The contact lenses market is expected to rise at a CAGR of 3.50% from 2023 to 2032, growing from a value of USD 9.21 billion in 2023 to USD 12.13 billion over the review period.
The contact lens market is being propelled forward by the aging population and the unmet need for lenses in developing countries. As eye care awareness and diagnostic tools improve, more people are getting their eyes evaluated to determine the best lens option for their needs. Therefore, the contact lenses industry is growing as demand rises around the world.
Contact lens makers are constantly trying new things to find out how to make contacts that are comfortable, durable, and affordable for the widest possible audience. In addition, they hope that regular users will find the new designs to be more aesthetically pleasant and comfortable.
The many advantages of contact lenses, beyond simply correcting eyesight, have contributed to their meteoric rise in popularity in recent years. These days, contact lenses are often worn for purely aesthetic reasons, such as to enhance one's eye color or to hide the signs of aging like wrinkles and age spots. In addition, people who are short-sighted, long-sighted, or have astigmatism now have more options than ever before. As a result, the contact lenses business stands to benefit from rising demand and expanding distribution channels.
The introduction of COVID-19 severely impacted the worldwide demand for contact lenses. Due to the COVID-19 pandemic, the main market players have reported a drop in lens sales revenue. During the downtime, revenue plummeted because fewer people were using these devices.
Daily disposable lenses, disposable lenses, regularly replaced lenses, and traditional lenses are the main subsegments of the global contact lens market.
Corrective lenses, therapeutic lenses, and aesthetic and lifestyle lenses comprise the three main submarkets of the worldwide contact lens industry.
Silicone hydrogel soft contact lenses, methacrylate hydrogel soft contact lenses, and gas-permeable contact lenses all constitute distinct segments of the global contact lens market.
Different types of contact lenses, such as spherical lenses, toric lenses, multifocal lenses, and others, have been used to divide the global contact lens market.
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The Americas, Europe, Asia-Pacific, and the Middle East and Africa are the four geographical segments comprising the worldwide contact lens market.
It is expected that the contact lens market in the Americas would be the largest in the world. North America and South America are expected to maintain their respective positions as the world's largest contact lens markets due to factors such as the rising number of people who wear contacts, the rising incidence of eye diseases, the rising popularity of cosmetic lenses among younger consumers, and the United States' and Canada's heavy investment in R&D.
Increases in the prevalence of age-related eye diseases in countries like the United Kingdom, Germany, France, and Spain drove significant growth in the Europe market.
Rising rates of eye disease and growing contact lens usage among young people in Asia and the Pacific are likely to drive the region's market growth at a faster clip than any other region. The growth of the market is anticipated to be fueled by rising investments from major players in the Asia-Pacific region.
As the number of people who use contacts grows, as do the number of partnerships and deals made to bring contact lens goods to market, the contact lens industry in the Middle East and Africa is expected to grow.
The notable players of the market are Johnson & Johnson Services Inc., Novartis AG, CooperVision, Inc. (The Cooper Companies Inc.), Bausch Health, Neovision Co, Ltd, Seed Co. Ltd, Hoya Corporation, Menicon Co., Ltd, Oculus Private Limited, Camax Optical Corp., and St. Shine Optical Co., Ltd.