Contact Lenses Market Size To Register A CAGR Of 3.50% And Reach A Value Of USD 12.13 Billion By 2032 | MRFR
Research Reports
Sep 27, 2023
The contact lenses Market is projected to grow from USD 9.21 Billion in 2023 to USD 12.13 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2023 – 2032).
Contact lenses are small lenses applied to the eye’s surface to correct eyesight. According to their nature, comfort level, and capacity for reuse, they have been either hard or soft. The market is expected to rise during the projected period due to the rising prevalence of refractive errors worldwide and the increasing acceptance of these ocular prosthetic devices amongst developing nations. Due to the increased prevalence of refractive defects globally and the expanding acceptability of such ocular prosthetic devices amongst developing nations, the market is anticipated to grow. Increase awareness of the benefits of detachable lenses over reusable ones, including avoiding negative cleaning solution side effects such as eye discoloration.
The main drivers of market expansion are a decreasing customer base and a rise in visual anomalies in young children due to increased screen time prior to laptops, desktop computers, and smartphones. The leading smart contact lens industry companies are also developing cutting-edge technologies and raising consumer awareness to increase demand for daily disposables. The market for these lenses is anticipated to increase due to the growing prevalence of refractive errors worldwide and growing public awareness of the benefits of using lenses for these eye disorders to correct refractive vision. Consumers switching from these gadgets to eyeglasses throughout the closure were blamed for the sales drop. Additionally, fewer people purchasing lenses while staying in their homes was another factor that contributed to the decline in the number of
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Due to the increased prevalence of refractive defects globally and the expanding acceptability of such ocular prosthetic devices across developing countries. Increase awareness of the benefits of detachable lenses over reusable ones, including avoiding negative cleaning solution side effects such as eye discoloration. Increasing visual anomalies in young children due to increased screen time before desktops, laptops, and smartphones, as well as an aging population base, are the main reasons driving market expansion. The accessibility of cheaper and more effective options for treatment for refractive problems, like LASIK surgery and eyeglasses, may, however, be a significant barrier to the market’s expansion.
Market Competitive Landscape:
- Essilor International SA.
- SynergEyes, Inc.
- X-Cel Specialty Contacts
- Johnson & Johnson Vision Care, Inc.
- Medennium
- Seed Co., Ltd.
- Alcon Vision LLC
- Abbott Medical Optics, Inc.
- CooperVision, Inc.
- Hoya Corporation
- STAAR Surgical Company
Market Segmentation
According to the type of wear, the contact lens market is divided into four categories: traditional, frequent replacement, and daily disposable lenses. According to the material used, the market is segmented into silicone hydrogel soft contacts, methacrylate hydrogel soft contacts, gas-permeable contacts, and others. According to type, the contact lens market is segmented into three categories: corrective, therapeutic, cosmetic and lifestyle. Spherical lenses, toric lenses, multifocal lenses, and other types of lenses are included in the design-based segmentation of the contact lens market.
Regional Insights
Due to the rising prevalence of refractive defect patients and increased public awareness of the numerous vision correction procedures available there, the North American contact lens industry will continue to dominate. The adoption of these lenses in the region is projected to rise due to a higher need for these devices in the U.S. and Canada. Additionally, market participants are forming strategic alliances and relationships, which is anticipated to accelerate the uptake of contact lenses in the United States and Canada. Additionally, the UK’s contact lens market had the greatest growth rate in the North American region and had the largest market share in Germany.
Browse In-depth Market Research Report (129 Pages) on Contact Lenses: https://www.marketresearchfuture.com/reports/contact-lenses-market-6210
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