Contact Lenses Market Worth US$ 13.7 Billion by 2032 at CAGR of 5.2% | IMARC Group

IMARC Group's report titled "Contact Lenses Market Report by Material (Gas Permeable, Silicone Hydrogel, Hybrid, and Others), Design (Spherical, Toric, Multifocal, and Others), Usage (Daily Disposable, Disposable, Frequently Replacement, Traditional), Application (Corrective, Therapeutic, Cosmetic, Prosthetic, Lifestyle-Oriented), Distribution Channel (E-Commerce, Eye Care Practitioners, Retail Stores), and Region 2024-2032". The global contact lenses market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/contact-lenses-market/requestsample

Factors Affecting the Growth of the Contact Lenses Industry:

● Technological Advancements:

The production of contact lenses is significantly benefiting from technological advancements. Innovations in lens materials and design are enhancing comfort and functionality, attracting a wider range of consumers. The development of silicone hydrogel lenses allows more oxygen to pass via the lens to the cornea, reducing dry eye symptoms and allowing for longer wear times. Additionally, advancements in manufacturing processes are making it possible to produce lenses that correct a variety of vision problems, such as astigmatism and presbyopia, which were previously challenging to address with contact lenses. These improvements not only provide better products but also expand the potential user base.

● Increasing Prevalence of Myopia:

The rising incidence of myopia (nearsightedness) globally is a significant factor driving the demand for contact lenses. Myopia is becoming increasingly prevalent, particularly in younger populations, due in part to lifestyle changes like increased screen time and minimum time spent outdoors. Contact lenses provide a convenient and effective option for vision correction, making them an appropriate choice for people with myopia. The World Health Organization (WHO) has recognized myopia as a growing concern, and as awareness of this issue increases, so does the demand for corrective lenses, including contact lenses.

● Cosmetic and Lifestyle Factors:

Beyond vision correction, contact lenses are gaining popularity for cosmetic reasons. Colored lenses allow users to change their eye color or enhance their natural color, appealing to fashion-conscious people. Furthermore, the lifestyle benefits of contact lenses, such as their compatibility with sports and outdoor activities where glasses may be inconvenient, contribute to their appeal. The transition towards a more active lifestyle and the desire for aesthetic flexibility are driving more people to choose contact lenses over traditional eyeglasses. This trend is particularly strong among younger individuals, who are more likely to prioritize aesthetics and lifestyle compatibility in their choice of vision correction solutions.

Leading Companies Operating in the Global Contact Lenses Industry:

● 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.

Ask Analyst for Sample Report: https://www.imarcgroup.com/request?type=report&id=4006&flag=C

Contact Lenses Market Report Segmentation:

By Material:

● Gas Permeable
● Silicone Hydrogel
● Hybrid
● Others

Silicone hydrogel represents the largest segment due to its effectiveness and easy usage.

By Design:

● Spherical
● Toric
● Multifocal
● Others

Spherical exhibits a clear dominance in the market. It is designed to correct common vision problems like myopia (nearsightedness) and hyperopia (farsightedness).

By Usage:

● Daily Disposable
● Disposable
● Frequently Replacement
● Traditional

Daily disposable holds the biggest market share owing to their hassle-fee usage.

By Application:

● Corrective
● Therapeutic
● Cosmetic
● Prosthetic
● Lifestyle-oriented

Corrective accounts for the majority of the market share as it is effective in correcting refractive errors and improving vision clarity.

By Distribution Channel:

● E-commerce
● Eye Care Practitioners
● Retail Stores

Retail stores exhibit a clear dominance in the market on account of the wide variety of contact lenses available there.

Regional Insights:

● 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

North America's dominance in the contact lenses market, which can be attributed to substantial investment in research and development (R&D), leading to advanced technological developments in this field.

Global Contact Lenses Market Trends:

The growing need for multifocal and bifocal contact lenses designed to address presbyopia, a common age-related vision impairment, is fueling market growth. Aging populations, especially in developed countries, are seeking effective and comfortable vision correction solutions that suit their active lifestyles. Contact lenses that meet these specific needs are becoming increasingly popular, offering older consumers an alternative to traditional reading glasses. This demographic shift is a major driver for the expansion and diversification of the contact lens market. Online platforms are offering the convenience of purchasing contact lenses from home, often at competitive prices. This is making it easier for people to access a variety of lenses, including international brands that may not be available in local stores. Additionally, online retailers often offer subscription services to ensure regular delivery of lenses, which is particularly attractive to regular contact lens users. The growth of online retailing is opening up the market to a wider audience and increasing competition among brands, ultimately benefiting consumers with more choice and better prices.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Contact Us:

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

This release was published on openPR.