Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global contact lens market was estimated to have acquired US$ 7.9 billion in 2022. It is anticipated to register a 5.5% CAGR from 2023 to 2031 and by 2031; the market is likely to gain US$ 12.6 billion.
A trend towards personalized eye care solutions, including custom fitted contact lenses, is emerging. Advancements in technology allow for more precise measurements and customization, enhancing the overall user experience.
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Integration of contact lenses with wearable technology for applications beyond vision correction, such as augmented reality displays or health monitoring, represents a futuristic trend that is expected to open new opportunities for market expansion.
Key Findings of Market Report
- On the basis of product, the soft lenses segment is anticipated to lead the contact lens market, owing to comfort and convenience, technological advancements, and myopia control solutions.
- In terms of technology, the acrylic segment is expected to dominate the market growth, attributed to efficiency in mass production, as well as versatility.
- By design, the spherical lenses segment is expected to accelerate the demand for contact lens, owing to common vision issues, and ease of adaptation.
Trends for Contact Lens Market
- Continued advancements in contact lens materials and design, such as the development of silicone hydrogel lenses, are expected to enhance comfort, breathability, and overall performance.
- The rising prevalence of vision related issues, such as myopia, presbyopia, and astigmatism, is anticipated to accelerate the demand for contact lenses as a corrective solution.
- Contact lenses are not only seen as a vision correction tool but also as a fashion accessory and cosmetic enhancement. Colored and cosmetic lenses are gaining popularity, especially among younger consumers, contributing to market growth.
- The convenience of purchasing contact lenses online is expected to boost sales through e-commerce platforms. Online retailers offering a wide range of products and competitive pricing are likely to attract consumers seeking hassle free purchasing options.
Global Market for Contact Lens: Regional Outlook
Various reasons are propelling the growth of the contact lens market in different regions. The regions include,
Asia Pacific
- More individuals can afford to purchase contact lenses in Asia Pacific, as disposable incomes rise in emerging economies within the region, and this economic factor contributes to market growth.
- The expansion of the middle class population in many countries in Asia Pacific has led to increased purchasing power. A larger demographic can afford and adopt contact lenses, contributing to market growth.
- Rapid urbanization and lifestyle changes, including increased screen time and exposure to digital devices, have contributed to a higher incidence of myopia. The trend is expected to drive the demand for contact lenses, especially among urban populations.
North America
- The rising prevalence of vision related issues, such as myopia and presbyopia, in North America is expected to drive the demand for contact lenses as a corrective solution.
- North America boasts advanced healthcare infrastructure and accessibility to eye care services, which facilitates easier access to eye examinations and prescriptions, supporting the growth of the contact lens market.
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Recent Development:
In 2021, Johnson & Johnson Vision, a prominent figure in global eye health and a division of the Johnson & Johnson Medical Devices Companies, unveiled a novel eye care solution, ACUVUE® OASYS MULTIFOCAL Contact Lenses featuring PUPIL OPTIMIZED DESIGN, which is tailored for individuals with presbyopia.
Global Contact Lens Market: Key Players
The following companies are well known participants in the global contact lens market:
- Johnson & Johnson Vision
- Essilor International
- Hoya Corporation
- Alcon Vision, LLC
- STAAR SURGICAL
- CooperVision, Inc.
- ZEISS International
- Bausch & Lomb Incorporated
- Contamac
- X-Cel Specialty Contacts
- Medennium
- SynergEyes
- SEED Contact Lens (M) Sdn Bhd
- Other Prominent Players
Global Contact Lens Market Segmentation
Product
-
- Soft Lenses
- Gas Permeable Lenses
Technology
-
- Spin Casting
- Cast Molding
- Lathe Cutting
Design
-
- Spherical
- Toric
- Multifocal
- Others
Region
-
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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