Contact Lenses Market Size to Reach USD 23.8 Billion by 2032 | CAGR: 4.6% | DataHorizzon Research

Fort Collins, Colorado, Sept. 15, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Contact Lenses Market Size, Growth, Share, Statistics Report By Material (Gas Permeable, Silicone Hydrogel, Hybrid), By Design (Spherical, Multifocal, Toric, Others), By Application, By Usage, By Distribution Channel, By Region Forecasts, 2023-2032.” 

According to DataHorizzon Research, The contact lenses market size was valued at USD 15.3 Billion in 2022 and is expected to reach USD 23.8 Billion by 2032 with a CAGR of 4.6%. The demand for contact lenses is increasing worldwide, primarily because of the rising cases of. Furthermore, they offer a solution to the age-related condition presbyopia, which leads to far-sightedness in refractive errors like myopia, hyperopia, and astigmatism in individuals over 40. The increasing number of elderly individuals susceptible to eye diseases has also contributed to the surge in demand.

Contact lenses are a viable treatment option for certain eye conditions like keratoconus, which causes the cornea to become more curved. The prescription of contact lenses depends on the patient's visual requirements and lifestyle. The prevalence of refractive errors is increasing, and people are becoming more aware of using lenses to correct vision in such cases.

The contact lenses market growth is expected to remain positive in the coming years owing to the emergence of new opportunities. For instance, the growth in ocular diseases has triggered a huge demand for disposable lenses. According to the International Agency for the Prevention of Blindness (IAPB), above 160 million people suffer from vision impairment, and around 80 million encounter vision loss based on their medical conditions.

The manufacturers have launched novel products to cater to a wide range of demand in the consumer market. Artificial intelligence techniques are being widely adopted for product development. Besides, the market growth is witness to consumer awareness and the rise in disposable income of the population in the past few years.

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Report Snapshot:

Segmentation Overview

The contact lenses market has been further segmented by material, design, application, usage, distribution channel, and region. Due to its extensive benefits, the silicon hydrogel material is currently the most popular choice for contact lenses. These lenses offer superior flexibility and comfort to other lens types while maintaining an optimal oxygen level for breathability throughout the wear cycle. In the current market, spherical lenses hold most of the market share. These lenses are commonly utilized to treat hyperopia, myopia, and presbyopia. They are widely available in various prescriptions and offer comfort as they quickly settle into the correct position on the eye.

North America dominates the contact lens industry due to its high adoption rate in 2022. This trend has spurred researchers and companies to explore diverse contact lens applications and innovate continuously. Asia Pacific is a fast-growing market owing to the growing popularity of contact lenses in the young population. The rise in disposable income of the millennial population is one of the significant aspects of the regional market growth.

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Key Developments in the Contact Lenses Market:

• Bausch + Lomb has launched MIEBO, a prescription eye drop that targets tear evaporation to alleviate the signs and symptoms of dry eye disease.

• The IAPB shared that Johnson & Johnson Vision is now a Band-A organization member. This partnership aims to improve global eye health through advocacy efforts.

Contact Lenses Market Report Highlights:

• The contact lenses market size is expected to reach at a CAGR of 4.6% by 2032. The demand for contact lenses is rising worldwide due to the increasing cases of refractive errors and age-related conditions like presbyopia. Contact lenses are viable for treating eye conditions like keratoconus and are prescribed based on visual requirements and lifestyle. As the prevalence of refractive errors increases, more people are turning to lenses for vision correction.

• Silicon hydrogel lenses are popular due to their superior comfort and optimal oxygen level. Spherical lenses are widely available for treating hyperopia, myopia, and presbyopia.

• North America is the leading region for the contact lenses market because of the high demand and easy availability.

• The key companies in the contact lenses market report include Bausch+Lomb, Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc., Johnson & Johnson Vision Care, Inc., Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, Medennium, Seed Co., Ltd., STAAR Surgical Company, Carl Zeiss AG, and Menicon Co., Ltd. 

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Contact Lenses Market Report Segmentation:

Contact Lenses Market, By Material (2023-2032)

• Gas Permeable
• Silicon Hydrogel
• Hybrid

Contact Lenses Market, By Design (2023-2032)

• Spherical
• Multifocal
• Toric
• Orthokeratology
• Others

Contact Lenses Market, By Application (2023-2032)

• Corrective
• Cosmetic

Contact Lenses Market, By Usage (2023-2032)

• Daily Disposable
• Frequently Disposable
• Traditional

Contact Lenses Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa

Major Players in the Contact Lenses Market:

• Essilor International S.A.
• Alcon Vision LLC
• Abbott Medical Optics, Inc.
• CooperVision, Inc.
• Johnson & Johnson Vision Care, Inc.
•  Hoya Corporation
• SynergEyes, Inc.
• X-Cel Specialty Contacts
• Medennium, Seed Co., Ltd.
•  STAAR Surgical Company
• Carl Zeiss AG
• Menicon Co., Ltd. 

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