Global Contact Lenses Market to reach USD 14.04 Billion by 2032 with 6% CAGR, Driven by Rising Prevalence of Visual Diseases and Ageing Population.

The global Contact Lenses Market had a size of USD 8.31 billion in 2022, with an expected increase to USD 14.04 billion in 2032 and a revenue compound annual growth rate (CAGR) of 6% during the forecast period. Market revenue growth is primarily driven by the rising prevalence of visual impairments, including myopia, hyperopia, astigmatism, and presbyopia, as well as an increasing aging population.

Demand for cosmetic contact lenses, which can change the eye's color or shape for aesthetic reasons, is also contributing to market expansion. In the future, demand for contact lenses is expected to be driven by the growing popularity of cosmetic lenses.

Additionally, advancements in contact lens technology, including the creation of new materials and designs to enhance comfort, breathability, and vision quality, are contributing to revenue growth. For example, silicone hydrogel contact lenses are becoming more popular due to their high oxygen permeability, which provides longer wear times and increased comfort.

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Some major players in the contact lenses market include:

• Johnson & Johnson Services, Inc.
• Novartis International AG
• Alcon Inc.
• Bausch Health Companies Inc.
• Contamac Holdings Limited
• Hoya Corporation
• EssilorLuxottica SA
• Zeiss International

The rising popularity of contact lenses as a more flexible and convenient alternative to traditional eyeglasses is another factor driving revenue growth. Contact lenses offer a wider range of vision, maintain facial features, and do not fog up or interfere with physical activities.

Increasing consumer knowledge of the advantages of contact lenses over glasses is driving market growth as well, particularly for those who lead active lives or have vision problems that cannot be corrected by glasses.

However, the rising prevalence of eye infections associated with contact lens use is a significant factor that could hinder revenue growth. Wearers of contact lenses are more likely to experience infections such as microbial keratitis and corneal ulcers, which can lead to vision impairment if left untreated. Moreover, substitutes such as orthokeratology and laser eye surgery may be more appealing to some customers since they provide a longer-term solution for vision problems.

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Segments Covered in the Report

The contact lenses market can be segmented into different product types, with soft lenses being one of the most popular types. According to revenue data from 2019 to 2032, the global market size for contact lenses is expected to reach USD 8.31 billion in 2022 and grow to USD 14.04 billion in 2032, with a projected revenue CAGR of 6% during the forecast period.

Another type of contact lens is gas permeable lenses, which allow more oxygen to reach the eye, and hybrid lenses that combine features of both soft and gas permeable lenses. The market also includes other types of contact lenses that are less common.

In terms of distribution channels, contact lenses are available in retail stores such as optical shops and drugstores, as well as online stores. Other channels may include clinics or hospitals. The convenience of online shopping has led to an increase in sales through online stores.

Overall, the demand for contact lenses is driven by a growing prevalence of vision impairments, particularly among the ageing population, and advancements in technology that improve comfort and vision quality. Additionally, rising popularity of aesthetic contact lenses and their advantages over traditional eyeglasses are contributing to market growth. However, eye infections linked to contact lens use and the availability of alternative remedies such as orthokeratology and laser eye surgery could potentially limit the market's growth.

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Strategic development:

• In recent years, several key players in the global contact lenses market have made significant moves to expand their product offerings and strengthen their position in the industry.
• On 20 January 2021, Alcon Inc. launched a new product called Precision1 for Astigmatism contact lens. This innovative contact lens uses advanced design technology to provide clear and sharp vision for people with astigmatism. The introduction of this new product is expected to further enhance Alcon's presence in the global contact lenses market.
• In July 2020, EssilorLuxottica SA announced the acquisition of GrandVision NV, an eyewear retailer. This strategic move was aimed at expanding EssilorLuxottica's product offerings in the contact lenses market and strengthening its position in the global eyewear industry.
• In September 2017, Johnson & Johnson Services, Inc. announced the acquisition of TearScience, a company specializing in the development of devices and treatments for dry eye disease. The acquisition was intended to enhance Johnson & Johnson's presence in the global contact lenses market by improving its product offerings in the field of dry eye disease.
• These strategic moves by key players demonstrate the competitive nature of the global contact lenses market and the importance of innovation and expansion in maintaining a strong presence in the industry.

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