Contact Lense Market

Driven by increasing demand worldwide, the global contact lens market is projected to grow steadily over the next eight years. In 2022, consumption reached 13B units, with Japan leading in volume and Pakistan leading in value. Production continues to expand, with Ireland as the top producer. Import and export values are also on the rise, with Japan and Ireland as major players in the market. Average import and export prices have shown a downward trend in recent years.

Market Forecast

Driven by increasing demand for contact lenses worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market volume to 19B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.9% for the period from 2022 to 2030, which is projected to bring the market value to $70.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Contact Lenses

Global contact lense consumption reached 13B units in 2022, picking up by 6.5% compared with the previous year's figure. Overall, consumption showed a prominent expansion. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in the near future.

The global contact lense market size shrank to $38B in 2022, which is down by -8.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a significant increase. Over the period under review, the global market reached the peak level at $41.6B in 2021, and then dropped in the following year.

Consumption By Country

Japan (4.1B units) constituted the country with the largest volume of contact lense consumption, comprising approx. 30% of total volume. Moreover, contact lense consumption in Japan exceeded the figures recorded by the second-largest consumer, China (1.2B units), threefold. The United States (1.1B units) ranked third in terms of total consumption with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume in Japan stood at +6.2%. In the other countries, the average annual rates were as follows: China (+21.0% per year) and the United States (+31.0% per year).

In value terms, Pakistan ($10.8B) led the market, alone. The second position in the ranking was taken by India ($3.5B). It was followed by Turkey.

From 2012 to 2022, the average annual rate of growth in terms of value in Pakistan amounted to +28.4%. In the other countries, the average annual rates were as follows: India (+27.1% per year) and Turkey (+24.3% per year).

The countries with the highest levels of contact lense per capita consumption in 2022 were Hungary (57 units per person), Japan (33 units per person) and the Netherlands (13 units per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Hungary (with a CAGR of +66.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Contact Lenses

For the seventh year in a row, the global market recorded growth in production of contact lenses, which increased by 4.5% to 13B units in 2022. Overall, production continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 36% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, contact lense production reduced to $40.3B in 2022 estimated in export price. Over the period under review, production continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 96%. Over the period under review, global production reached the peak level at $46.7B in 2021, and then dropped in the following year.

Production By Country

Ireland (4.3B units) remains the largest contact lense producing country worldwide, comprising approx. 32% of total volume. Moreover, contact lense production in Ireland exceeded the figures recorded by the second-largest producer, Taiwan (Chinese) (1.5B units), threefold. Germany (1B units) ranked third in terms of total production with a 7.7% share.

In Ireland, contact lense production expanded at an average annual rate of +12.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+20.4% per year) and Germany (+2.6% per year).

Imports

World Imports of Contact Lenses

In 2022, approx. 13B units of contact lenses were imported worldwide; growing by 9.1% on the previous year's figure. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +13.8% against 2020 indices. The growth pace was the most rapid in 2015 with an increase of 22%. Over the period under review, global imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, contact lense imports totaled $7.3B in 2022. The total import value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 13% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

Japan represented the major importer of contact lenses in the world, with the volume of imports recording 4.1B units, which was near 32% of total imports in 2022. Germany (1.7B units) ranks second in terms of the total imports with a 13% share, followed by China (9.9%), the United States (9.7%) and the UK (5.2%). Italy (454M units), France (241M units), the Netherlands (230M units), Hungary (217M units), Taiwan (Chinese) (207M units) and South Korea (197M units) followed a long way behind the leaders.

Imports into Japan increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, Hungary (+23.0%), China (+20.5%), South Korea (+16.2%), Germany (+12.8%), the United States (+8.2%), France (+6.5%), the Netherlands (+5.6%), Italy (+3.7%) and Taiwan (Chinese) (+2.5%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing importer imported in the world, with a CAGR of +23.0% from 2012-2022. By contrast, the UK (-2.6%) illustrated a downward trend over the same period. China (+6.8 p.p.) and Germany (+5.1 p.p.) significantly strengthened its position in terms of the global imports, while Japan and the UK saw its share reduced by -3.4% and -8.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($1.3B), the United States ($1.2B) and Germany ($550M) appeared to be the countries with the highest levels of imports in 2022, together comprising 43% of global imports. China, the Netherlands, Italy, the UK, France, South Korea, Taiwan (Chinese) and Hungary lagged somewhat behind, together comprising a further 24%.

Among the main importing countries, China, with a CAGR of +19.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average contact lense import price stood at $0.6 per unit in 2022, which is down by -4.7% against the previous year. Overall, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 8.5% against the previous year. Over the period under review, average import prices reached the peak figure at $0.8 per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($1.4 per unit), while Hungary ($0.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Contact Lenses

In 2022, approx. 13B units of contact lenses were exported worldwide; with an increase of 6.9% on 2021. Overall, total exports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +24.3% against 2020 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 20% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, contact lense exports rose slightly to $7.4B in 2022. The total export value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 17%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

In 2022, Ireland (4.3B units), distantly followed by Germany (2.6B units), Taiwan (Chinese) (1.7B units), the UK (1B units) and the United States (0.7B units) were the key exporters of contact lenses, together mixing up 80% of total exports. The following exporters - Hungary (512M units), Belgium (506M units), Malaysia (458M units) and South Korea (317M units) - together made up 14% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Malaysia (with a CAGR of +21.0%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1.5B), Ireland ($1.2B) and the United States ($1.1B) constituted the countries with the highest levels of exports in 2022, with a combined 50% share of global exports. Taiwan (Chinese), the UK, Belgium, Malaysia, South Korea and Hungary lagged somewhat behind, together comprising a further 25%.

Taiwan (Chinese), with a CAGR of +14.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average contact lense export price stood at $0.6 per unit in 2022, reducing by -4.9% against the previous year. In general, the export price continues to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 an increase of 2.9%. Over the period under review, the average export prices hit record highs at $0.8 per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($1.5 per unit), while Hungary ($0.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+7.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform