According to the latest report by IMARC Group “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 thin, curved films employed on the cornea to enhance vision. These lenses are made of transparent plastic disks and can be tinted slightly to improve their handling and enhance color perception. They require a prescription from an eye specialist to prevent complications, such as blindness, inflammation, vision loss, or infection. They are made of silicone hydrogel, gas permeable, or hybrid that are safer and provide a wide field of vision to help individuals see more clearly. At present, contact lenses are easily available in eye care practitioners, e-commerce, and retail stores across the globe.
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Market Trends:
The market is primarily driven by the increasing incidences of common eye disorders such as hyperopia, astigmatism, myopia, and presbyopia. In addition, the escalating demand for vision correction among the growing geriatric population is contributing to market growth. Moreover, the widespread adoption of contact lenses among individuals in sports and physical activities to enhance performance, minimize the risk of injury, and improve compatibility with safety equipment represents another major growth-inducing factor. Besides this, contact lenses provide advantages over eyeglasses, such as an unobstructed field of view, improved peripheral vision, and reduced risk of splattering which is accelerating the product adoption rate. Along with this, the introduction of special lenses to treat corneal irregularities and slow the progression of nearsightedness in children is propelling market growth. Furthermore, the leading manufacturers are producing UV-inhibiting lenses that protect eyes from the harmful effects of sun rays, which is creating a positive market outlook.
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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