Contact Lenses Market Size, Share & Trends Analysis Report By Material (Gas Permeable, Silicone Hydrogel), By Design (Spherical, Multifocal), By Application, By Distribution Channel, By Usage, By Region, And Segment Forecasts, 2023 - 2032

The global contact lenses market size was valued at USD 14.6 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.3% from 2023 to 2032. To correct refractive defects and make up for visual impairments such myopia, hyperopia, presbyopia, and astigmatism, a corrective lens is preferred. As a result, the market is anticipated to grow throughout the course of 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 a great amount of research and development to advance the technology. The market for contact lenses has expanded as a result of innovations like the introduction of dynamic soft contact lenses that incorporate cutting-edge technology. For instance, IMEC and SEED Co. Ltd, a global R&D hub, formed a partnership to work together on the development of a smart contact lens in November 2018. This contact lens will have a number of parts, including an ultra-thin silicon microchip, an LED light, and a radio-frequency antenna that would be sufficient for wireless energy transfer. Additionally, the interconnections are created using a thin stretchable sheet.

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 an easy eye adaptation and improved comfort because they are constructed of flexible, soft plastics like silicone hydrogel. It is frequently used to treat ametropia. Additionally, they allow more oxygen to reach the cornea of the wearer. Therefore, by reducing dryness and irritation, an increase in oxygen permeability improves the health and comfort of the wearer's eye. For example, in October 2020, Bausch + Lomb, a world-leading eye health company of Bausch Health Companies Inc., officially launched the Bausch + Lomb INFUSETM silicone hydrogel (SiHy) daily disposable contact lens to help ocular surface homeostasis and reduce the symptoms of contact lens dryness.

Contact Lenses Market Competitor Analysis
There are many significant companies in the fiercely competitive contact lens business. Essilor International SA, Bausch Health Companies Inc., Zeiss Group, and The Cooper Companies are significant market participants that add to the market's overall competitive rivalry. Moderate competitive rivalry is seen in this industry due to new items' moderate, lasting competitive advantage and the low level of competition between online and offline businesses.

This report examines all the key factors influencing growth of global Contact Lenses market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Contact Lenses market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, scope of NPD in new markets, pricing strategies, innovation possibilities and much more.

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Market Segmentations:
Global Contact Lenses Market: Major Players
Novartis
Valeant Pharmaceutical International Inc.
Bausch + Lomb
Bescon
Menicon
NEO Vision
Johnson & Johnson Services, Inc.
Oculus
Weicon
Alcon Laboratories, Inc.
Clearlab
CooperVision
Seed
Hoya Corp
St.Shine Optical
Camax
Hydron

Global Contact Lenses Market: Types
Prosthetic Contact Lenses
Cosmetic Contact Lenses
Corrective Lenses

Global Contact Lenses Market: Applications
e-commerce
Clinic
Hospital
Pharmacy

Global Contact Lenses Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Contact Lenses market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Growth Factors
• As the contact lenses are disposable in nature and they can also be reused the market for contact lenses is expected to grow well during the forecast period.
• There has been an increase in the awareness regarding the availability of these contact lenses and the benefits associated with the use of these contact lenses hence the market for this product is expected to grow in the developing as well as the developed economies.
• The amount of expense made for purchasing the reusable lenses or the disposable lenses is slightly different the market is expected to grow well in the coming years.

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An Overview of the Impact of COVID-19 on Market: The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Frequently Asked Questions About This Report
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