lenses over traditional glasses for their advantages, such as unrestricted vision and greater freedom of movement.

Moreover, the appeal of contact lenses continues to grow among those with dynamic lifestyles, as these lenses provide a practical solution that aligns with their needs. The ongoing innovation from market players also contributes to this trend, as new product launches are expected to stimulate demand within the sector further.

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Recent Developments

• In January 2023, Carter Ledyard’s client CooperVision, Inc. finalized its acquisition of SynergEyes, Inc., which offers a diverse array of specialty contact lenses, including unique hybrid lenses. These products enhance CooperVision’s portfolio, particularly its Onefit scleral lenses.

• In October 2023, XPANCEO, a deep tech startup, raised $40 million in a seed funding round to develop the first contact lenses featuring augmented reality (AR) capabilities. Opportunity Ventures (Asia), based in Hong Kong, led this funding round. The capital will be utilized to advance the next prototype, which aims to integrate multiple features into a single device.