IMARC Group's report titled "Contact Lenses Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global contact lenses market share. The global market size reached US$ 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

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Factors Affecting the Growth of the Contact Lenses Industry:

• Technological Advancements:

The production of contact lenses is significantly benefiting from technological advancements. Innovations in lens materials and design are enhancing comfort and functionality, attracting a wider range of consumers. The development of silicone hydrogel lenses allows more oxygen to pass via the lens to the cornea, reducing dry eye symptoms and allowing for longer wear times. Additionally, advancements in manufacturing processes are making it possible to produce lenses that correct a variety of vision problems, such as astigmatism and presbyopia, which were previously challenging to address with contact lenses. These improvements not only provide better products but also expand the potential user base.

• Increasing Prevalence of Myopia:

The rising incidence of myopia (nearsightedness) globally is a significant factor driving the demand for contact lenses. Myopia is becoming increasingly prevalent, particularly in younger populations, due in part to lifestyle changes like increased screen time and minimum time spent outdoors. Contact lenses provide a convenient and effective option for vision correction, making them an appropriate choice for people with myopia. The World Health Organization (WHO) has recognized myopia as a growing concern, and as awareness of this issue increases, so does the demand for corrective lenses, including contact lenses.

• Cosmetic and Lifestyle Factors:

Beyond vision correction, contact lenses are gaining popularity for cosmetic reasons. Colored lenses allow users to change their eye color or enhance their natural color, appealing to fashion-conscious people. Furthermore, the lifestyle benefits of contact lenses, such as their compatibility with sports and outdoor activities where glasses may be inconvenient, contribute to their appeal. The transition towards a more active lifestyle and the desire for aesthetic flexibility are driving more people to choose contact lenses over traditional eyeglasses. This trend is particularly strong among younger individuals, who are more likely to prioritize aesthetics and lifestyle compatibility in their choice of vision correction solutions.

Leading Companies Operating in the Global Contact Lenses Industry:

• 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.

Contact Lenses Market Report Segmentation:

By Material:

• Gas Permeable
• Silicone Hydrogel
• Hybrid
• Others

Silicone hydrogel represents the largest segment due to its effectiveness and easy usage.

By Design:

• Spherical
• Toric
• Multifocal
• Others

Spherical exhibits a clear dominance in the market. It is designed to correct common vision problems like myopia (nearsightedness) and hyperopia (farsightedness).

By Usage:

• Daily Disposable
• Disposable
• Frequently Replacement
• Traditional

Daily disposable holds the biggest market share owing to their hassle-fee usage.

By Application:

• Corrective
• Therapeutic
• Cosmetic
• Prosthetic
• Lifestyle-oriented

Corrective accounts for the majority of the market share as it is effective in correcting refractive errors and improving vision clarity.

By Distribution Channel:

• E-commerce
• Eye Care Practitioners
• Retail Stores

Retail stores exhibit a clear dominance in the market on account of the wide variety of contact lenses available there.

Regional Insights:

• 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

North America's dominance in the contact lenses market, which can be attributed to substantial investment in research and development (R&D), leading to advanced technological developments in this field.

Global Contact Lenses Market Trends:

The increasing need for multifocal and bifocal contact lenses designed to address presbyopia, a common age-related vision impairment, is propelling the market growth. The aging population, especially in developed countries, is looking for effective and comfortable vision correction solutions that fit their active lifestyles. Contact lenses that cater to these specific needs are becoming increasingly popular, offering older consumers an alternative to traditional reading glasses. This demographic shift is a crucial driver for the expansion and diversification of the contact lens market. Online platforms are offering the convenience of purchasing contact lenses from home, often at competitive prices. This is making it easier for people to access a wider variety of lens types, including those from international brands that may not be available in local stores. Additionally, online retailers often provide subscription services, ensuring regular delivery of lenses, which is particularly appealing for regular contact lens users. The growth of online retailing is opening the market to a broader audience and increasing competition among brands, ultimately benefiting consumers with more choices and better prices.

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