The global contact lens market size is expected to hit around US$ 16.42 billion by 2033 from valued at US$ 9.99 billion in 2023 and is poised to grow at a CAGR of 5.1% from 2023 to 2033.
One of the most prestigious segments of the eye care sector is contact lenses. The prevalence of eye disorders including refractive errors and cataracts, which can be treated with contact lens solutions to correct vision, is driving the growth of the contact lens industry. Myopia and astigmatism cases are predicted to rise globally during the forecast period, while contact lens use is expected to increase in developing nations. Rising public knowledge of the benefits of disposable lenses over reusable lenses is another factor supporting market expansion.
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Competitive landscape:
A limited number of significant manufacturers hold the bulk of the market share in the consolidated global contact lens market. The majority of businesses invest a lot in comprehensive research and development, mostly to create products with more cutting-edge technology..
- In July 2022, ReviveTM custom soft contact lenses from Bausch + Lomb have been made available in the United States. These are a new addition to its customizable soft contact lens line and come in spherical, multifocal, toric, and multifocal toric options. They are made to accommodate a wider range of vision requirements of patients, including those with complex or high medicaments.
- In January 2022, DAILIES TOTAL1® for Astigmatism, the first Water Gradient contact lens for astigmatic patients, was released by Alcon, a global leader in eye care committed to helping people to see brilliantly.
- In April 2021, With Menicon, a preeminent producer of advanced lenses, Johnson & Johnson Vision created a global strategic collaboration. The objective of this partnership was to create therapeutic eyewear to halt the spread and development of infantile myopia.
Key Companies Profiled:
- Johnson & Johnson
- Alcon Vision LLC
- Bausch & Lomb
- Incorporated
- EISS International (Stiftung)
- Contamac
- CooperVision Inc
- Essilor International S.A
- Hoya Corporation
- Medennium
- Seed Co. Ltd
- STAAR Surgical Company
- SynergEyes Inc
- X-Cel Specialty Contacts
Growth Drivers:
“Millennials have an Extremely High Risk of Myopia”
The demand for contact lenses has been growing rapidly as occurrences of eye conditions including myopia among people of all ages are on the rise. Myopia is the most prevalent eye condition and is anticipated to lead to the largest expansion in this market. There is a growing trend of using technology for professional reasons, including computers and smartphones.
“Growing Senior Population to Boost Sales”
The geriatric population has the highest incidence of vision-related problems. The biggest health issue for this demographic is age-related cataracts, macular degeneration, glaucoma, and diabetic retinopathy retinal degeneration. As the frequency of eye-related ailments grows, so does the need for visual health services and goods among the elderly.
- The WHO predicts that one in six persons globally will be 60 or beyond by the year 2030.
“The existence of several small and large businesses in the market is what defines it”
It is anticipated that the introduction of technologically advanced products would increase the market share for contact lenses. Manufacturers currently offer a variety of creative and original features in their products, which is one of the most recent market innovations. To raise their demand in the market, businesses have been producing trendy and inventive eye care solutions, including soft contact lenses, using pioneering technology.
- The new contact lenses made by Johnson & Johnson Vision that automatically darkens in response to strong light have garnered FDA approval. These lenses, ACUVUE® OASYS MAX 1-Day and ACUVUE® OASYS MAX 1-Day MULTIFOCAL, feature photochromic components that regulate visible light entering the eye as well as shield the eyes from blue light and UV rays.
Key Segments in Contact Lens Market Research:
· By Material
- Gas Permeable
- Silicone Hydrogel
- Hybrid
· By Design
- Spherical
- Toric
- Multifocal
- Other
· By Application
- Corrective
- Therapeutic
- Cosmetic
- Prosthetic
- Lifestyle-oriented
· By Distribution Channel
- Online
- Offline
· By Usage
- Daily Disposable
- Disposable
- Frequent Replacement
- Traditional
· By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Questionnaire answered in the Market outlook Report of Contact Lens include:
- What is the key strategy deployed by large players to maximize Contact Lens Market growth?
- What are the main challenges faced by players in the Contact Lens market Demand?
- With the advent of technological advancement, how will the Contact Lens market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Contact Lens market size?
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