Contact Lens Market | The growth is attributed to the Increasing demand for Soft Lenses.

According to Precision Business Insights (PBI), the latest report, the contact lens market is expected to be worth USD 10,303.67 Million in 2022, growing at a 5.3% CAGR from 2022 to 2028. Changing consumer preferences toward improving eye hues to enhance facial appearance and style, particularly in the fashion industry, resulting in economic growth. Because companies offer distinct visual components to the business, decorative contacts create a great fashion statement. Movie stars, models, television actors, and sports athletes all wear-colored contact lenses in their everyday routines, increasing demand for the product. Due to significant consumer usage and the risk of infection, while wearing the product, manufacturers are concentrating their efforts on enhancing quality standards for lenses. Susceptible items pose a significant risk of eye infections, necessitating post-use hygienic care. By incorporating soft polymer materials into the manufacturing process, the leading manufacturers are investing heavily in R&D for oxygen permeability via lenses.

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Soft Lenses Segment to Dominate the Contact Lens Market:
The soft lenses segment is expected to account for a larger revenue share in the global contact lens market, with a value share worldwide. It is projected to grow at a 5.9% CAGR between 2022 and 2028. Soft lenses, also known as silicone hydrogel lenses, have a wide range of uses and significantly contribute to the contact lens market's growth. Soft contact lenses are made of flexible, soft plastics like silicone hydrogel, which allow for simple eye adaptation and increased comfort. It's frequently used to correct ametropia. They also allow more oxygen to pass through to the wearer's cornea. By lowering dryness and irritation, an increase in oxygen permeability improves the health and comfort of the wearer's eye.

Asia Pacific Contact Lens Market:
The Asia Pacific market is expected to increase in the global contact lens market over the forecast period. It is projected to grow at a CAGR of 6.7% in the coming years. Due to widespread product acceptance, China, Japan, Taiwan, and South Korea account for the majority of growth. The spherical cosmetic contact lens is in high demand due to the large demographic base. Huge penetration of the entertainment business, which has a beneficial impact on the population in China, South Korea, and Japan, will bolster the industry's market share.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global contact lens market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In November 2021, the American Academy of Optometry marked the official launch of Alcon's Total30, a monthly replacement Water Gradient contact lens.

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The contact lens market is segmented based on material, design, application, distribution channel, and geography.
Based on the material, the market is segmented into the following:
• Gas Permeable
• Silicone Hydrogel
• Hybrid

Based on the design, the market is segmented into the following:
• Spherical
• Toric
• Multifocal
• Others

Based on the application, the market is segmented into the following:
• Corrective
• Therapeutic
• Cosmetic
• Prosthetic
• Lifestyle-oriented

Based on the distribution channel, the market is segmented into the following:
• E-commerce
• Eye Care Practitioners
• Retail

Based on the usage, the market is segmented into the following:
• Daily Disposable
• Disposable
• Frequently Replacement
• Traditional

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Key players' profiles in the contact lens market report are Essilor International S.A., Alcon Vision LLC, Abbott Medical Optics, Inc., CooperVision, Inc., Hoya Corporation, SynergEyes, Inc., X-Cel Specialty Contacts, Johnson & Johnson Vision Care, Inc., Me

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