IMARC Group’s report titled ” Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, offers a comprehensive analysis of the industry, which comprises insights on the global contact lenses market trends. The market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.
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Factors Affecting the Growth of the Contact Lenses Industry:
Increasing Prevalence of Eye Disorders:
The rising prevalence of eye-related disorders, such as myopia, hyperopia, and astigmatism, among the masses across the globe is supporting the growth of the market. In line with this, these diseases are increasingly becoming common due to lifestyle changes like prolonged exposure to screens and reduced outdoor activities. Moreover, the growing demand for corrective measures, such as contact lenses, due to their effectiveness and convenience as compared to traditional eyeglasses, is offering a positive market outlook. Besides this, contact lenses provide a more natural vision without the constraints of frames.
Cosmetic Applications:
The increasing usage of contact lenses for cosmetic purposes is strengthening the growth of the market. In addition, the rising focus on altering eye color for enhanced appearance among individuals is contributing to the market growth. Besides this, the availability of a wide range of colors and effects, ranging from subtle color enhancements to dramatic transformations, caters to diverse aesthetic preferences of individuals, which is bolstering the market growth. Furthermore, the growing demand for contact lenses due to the rising social media influence is positively influencing the market.
Technological Innovations:
Innovations in lens materials and design are propelling the growth of the market. In addition, modern contact lenses are designed with materials like silicone hydrogel, which offer higher oxygen permeability, ensuring enhanced eye health and comfort. Moreover, silicone hydrogel material reduces the risk of eye infections and allows for extended wear. Besides this, advancements in multifocal and Toric lenses benefit a broader range of vision impairments, including astigmatism and presbyopia. Furthermore, the integration of technology into contact lenses, such as lenses capable of drug delivery or monitoring glucose levels, is strengthening the market growth.
Leading Companies Operating in the Global Contact Lenses Industry:
- Alton Vision LLC
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- Contamac Holdings Limited
- EssilorLuxottica SA
- Hoya Corporation
- Johnson & Johnson Services, Inc.
- Menicon Co. Limited
- SEED Co. Limited
- SynergEyes Inc.
- Cooper Companies Inc.
Contact Lenses Market Report Segmentation:
By Material:
- Gas Permeable
- Silicone Hydrogel
- Hybrid
- Others
Silicone hydrogel represented the largest segment as it reduces the risk of dry eyes and irritation.
By Design:
- Spherical
- Toric
- Multifocal
- Others
Spherical accounted for the largest market share due to its ability to effectively correct common refractive errors, such as myopia and hyperopia.
By Usage:
- Daily Disposable
- Disposable
- Frequently Replacement
- Traditional
Daily disposable holds the biggest market share on account of the rising need for enhanced convenience among individuals.
By Application:
- Corrective
- Therapeutic
- Cosmetic
- Prosthetic
- Lifestyle-oriented
Corrective accounts for the majority of the market share as it offers precise vision correction and provides a sharper and wider visual field compared to glasses.
By Distribution Channel:
- E-commerce
- Eye Care Practitioners
- Retail Stores
Retail stores represent the largest market share due to their ability to provide personalized services with expert assistance.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the contact lenses market on account of the increasing cases of vision-related issues among individuals.
Global Contact Lenses Market Trends:
The rising awareness among individuals about the importance of eye care is bolstering the growth of the market. In addition, governing agencies of various countries are promoting regular eye check-ups, which is leading to the prescription of contact lenses for vision correction.
The increasing demand for customized and personalized contact lenses as per the needs of individuals, including lenses for irregular corneas or post-surgical eyes, is supporting the growth of the market. Besides this, specialized designs cater to specific eye conditions like keratoconus, which is propelling the market growth.
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