IMARC Group, a leading market research company, has recently released a report titled “Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global contact lenses market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Contact Lenses Industry?
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.
What is Contact Lenses?
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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What are the growth prospects and trends in the Contact Lenses industry?
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.
What is included in market 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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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