Contact Lenses Market Worth USD 15.2 Billion by 2033 | Future Market Insights

The global contact lenses market is estimated at USD 9.6 billion in 2023 and is projected to reach USD 15.2 billion by 2033, at a CAGR of 4.7% from 2023 to 2033. The share of the contact lenses market in its parent market (eyewear market) is approximately 5% to 7%.

A new Future Market Insights (FMI) study reveals that the contact lenses market will see a moderate CAGR over 2029. Soft contact lenses are the most prescribed contact lenses, while toric lens designs are significantly gaining popularity over the recent past. The latter are gaining traction attributing to their properties to correct mixed astigmatism.

Moreover, these lenses are fashionable, serve various purposes owing to their anti-radiation (block UV rays) properties, and abilities to filter dim lights and work on miniature components. Demand for silicone hydrogel contact lenses is also on a constant rise, as they reduce the risk of hypoxia related eye problems.

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List Of Key Players Covered in Contact Lenses Market are:

CooperVision, Inc.
Johnson & Johnson Vision Care, Inc.
Hoya Vision Care Company
Alcon (Division of Novartis AG)
Bausch & Lomb Incorporated
BenQ Materials Corporation
ZEISS International
SEED Co. Ltd.
Essilor International S.A.
Menicon Co. Ltd.

Key Takeaways - Contact Lenses Market

North America is expected to retain its dominant position in the global contact lenses market due to high adoption of contact lenses, high demand for branded products, and frequent new product launches, coupled with significant presence of prominent players in the region.
Soft lenses continue to be top selling, making up nearly 80% of overall sales in the contact lenses market. These lenses are widely prescribed by doctors, user-friendly, and easier to adjust as compared to hard contact lenses.
Increasing usage of therapeutic (drug-eluting) contact lenses for ophthalmic drug delivery is creating a massive window of opportunity in the global contact lenses market. These lenses would be garnering interests with their unique advantages such as extended wear and high bioavailability.

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Growing prevalence of myopia among young children and elderly demographic will continue to create significant opportunities for prominent players in the contact lenses market. Daily wear soft contact lenses made of flexible plastic that enables oxygen to pass through the eyes are gathering traction in market. Besides such innovations, online sales will help manufacturers reap sizeable profits in the global market.

Smart Contact Lenses Gaining Traction

Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.

Know More About Contact Lenses Market Report

Future Market Insights, in its new offering, provides an analysis of the global contact lenses market, presenting historical demand data (2014-2021) and forecast statistics for the period of 2022-2029. The report on the global contact lenses market reveals compelling insights on the basis of product type (soft lenses [daily wear and extended wear] and gas permeable), design type (spherical, toric, multifocal, and others), wear type (disposable and reusable), and sales channel (online [e-Commerce portal and company owned portal] and offline [exclusive stores and multiband stores]), across seven major regions.

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Detailed Table of Content:

Executive Summary

Global Market Outlook
Summary of Key Statistics
Summary of Key Findings
Product Evolution Analysis
Analysis and Recommendations
Market Overview

Market Taxonomy
Market Definition
Key Market Trends

Key Trends Impacting the Market
Product Innovation Trends
Evolution of Eyewear Industry
Future Prospects of Eyewear Industry

Factors Fuelling Growth
Influx of Brands
Innovative Distribution & Marketing Strategies
The Massive Impact of the Crisis

Covid-19 The Situation Now
Countries in action: How have countries been responding?
The Economic Impact of the COVID-19 Outbreak on Developing Asia
Impact of COVID-19 on the Gross Domestic Product of Selected Economies
Current Economic Projection - GDP/GVA and probable impact
Comparison of SAARs and market recovery, comparison to 2008 financial crisis and market recovery and forecast comparison for recovery of COVID 19
Impact of Covid-19 on Manufacturing Industry
Coronavirus Impact on The World of Work
Projected Recovery for Hardest Hit Sectors
Brand Mapping Analysis 

Price v/s Product
Value for Money
Top of Mind Contact Lenses Brands
Brand Portfolio-by Key Players
Brand Loyalty Mapping
Usage Pattern Overview
Branded vs Unbranded-Market

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