Contact Lenses Market to hit USD 34.1 billion by 2032, says Global Market Insights Inc.
Contact lenses industry is projected to witness a CAGR of 6.5% during the period 2024-2032. This growth can be attributed to rising vision related issues.
Selbyville, Delaware, Oct. 21, 2024 (GLOBE NEWSWIRE) --
Contact Lenses Market size was valued at USD 19.5 million in 2023, is forecasted to grow at a CAGR of 6.5% from 2024 to 2032. The rising prevalence of eye conditions, such as myopia and presbyopia, drives this development.
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Prolonged screen exposure and reduced outdoor activity contribute to an increase in vision issues, particularly among younger populations. The growing need for corrective lenses is also supported by an aging population, which is more susceptible to age-related eye diseases like presbyopia. This has led to a surge in demand for bifocal and multifocal contact lenses, further fueling the market expansion.
In addition to medical needs, the convenience and comfort offered by contact lenses play a crucial role in contact lenses market evolution. Unlike glasses, contact lenses move naturally with the eye, providing a broader field of vision without the obstruction of frames. They are particularly popular among individuals with active lifestyles, as they offer greater freedom during activities like sports and outdoor events. Technological advancements have also significantly improved the comfort of contact lenses, with modern lenses now being more breathable and hydrating, which helps reduce irritation and dryness. The introduction of daily disposable lenses adds to this convenience by eliminating the need for cleaning and maintenance, making them a preferred option for many.
The contact lenses market is segmented by type, including rigid gas permeable (RGP), soft, and hybrid contact lenses. The rigid gas permeable lenses led the market in 2023 with a revenue of USD 9.8 million and are expected to reach USD 17.5 million by 2032. These lenses are favored for their superior oxygen permeability, providing better eye health by reducing the risk of conditions like hypoxia. They also offer exceptional visual clarity, particularly for individuals with irregular corneas. Furthermore, RGP lenses are known for their durability and cost-effectiveness, making them a reliable long-term choice for many users.
Based on material, the contact lenses market is divided into hydrogel and polymers. In 2023, hydrogel lenses held around 71% of the market and are anticipated to grow at a CAGR of 6.7% during the forecast period. Hydrogel’s high water content and soft texture make it a comfortable option, offering better oxygen permeability and reducing the chances of eye irritation.
In terms of regional analysis, the Asia-Pacific region dominated the contact lenses market, generating USD 6.1 million in revenue in 2023 and is projected to reach USD 11.23 million by 2032. The region's development is driven by large populations and the increasing popularity of contact lenses for aesthetic enhancement and vision correction.
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Major players in contact lenses market include Alcon Inc., Bausch Health Companies Inc., Blanchard Contact Lenses, Inc., Carl Zeiss Beteiligungs-GmbH, Conforma Laboratories, Inc., Contamac Limited, Cooper Vision, Inc., Essilor Luxottica S.A., Hoya Corporation, Johnson & Johnson Vision Care, Inc., Menicon Co., Ltd., Novartis AG, SynergEyes, SynergEyes, Inc., and Ultra Vision CLPL among others.
Partial Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Product type trends
2.5 Distribution channel trends
Chapter 3 Market Insights
3.1 Industry ecosystem analysis
3.2 Key news and initiatives
3.2.1 Partnership/Collaboration
3.2.2 Merger/Acquisition
3.2.3 Investment
3.2.4 Product launch & innovation
3.3 Regulatory landscape
3.4 Impact forces
3.5 Growth drivers
3.5.1 Rising vision related issues
3.5.2 Convenience and comfort offered
3.5.3 Expanding product ranges and availability
3.6 Industry pitfalls & challenges
3.6.1 Competition from alternative vision treatments
3.7 Growth potential analysis
3.8 Raw material analysis
3.9 Trade analysis
3.9.1 Export data
3.9.2 Import data
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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