Contact Lenses Market Size, Share & COVID-19 Impact Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multifocal, and Spherical), By Distribution Channel (Ophthalmologists, Retail Stores, and Online Stores), and Regional Forecast
The “Contact Lenses Market 2023” Forecast to 2028 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global Contact Lenses Market size was valued at USD 9.48 billion in 2021. The market is projected to grow from USD 9.94 billion in 2022 to USD 14.80 billion by 2029, exhibiting a CAGR of 5.9% during the forecast period.
Factors affecting the growth of contact lens market (2023-2029):
- Increasing prevalence of vision problems: The prevalence of vision problems such as myopia (nearsightedness), hypermetropia (farsightedness), and presbyopia (age-related loss of near vision) is increasing, especially in developed countries. This is driving the demand for contact lenses as an alternative to eyeglasses.
- Growing demand for cosmetic and corrective contact lenses: The use of contact lenses for cosmetic purposes, such as changing the color of the eyes, is increasing. In addition, the use of contact lenses to correct vision problems is also growing, as they offer a more convenient and cosmetically appealing alternative to eyeglasses.
- Development of advanced materials and designs: The development of advanced materials and designs for contact lenses, such as extended wear and disposable lenses, is increasing the convenience and comfort of wearing contact lenses, which is driving the demand for these products.
- Increasing adoption in emerging markets: The adoption of contact lenses is increasing in emerging markets, such as Asia-Pacific, due to the increasing awareness about the availability and benefits of contact lenses, as well as the growing disposable incomes in these regions.
- Increasing use of contact lenses in sports and other activities: The use of contact lenses in sports and other activities is increasing, as they offer a more convenient and comfortable alternative to eyeglasses. This is driving the demand for specialized contact lenses, such as toric and multifocal lenses.
Contact Lenses Market Trends in 2023:
The contact lens market has grown significantly in recent years, driven by technological advances that have made contact lenses more comfortable and convenient to use. One of the major trends in the market is the increasing demand for daily disposable contact lenses, which are designed to be worn for a single day and then discarded. These lenses are popular because they require minimal maintenance and are more hygienic than other types of lenses, which may accumulate dirt and bacteria over time. Another trend in the market is the growing use of silicone hydrogel materials in contact lens production, which allows for greater oxygen transmission to the cornea and reduces the risk of eye irritation and dryness. There is also a trend towards the use of multifocal and presbyopia-correcting contact lenses, which allow people with presbyopia (age-related difficulty with near vision) to see clearly at all distances.
Contact Lenses Market Regional Analysis :
The contact lens market is highly competitive and is dominated by a few major players. The market is also geographically segmented, with different regions experiencing varying levels of demand for contact lenses.
In North America, the contact lens market is well-established and mature, with a high level of consumer awareness and a high adoption rate of contact lenses. The United States is the largest market for contact lenses in North America, followed by Canada.
In Europe, the contact lens market is also mature, with a high adoption rate of contact lenses in many countries. The market is led by Germany, followed by France, the United Kingdom, and Italy.
In Asia-Pacific, the contact lens market is growing rapidly, driven by the increasing disposable incomes of consumers and the growing awareness of the benefits of contact lenses. The market is led by China, followed by Japan, South Korea, and India.
In Latin America and the Middle East and Africa, the contact lens market is in the early stages of development, with a lower adoption rate of contact lenses compared to other regions. However, the market is expected to grow in the coming years due to increasing consumer awareness and rising disposable incomes in these regions.
The Report Lists the Key Players in the Contact Lenses Market:
- Johnson & Johnson Vision Care, Inc. (U.S.)
- Carl Zeiss Meditec AG (Germany)
- Bausch & Lomb Incorporated (Canada)
- Alcon (Switzerland)
- The Cooper Companies Inc. (U.S.)
- Hoya Corporation(Japan)
- EssilorLuxottica (France)
- Menicon Co., Ltd. (Japan)
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245