The global Contact Lenses Market size is expected to reach
USD 21.6 billion by 2030, according to a new report by Grand View Research,
Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030.
Innovative materials for manufacturing contact lenses and the increasing
adoption of contact lenses are prominent factors boosting the market's growth.
The rising tendency of youngsters to enhance their aesthetic appearance and the
growing aging population is expected to drive the demand for contact lenses
over the forecast period. The rise of astigmatism and myopia cases worldwide
and the increased acceptance of these lenses in developing countries are
boosting market expansion over the forecast period. Also, global factors such
as the rising disposable income and improvement in the overall economy are
anticipated to propel the market's growth.
Contact lens manufacturers are the source for
wholesale and retail distributors, and manufacturers distribute their contact
lenses through various channels. Significant market growth can be attributed to
the increasing number of active lens wearers, technological advancements, and
the development of silicone hydrogel material to fabric soft lenses. Orthokeratology
(Ortho K) is a recent technological advancement that reshapes the cornea to
improve vision which involves wearing specially developed overnight contact
lenses to change the structure of the eyes during sleep. Increasing product
launches and developments resulted in increased adoption of contact lenses. For
Instance, In March 2019, Alcon Vision LLC, a manufacturer of eye care
devices, introduced the AcrySof IQ PanOptix Trifocal IOL, which may be used for
intermediate, distance, and close vision in the U.S. Market.
The hybrid contact lens is expected to portray the
highest CAGR over the forecast period in the material segment. By application,
the adoption of corrective contact lenses is anticipated to rise, owing to the
increasing use of these lenses to correct refractive errors. They are also used
to compensate for various deficiencies in vision such as hypermetropia,
presbyopia, astigmatism, and myopia. Based on usage, the daily disposable
contact lenses accounted for the largest market share in 2021.
Related Press Release@ Contact Lenses Market Report
Contact Lenses Market Report
Highlights
- Soft lenses/Silicone Hydrogel lenses have the highest acceptance
rate, owing to their flexibility, comfort, and oxygen permeability to the
eyes. The soft lenses are expected to be the highest growing segment by
revenue over the forecast period
- The toric design segment is expected to portray a CAGR of 6.7% over
the projected period
- In South America, the market is expected to have significant growth
over the forecast period, owing to the large-scale penetration of contact
lenses
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Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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