New York, USA, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Contact Lenses Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Contact Lenses Market Information By Usage, Design, Material, Type, Application, Distribution Channel and Region - Forecast till 2030", the market is projected to reach approximately USD 11.72 billion by 2030 at CAGR of 3.50% from 2022 to 2030.
Contact Lenses Market Synopsis
A corrective lens is preferred to correct refractive defects and make up for visual impairments such as myopia, presbyopia, hyperopia, and astigmatism. As a result, the market is anticipated to grow throughout the forecast due to an increase in graphic inconsistencies. The quantity of outdoor activities is growing, which is accelerating market expansion. Optics and optometry have seen much development and research to advance the technology. The market for contact lenses has expanded due to innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology.
One of the key drivers of the expansion of the contact lens market is the soft lens or silicone hydrogel category, which has a wide range of uses. Soft contact lenses have easy eye adaptation and improved comfort because they are constructed of flexible, soft plastics like silicone hydrogel. Contact lenses are tiny lenses designed to be applied to the eye's surface to correct eyesight. Depending on the lenses' type, comfort, and reusability, they are either hard or soft. The primary factors driving the market expansion during the forecast period are the rising acceptance of these devices in developing nations and the global increase in the prevalence of refractive defects.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 11.72 Billion |
| CAGR | 3.5% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Usage, Design, Material, Type, Application and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | An increase in the prevalence of myopia fuels the demand for contact lenses |
| Preference for soft and colored contact lenses owing to comfort and modification of multiple eye problems |
Contact Lenses Market Competitive Landscape:
The renowned companies in the contact lenses market are:
- Luxottica Group
- Bausch & Lomb Incorporated
- Contact Lens Express Inc.
- Ciba Vision AG.
- Essilor International
- Johnson & Johnson Vision Care
- CooperVision Corporation
Contact Lenses Market Dynamics:
Market Drivers:
The need to wear contact lenses daily is driven by the rise in various regions' aging populations and their higher incidence of various vision-related problems. Additionally, the prevalence of eye conditions like myopia has led to a global rise in contact lens wearers. As a result, the demand for daily contact lenses has increased dramatically. The increased prevalence of ocular problems, the rising trend to improve aesthetics, and rising disposable incomes all contribute to the expansion of the contact lens industry. Uncorrected refractive errors are a significant new factor in developing vision impairment in affluent nations. Research and development efforts associated with the market under study have significantly increased, according to the fields of optics and optometry.
The aging population and the unmet need for lenses in developing nations drive the global market for contact lenses. Due to new technologies and increasing consumer knowledge about eye health, more people are getting their eyes tested to identify the type of lens they need. As a result, there is a rise in contact lens demand on a global scale, which is propelling the market for contacts to grow. Manufacturers of contact lenses are continuously experimenting with new techniques to provide the ideal set of contacts that will satisfy all of their customer's requirements at a reasonable price. Additionally, they want to make their new styles more aesthetically pleasing and comfortable for daily wearers.
Market Restraints:
The market's contact lens category is expanding the fastest. They are still a pricey choice for many people, in any case. However, technological advancements might be able to lower this price and make contact lenses more affordable for more people. Although consumers would benefit from this trend, the high entry hurdles make it difficult for manufacturers of contact lenses to compete in this market.
Browse In-depth Market Research Report (129 Pages) on Contact Lenses: https://www.marketresearchfuture.com/reports/contact-lenses-market-6210
COVID 19 Analysis
The COVID-19 pandemic is anticipated to substantially influence the market under study because fewer optometry consultations will result from a drop in hospital and clinic visits and patient volume. This was largely caused by people refraining from touching their faces and eyes out of fear of contracting the SARS-CoV-2 virus, which also decreased demand for contact lenses during the COVID-19 outbreak. The COVID-19 pandemic is therefore expected to have had a considerable effect on the contact lens business. The appearance of COVID-19 considerably hampered the global market for these devices. Due to the COVID-19 pandemic's effects, major market companies reported a drop in their revenues from selling lenses.
Contact Lenses Market Segmentation
By design, the market includes spherical, toric, and multifocal lenses.
By usage, the market includes disposable lenses, frequent replacement lenses, daily disposable lenses, and conventional lenses.
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By material, the market includes methacrylate hydrogel soft contact lenses, silicone hydrogel soft contact lenses, and gas-permeable contact lenses.
By type, the market includes Opaque Contact Lenses, Enhanced Contact Lenses, and Tinted Contact Lenses
By application, the market includes Conventional, Orthokeratology and Decorative
Contact Lenses Market Regional Insights
Due to the rise in eye disorders across all age groups in nations like India, China, and Japan, the Asia-Pacific region is predicted to experience the highest growth in the contact lens market during the forecast period. Additionally, it is anticipated that North America would account for the greatest portion of the global contact lens market during forecasting. North America controlled the market for contact lenses. Refractive error patients are becoming more prevalent, and market players emphasize strategic cooperation and collaboration.
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Consumers in Japan are heavily utilizing cosmetic lenses to improve the appearance of their eyes, which has led to a massive increase in the region's contact lens market. Soft contact lens markets are well-developed in North America and Europe. Thus, via ongoing study and the creation of cutting-edge goods, businesses and researchers in various areas are investigating the varied applications of contact lenses. Consumers in Asia and the Pacific now have more purchasing power. Additionally, the U.S. has increased its regional presence. Cosmetic lenses are becoming increasingly popular due to their heavy use in industries like media and entertainment.
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