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 Market
Contact lenses are thin, curved, and transparent disks typically placed directly on the eye’s surface. They serve as an alternative to traditional eyeglasses, offering vision correction for various visual impairments like nearsightedness, farsightedness, and astigmatism. They are typically made from materials like silicone hydrogel or hydroxyethyl methacrylate (HEMA), which allow oxygen to pass through to the cornea, ensuring comfort and eye health. They come in different types, including daily disposable, monthly, and extended wear options. They are customized to suit an individual’s prescription needs and liestyle. Users insert and remove them daily or as recommended by an eye care professional. To ensure safe and effective use of contact lenses, it’s essential to follow proper hygiene practices and consult with an eye care specialist for regular check-ups and prescription updates. Contact lenses provide clear and natural vision, free from the distortions associated with eyeglasses. As a result, contact lenses are gaining immense traction among those seeking a convenient and inconspicuous vision correction solution across the globe.
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Contact Lenses Market Trends and Drivers:
The global contact lens market is primarily driven by the rising product demand as a vision correction solution due to the growing prevalence of vision-related disorders, including myopia, presbyopia, and astigmatism. Apart from this, ongoing advancements in contact lens materials and desgn that enhance comfort and breathability have accelerated the product adoption rate. Additionally, an aging population and an increasing desire for cosmetic lenses are fueling market growth. Besides this, the convenience and lifestyle benefits associated with contact lenses, such as freedom from glasses and ease of use during physical activities, are propelling market growth. Moreover, the rising incidences of digital eye strain owing to the escalating use of digital devices and prolonged screen time have amplified the need for contact lenses with features like blue light filtering. Furthermore, the heightened awareness of eye health and the availability of disposable and daily disposable contact lenses that encourage more people to opt for this vision correction option is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Material:
Gas Permeable
Silicone Hydrogel
Hybrid
Others
Breakup by Design:
Sphercal
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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