Contact Lenses Market share is predicted to be almost US$ 15.41 Billion by 2032

Contact Lenses Market share is predicted to be almost US$ 15.41 Billion by 2032. The CAGR for the contact lenses market from 2024 to 2032 is 5.31%. Renub Research said that it was priced at US$ 9.67 Billion in 2023.

A tiny, curved lens called a contact lens is applied to the tears covering the eye's surface. Although the lens is naturally clear, it is frequently tinted slightly to make it more bearable for wearers. Both soft and hard contact lenses are available nowadays. Even though contact lenses are a more recent development in eye care, they have a rich and distinguished past that Rene Descartes and Leonardo da Vinci initiated. However, a German glassblower created a lens that was both see-through and reasonably tolerant in the late 19th century. The first contact lens was invented and installed by a German ophthalmologist. It was designed to be worn for a few hours at a time.

·???????? According to an NCBI article, contact lens wearers number over 140 million worldwide. As technologies have advanced to include different lens modalities and materials, contact lens use has become more common.

·???????? In the United States, contact lens wearers number approximately 45 million, according to the Centers for Disease Control and Prevention (CDC). Women make up two-thirds of contact lens users. Globally, the average age of contact lens wearers is thirty-one. According to estimates, 8% of people who wear contact lenses are younger than 18, 17% are between 18 and 24, and 75% of people older than 25 wear contacts.

Contact Lenses Market Growth Opportunities

1. Growing cases of refractive errors?

Refractive error is a condition that impairs vision due to light rays failing to focus on the retina, causing hazy images. Across the globe, it is among the primary causes of central vision impairment. Astigmatism, hyperopia, and myopia are the primary types of refractive defects. One of the key elements propelling the contact lens market internationally is the increasing prevalence of these.

·???????? An NCBI article states that over 2.2 billion people worldwide are estimated to be near-sighted or distance-sighted, and roughly 1 billion are estimated to have average or severe visual impairment or blindness as a result of trachoma (2 million cases), glaucoma 66 (7.7 million cases), corneal opacities (4.2 million cases), diabetic retinopathy (3.9 million cases), and undercorrected refractive error (88.4 million cases). The prevalence of uncorrected refractive error-related visual impairment ranged from 12.3% to 57.1%.

2.?? Increase in screen time globally.

The current world is intricately tied to digital devices, and as a result, their already high daily use is accepted by most and will only increase over time. This is anticipated to fuel the global contact lenses market expansion. Kids are staring at digital screens for longer than ever, whether on computers, tablets, TVs, smartphones, or other gadgets. Too much screen time might harm children's health, including issues with their eyes.

·???????? According to a ScienceDirect article, screen usage rose by 51% for adults and 67% for children during the epidemic. Children between the ages of 6 and 10 showed the most significant rise in screen usage (1.4 hours per day), with adults (1 hour), adolescents (0.9 hours), and younger children (0.6 hours) following suit.

·???????? Users worldwide, ages 16 to 64, spent, on average, 6 hours and 40 minutes daily using screens on different devices as of Q3 2023. According to BackLinko, this translates to an average of 46 hours and 40 minutes of screen time weekly for internet users globally.

3.?? Public awareness campaigns?

Consciousness and expertise enhancing the general public's knowledge and comprehension of eyeglasses and contact lenses might boost their efficiency. Even among the knowledgeable, such as medical students, improper use, understanding, and awareness of contact lens wear raises the risk of problems. As a result, consumers need to receive an excellent education. Various organizations' introduction of awareness initiatives drives the worldwide contact lenses market.

·???????? In July 2020- The CDC (Centers for Disease Control and Prevention) hosts Contact Lens Health Week annually! To prevent dangerous eye infections and other illnesses, the Road to 2020 Vision campaign theme started with contact lens health and stressed the significance of good contact lens cleanliness practices. The group aims to promote safe daily contact lens practices among lens wearers by regularly disseminating these suggestions.

Asia-Pacific Contact Lenses Market

Asia-Pacific is expected to have a considerable share of the contact lenses market. This is due to the growth in vision impairments in the region.?

·???????? According to estimates from the South-East Asia Region (SEAR) of the International Agency for the Prevention of Blindness (IAPB), 12 million people in the region are blind, and 78.5 million are visually impaired, which accounts for 30% of blindness and 32% of visual impairment worldwide. China and India bear 49% of the global burden of blindness and visual impairment.

Technological advancements and R&D initiatives are further propelling the contact?lenses?industry. Innovative technology has created contact lenses with more characteristics, including longer wear times, silicone hydrogel materials for increased comfort, and even smart contact lenses that track health markers.

·???????? Researchers in China and California have created A flexible contact lens prototype that can zoom in and out with an eye blink. For those who suffer from retinal impairment due to diseases like macular degeneration, this might one day change the game. The telescopic lens is now being miniaturized by the teams so that it can fit within the eye.

·???????? In May 2022, the Manipal Academy of Higher Education researchers published a paper describing the invention of self-moisturizing contact lenses with 3D printing technology. The findings could impact the creation of medical devices based on contact lenses in the future.

Contact Lenses Industry News

The contact lens market includes?Bausch & Lomb Incorporated, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, Inc., Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd., and Seed Co. Ltd.

·???????? In December 2023, Azalea Vision unveiled the first working prototype of its innovative contact lens platform, the ALMA Lens. According to Azalea Vision, the lens is intended to provide patients with a non-surgical alternative to keratoconus, corneal abnormalities, photophobia, and presbyopia.

·???????? In October 2023- Deep tech startup Xpanceo acquired $40 million to concentrate on smart contact lenses.

·???????? In September 2023- Researchers in Singapore developed a novel flexible battery that might power secure, pleasant, smart contact lenses when partially charged by tears.

·???????? In June 2023- Bausch + Lomb Corp. plans to pay $1.75 billion to acquire a dry-eye medication from Novartis, a Swiss pharmaceutical company, to leverage the expanding market for the disease's treatment.

·???????? In November 2022, CooperVision, Inc., a client of Carter Ledyard, successfully acquired SynergEyes, Inc. and its extensive selection of specialized contact lenses, including exclusive hybrid lenses that enhance CooperVision's OnefitTM scleral lenses. Through the acquisition, CooperVision expanded its already wide range of products and services, resulting in a comprehensive portfolio for treating irregular corneas and keratoconus.

Material – Market breakup in 3 viewpoints:

1.?? Gas Permeable

2.?? Silicone Hydrogel

3.?? Hybrid

Usage – Market breakup in 4 viewpoints:

1.?? Daily Disposable

2.?? Disposable

3.?? Frequently Disposable

4.?? Traditional (Reusable) Lenses

Design – Market breakup in 3 viewpoints:

1.?? Spherical

2.?? Toric

3.?? Multifocal

Application – Market breakup in 2 viewpoints:

1.?? Vision Correction

2.?? Cosmetic

Distribution Channels – Market breakup in 3 viewpoints:

1.?? Online Pharmacy

2.?? Retail Pharmacy

3.?? Hospital Pharmacy

Country – Market breakup in 25 viewpoints:

North America

1.?? United States

2.?? Canada

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Europe

1.?? France

2.?? Germany

3.?? Italy

4.?? Spain

5.?? United Kingdom

6.?? Belgium

7.?? the Netherlands

8.?? Turkey

Asia Pacific

1.?? China

2.?? Japan

3.?? India

4.?? Australia

5.?? South Korea

6.?? Thailand

7.?? Malaysia

8.?? Indonesia

9.?? New Zealand

Latin America

1.?? Brazil

2.?? Mexico

3.?? Argentina

Middle East & Africa

1.?? South Africa

2.?? Saudi Arabia

3.?? the United Arab Emirates

All the Key players have been covered from 3 Viewpoints:

? Overview

? Recent Developments

? Revenue Analysis

Company Analysis:

1.?? Bausch & Lomb Incorporated

2.?? Alcon

3.?? Carl Zeiss Meditec AG

4.?? The Cooper Companies, Inc.

5.?? Hoya Corporation

6.?? EssilorLuxottica

7.?? Menicon Co. Ltd

8.?? Seed Co. Ltd.?