Contact Lenses Market Size To Reach US$ 11.4 Billion By 2028 | With a 5.9% CAGR

IMARC Group, a leading market research company, has released a report titled "Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global contact lenses market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.4 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

Contact lenses are thin, transparent medical devices placed directly on the cornea of the eye to correct vision or for cosmetic purposes. They provide an alternative to traditional eyeglasses, offering a more natural and unobstructed field of vision. They are made from various materials, including soft hydrogels or rigid gas permeable (RGP) materials. These contact lenses are designed to correct refractive errors, including myopia (nearsightedness), hyperopia (farsightedness), astigmatism (blurred vision due to irregular corneal shape), and presbyopia (age-related difficulty in focusing on near objects). They help to bend light properly onto the retina, improving visual acuity. They are also worn during the day and removed at night for cleaning and disinfection. In addition, these contact lenses are designed for continuous wear, including overnight, for a specified duration without removal. Some extended wear lenses can be worn for up to 30 days, depending on the lens type and the recommendation of an eye care professional.

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Contact Lenses Market Trends and Drivers:

The global contact lenses market is experiencing significant growth, driven by various factors that are shaping the industry landscape. Contact lenses, being a popular alternative to traditional eyeglasses, have witnessed a surge in demand owing to their convenience, comfort, and aesthetic appeal. In addition, the increasing prevalence of vision disorders and the growing global population of eyeglass wearers. With the rising incidence of myopia, hyperopia, astigmatism, and presbyopia, individuals are seeking vision correction solutions that offer enhanced visual acuity without compromising on comfort. Contact lenses provide a seamless visual experience, offering a wider field of view and eliminating the inconvenience associated with traditional eyeglasses, thereby driving their adoption among consumers worldwide. Moreover, technological advancements in contact lens manufacturing have revolutionized the industry, fostering innovation and driving market growth. Manufacturers are continually introducing advanced materials, such as silicone hydrogels and gas-permeable lenses, which provide superior oxygen permeability, enhanced comfort, and longer wearing periods. These advancements have contributed to a surge in demand for contact lenses, particularly among active individuals and those with specific visual needs. Another significant trend shaping the contact lenses market is the growing preference for cosmetic and colored contact lenses. These lenses, available in a plethora of designs and colors, allow users to change or enhance their eye color, adding a touch of uniqueness and style to their appearance. Furthermore, the increasing adoption of contact lenses in the aging population is driving market growth. As individuals age, they often face visual challenges associated with presbyopia, necessitating the use of multifocal contact lenses. The convenience and versatility offered by multifocal lenses, which enable clear vision at different distances, have gained traction among older adults seeking a seamless transition from near to far vision.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Material:

Gas Permeable
Silicone Hydrogel
Hybrid
Others

Breakup by Design:

Spherical
Toric
Multifocal
Others

Breakup by Usage:

Daily Disposable
Disposable
Frequently Replacement
Traditional

Breakup by Application:

Corrective
Therapeutic
Cosmetic
Prosthetic
Lifestyle-oriented

Breakup by Distribution Channel:

E-commerce
Eye Care Practitioners
Retail Stores

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

The competitive landscape of the market has also been analyzed, with some of the top leading contact lenses manufacturers.

Alton Vision LLC
Bausch & Lomb Incorporated
Carl Zeiss AG
Contamac Holdings Limited
EssilorLuxottica SA
Hoya Corporation
Johnson & Johnson Services, Inc.
Menicon Co. Limited
SEED Co. Limited
SynergEyes Inc.
Cooper Companies Inc.

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This release was published on openPR.