US Contact Lenses Market Analysis

US Contact Lenses Market Executive Summary

US Contact Lenses Market was valued at $7,198.80 Mn in 2023 and is predicted to grow at a CAGR of 6.9% from 2023 to 2030, to $11,484.29 Mn by 2030.

Contact lenses are versatile medical devices placed directly on the eye, serving both functional and cosmetic purposes. They come in several types: soft lenses, made of flexible plastic allowing oxygen to the cornea; rigid gas permeable lenses for sharper vision; hybrid lenses combining features of both; and scleral lenses covering the cornea and sclera, useful for irregular corneas. They correct refractive errors like myopia and hyperopia and cater to cosmetic needs with colored variants. Fitting by an optometrist or ophthalmologist ensures proper selection based on individual eye health and lifestyle. Regular cleaning and adherence to wearing schedules are crucial for preventing infections and maintaining eye health. Risks include infections, dry eyes, and corneal abrasions if not used correctly. Regulated as medical devices, advancements like silicone hydrogel materials and UV-blocking capabilities enhance safety and comfort, making contact lenses a popular choice for vision correction and aesthetic enhancement globally.

In the US, eye diseases such as cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy affect Mn, with significant numbers remaining undiagnosed. Cataracts alone affect over 20.5 Mn Americans aged 40 and older, projected to increase to 30 Mn by 2028, yet only 6.1 Mn have undergone surgery. Glaucoma affects about 3 Mn, half of whom are undiagnosed, while nearly 1.5 Mn have late AMD and 18.3 Mn have early AMD. Diabetic retinopathy impacts nearly 9.6 million Americans, predominantly those over 40 with diabetes. Refractive errors like myopia, affecting 41.6% of the population, and hyperopia, affecting 14 Mn aged 40 and older, are also widespread. Approximately 45 Mn Americans use contact lenses, with teens and young adults showing lower compliance and higher infection risks.

The market therefore is driven by significant factors like the high prevalence of refractive errors, increasing demand for convenience, and technological advancements. However, high cost, improper care and hygiene, and competition from refractive surgery restrict the growth and potential of the market.

Prominent players in this field are Bausch and Lomb, which emphasizes daily disposable contact lenses enhanced with comfort technologies and supports sustainability initiatives. On the other hand, CooperVision focuses on innovation through advanced materials, specialized solutions for myopia management, and convenient subscription services for contact lenses. Other contributors include Alcon Vision LLC, and Essilor International S.A. among others.

Market Dynamics

Market Growth Drivers

High Prevalence of Refractive Errors: Statistics from the National Eye Institute (NEI) show a high prevalence of refractive errors in the US. An estimated 121 Mn adults (aged 40 and over) experience some form of refractive error, including myopia (nearsightedness), hyperopia (farsightedness), and astigmatism. This creates a large population seeking vision correction solutions.

Increasing Demand for Convenience: Contact lenses offer a convenient alternative to eyeglasses for many people, especially those with active lifestyles or who prefer a certain aesthetic. A 2019 report by the American Optometric Association (AOA) suggests that 45 Mn people in the US wear contact lenses.

Technological Advancements: The introduction of new materials and technologies like silicone hydrogel lenses and daily disposables has significantly improved comfort, wearability, and user experience, attracting more people to contact lenses.

Market Restraints

High Cost: Contact lenses can be expensive, particularly specialty lenses or frequent replacement schedules. This can be a barrier for some Americans, especially with limited or no insurance coverage.

Improper Care and Hygiene: Studies show that a significant portion of contact lens wearers may not adhere to proper hygiene and care practices, potentially leading to complications and infections.

Competition from Refractive Surgery: Advancements in laser vision correction procedures like LASIK offer a permanent alternative to contact lenses. While not suitable for everyone, these options present some competition for the contact lens market, particularly for specific demographics.

Regulatory Landscape and Reimbursement Scenario

In the United States, the regulatory oversight of contact lenses falls under the purview of the US Food and Drug Administration (FDA). Contact lenses are classified based on risk into Class I (minimal risk), Class II (moderate risk), or Class III (high risk) medical devices. Depending on their classification, manufacturers may need FDA premarket approval through either a 510(k) premarket notification or a more rigorous Premarket Application (PMA) process, which includes demonstrating safety and efficacy through technical documentation. Compliance with the FDA's Quality System (QS) regulations ensures consistent manufacturing standards and product quality. Post-market surveillance requires manufacturers to monitor the performance of their lenses and promptly report any adverse events to the FDA.

Regarding reimbursement, traditional health insurance plans in the US generally do not cover routine contact lenses. However, medically necessary lenses prescribed for conditions like keratoconus or post-surgical complications may qualify for partial coverage under some insurance plans. Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) offer another avenue for using pre-tax dollars to purchase contact lenses, providing financial relief for eligible individuals. Additionally, some vision insurance plans may cover costs associated with contact lens examinations, fittings, and possibly a portion of the lens costs, though coverage details vary widely by plan and individual circumstances.

Competitive Landscape

Key Players

Here are some of the major key players in the US Contact Lenses Market

• Abbott Medical Optics, Inc.
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• ZEISS International
• Contamac
• CooperVision, Inc.
• Essilor International S.A.
• Hoya Corporation
• Medennium
• Seed Co., Ltd.