Contact Lenses Market Size to Reach USD 20.3 Billion by 2032 growing at 7.4% CAGR - Exclusive Report by Acumen Research and Consulting

The Contact Lenses Market, valued at USD 10.8 Billion in 2023, is anticipated to surpass USD 20.3 Billion by 2032, reflecting a projected CAGR of 7.4%

The contact lens market has changed dramatically during the last few decades. One of the most significant advancements has been the introduction of disposable contact lenses, which make it easier and more convenient for people to use and care for their lenses. Another significant advancement has been the introduction of new materials, such as silicone hydrogels, which allow more oxygen to reach the eye while providing greater comfort to the wearer. There has also been an increase in the availability of specialty contact lenses, such as those used to correct astigmatism and presbyopia, as well as those that change the color of the eye. In recent years, there has also been a trend towards the use of daily disposable contact lenses, which are worn for a single day and then thrown away, rather than being cleaned and reused.

The contact lens market is the industry that manufactures, distributes, and sells contact lenses. Contact lenses are thin, curved lenses that are placed on the eye's surface to improve vision or for cosmetic purposes. Contact lenses are available in a range of types, including those intended to correct nearsightedness, farsightedness, and astigmatism, as well as colored and special-effect lenses. The contact lens market is large and growing, with millions of people worldwide wearing contact lenses for vision correction. In recent years, the industry has seen the development of novel materials and technologies, including as silicone hydrogels and daily disposable lenses, which have increased contact lens comfort and convenience.

Contact Lenses Market Statistics

• In 2023, the worldwide contact lenses market was worth USD 10.8 billion
• From 2024 to 2032, the market is predicted to increase at a steady annual rate of 7.4%
• North America accounts for 38% of the contact lenses market
• The contact lenses market is growing at an 8.1% CAGR in Asia-Pacific
• The daily disposable lenses wear type generates the highest income in the market
• The corrective application category has significantly contributed to revenue growth
• The contact lenses market is driven by the growing number of eye-related disorders

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Contact Lenses Market Dynamics

Increasing Prevalence of Vision Impairments Drives the Contact Lenses Market

The increasing prevalence of vision impairments, such as myopia (nearsightedness), hyperopia (farsightedness), and presbyopia, is a major driver of the contact lens market. As the population ages, the incidence of presbyopia, which is a condition that causes the loss of the ability to see objects up close, is expected to increase, leading to increased demand for contact lenses as a vision correction option. In addition, the increasing use of digital devices, such as smartphones and computers, has been linked to an increase in the prevalence of myopia, particularly among children and young adults. The rising prevalence of vision impairments is likely to drive demand for contact lenses as a convenient and effective option for correcting vision.

Contact Lenses Market Segmentation

Acumen Research and Consulting has segmented the global contact lenses market by design, wear type, application, material, and distribution channel

• Based on the design, the market is categorized into multifocal, spherical, toric, and others. According to the contact lenses market forecast, the multifocal segment is estimated to grow significantly over the next several years.
• Based on the wear type, the industry is classified into frequent replacement lenses, daily disposable lenses, conventional lenses, and disposable lenses.
• Based on the application, the market is classified into prosthetic, corrective, lifestyle-oriented, cosmetic, and therapeutic.
• Based on the material, the market is classified into gas permeable, silicone hydrogel, polymethyl methacrylate (PMMA), hybrid, and hydrogel.
• Based on the distribution channel, the market is classified into retail stores, e-commerce, and silicone hydrogel & hydrogel.

Contact Lenses Market Regional Outlook

Geographically, the global contact lenses market can be divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. According to a contact lens industry analysis, North America may lead the global market in 2023. This dominance can be attributed to a large disposable income, a modern healthcare system, and a high level of awareness about eyesight correction alternatives. North America's healthcare system is well-developed, with a heavy emphasis on preventive treatment and early diagnosis of vision impairments. This has most likely contributed to the region's high rate of contact lens adoption. Furthermore, North America is home to numerous large contact lens manufacturers, including Johnson & Johnson, CooperVision, and Alcon (a branch of Novartis), all of which have a strong presence in the region.

Contact Lenses Market Players

Contact lenses companies profiled in the report include Abbott Medical Optics, Inc., Bausch & Lomb, Alcon Vision LLC, Carl Zeiss AG, CooperVision, Inc., Contamac, Essilor International S.A., Johnson & Johnson Vision Care, Inc., Hoya Corporation, Medennium, Seed Co., Ltd., SynergEyes, Inc., STAAR Surgical Company, and X-Cel Specialty Contacts.

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Contact Lenses Market Insights

Mr. Richard Johnson

Acumen Research and Consulting

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