Contact Lenses Market to Reach Valuation of USD 10.9 Billion By 2028 – Increasing Innovation in the Production of Contact Lenses in Manufacturing Industries Drives the Market

In terms of revenue, the Global Contact Lenses Market is expected to reach USD 10.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.20% from 2022 to 2028.

A corrective lens is preferred to correct refractive defects and compensate for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism. As a result, the market is anticipated to grow throughout the forecast due to increased visual inconsistencies. The quantity of outdoor activities is growing, which is accelerating market expansion.

Key Highlights from Report:

· The Spherical segment is estimated to dominate the growth of the Contact Lenses Market during the forecast period. Due to the increased use of these lenses by optometrists and patients to cure myopia (nearsightedness) or hyperopia (farsightedness), as well as the rising prevalence of these conditions, a sizable share of this market can be attributed to these factors. However, it is anticipated that the Multifocal Contact Lenses category will increase faster during the projected period.

· The Silicon Hydrogel segment is expected to register the highest growth in the Contact Lenses Market in 2021. Silicone Hydrogel lenses have several advantages over being more flexible and comfortable than gas-permeable lenses. As a result, users favor it over other lenses more. The Hybrid Lens category is anticipated to experience significant expansion throughout the projection period. Gas-permeable and Silicone Hydrogel lenses are combined to create hybrid lenses. It comprises a soft peripheral skirt made of silicone or soft hydrogel material surrounding a Rigid Gas Permeable (RGP) center zone.

· North America dominated the Global Contact Lenses Market in 2021 and is predicted to continue doing so throughout the forecast period due to the growing number of people suffering from vision disorders. In addition, growing consumer knowledge of vision correction options is anticipated to drive up market demand over the next few years. Most businesses invest heavily in thorough research and development to produce more cutting-edge products. The main methods used by significant firms in this region include diversifying their product portfolios and engaging in mergers and acquisitions.

Market Dynamics:

Myopia, hyperopia, astigmatism, and presbyopia are all vision problems that can be fixed using Contact Lenses. Myopia is still the most prevalent worldwide, despite an increase in prevalence. The untapped emerging economies are anticipated to offer expansion prospects for companies in the contact lens market. On the other hand, regulatory restrictions and ophthalmologist scarcity are anticipated to limit market expansion to some level in the upcoming years. Optics and optometry have used a lot of research and development efforts to advance the technology. The development of the contact lens market has been fuelled by innovations like the introduction of dynamic soft Contact Lenses integrated with cutting-edge technology.

Most of the global market for Contact Lenses was dominated by North America because of the region's escalating geriatric population and rising prevalence of eye problems. Additionally, due to the increasing use of computers, televisions, and cell phones, the region's citizens' sedentary lifestyles have increased their chance of developing vision issues. The previously listed elements have increased the demand for Contact Lenses. In the US and Canada, efficient healthcare systems have been established. These systems also aid in research and innovation. The welcoming government policies encourage international market participants to enter the United States and Canada. As a result, these countries have many international market players.

The Global Contact Lenses Market is Segmented as follows:

• Products
  • Usage
  • Design
  • Material
  • Color Variation
  • Application
• Distribution Channel
  • Retail Stores
  • Hospitals & Clinics
  • E-Commerce
• Material Type
  • Silicone Hydrogel
  • Hydrogel
  • Other Materials
• Design Type
  • Spherical
  • Toric
  • Multifocal
  • Other Design Types
• Wear Type
  • Monthly Disposable
  • Daily Disposable
  • Yearly Disposable
• Application
  • Corrective
  • Cosmetic
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Contact Lenses Market is:

Bausch & Lomb (US), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), HOYA Corporation (Japan), The Cooper Companies (US), Seed Co. Ltd. (Japan), EssilorLuxottica (France), BenQ Materials Corporation (Taiwan), Menicon Co. Ltd. (Japan)

The Global Contact Lenses Market Scope can be Tabulated as below: