The latest report by IMARC Group, titled “Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. 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 specialized medical devices placed on the tear film covering the cornea to correct refractive errors, such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism. They are composed of a polymeric material and are commonly prescribed by ophthalmologists or optometrists for vision correction and management of specific corneal conditions. They can be employed to correct presbyopia, a condition that affects individuals over the age of 40 and results in increased farsightedness. They are also used to treat certain eye conditions like keratoconus, which causes a progressive curvature of the cornea. These lenses come in various sizes, shapes, and materials, including soft lenses, rigid gas permeable (RGP) lenses, and hybrid lenses. They are typically made from thin, transparent plastic disks and can be optionally tinted to enhance colors and facilitate handling. Compared to eyeglasses, contact lenses are considered a safer option and provide a broader field of vision with improved clarity. A prescription from an eye specialist is required for using contact lenses to avoid potential complications. such as infection, inflammation, and vision impairment or loss. At present, numerous companies across the globe are offering customized contact lenses in different designs to cater to specific needs and preferences.
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Contact Lenses Market Trends and Drivers:
The global contact lenses market is primarily driven by the growing prevalence of common eye disorders and diseases. Moreover, the rising cases of vision deterioration due to aging and the expanding geriatric population across the globe has augmented the demand for contact lenses as a means of vision correction. Along with this, contact lenses offer various advantages over traditional eyeglasses, including enhanced peripheral vision, an unobstructed field of view, and reduced vulnerability to splattering. This, coupled with the increasing participation of individuals in sports and physical activities, has accelerated the product adoption rate. This can be attributed to the ability of contact lenses to minimize the risk of eye injuries, improve compatibility with safety equipment, and enhance performance for individuals and athletes. Additionally, the development of specialized lenses to slow down the progression of nearsightedness in children and to address conditions like keratoconus and other corneal irregularities is positively influencing market growth. Besides this, key players are producing contact lenses with ultraviolet (UV) inhibiting properties, protecting against sun rays that can contribute to cataracts and other eye problems, which in turn has catalyzed the market growth. In addition, the introduction of innovative colored lenses designed for cosmetic purposes is another major growth-inducing factor. Furthermore, the rising consumer preference for contact lenses to enhance the aesthetic appearance and eye comfort is propelling the market growth. Other factors, including ongoing research and development (R&D) activities in optics and optometry, increasing adoption of contact lenses to correct multiple vision defects, and rapid technological advancements, are also anticipated to drive the market further.
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:
- 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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