PUBLISHER: Renub Research | PRODUCT CODE: 1498385
PUBLISHER: Renub Research | PRODUCT CODE: 1498385
Renub Research predicts that by 2032, the Contact Lens Market will have reached US$ 15.41 billion, valued at US$ 9.67 billion in 2023. The market is expected to grow at a CAGR of 5.31% between 2024 and 2032.
Contact lenses are thin, curved lenses placed on the eye's surface to correct vision or manage certain corneal conditions. They come in various sizes, shapes, and materials, including soft, rigid, gas-permeable, and hybrid lenses. They can correct refractive errors like myopia, hyperopia, astigmatism, and presbyopia and treat eye conditions like keratoconus. The global contact lenses market is growing due to their increasing adoption and the rising prevalence of refractive errors.
Market Trends
AMD is a condition that affects the eyes, causing severe vision loss in older people. It affects around 196 million people globally, including 20 million in the US. The risk of developing it increases with age. By age 60, about 1 in every 200 people has AMD, and by age 90, 1 in 5 people are affected, according to a 2024 PubMed article. In August 2021, it was reported that keratitis occurs in 2-20 per 10,000 contact lens wearers in the United States, as per Harvest Health. The increase in the number of crucial strategy adoptions by major manufacturers and the rise in product launches provide an opportunity for the contact lens market to grow.
Myopia and presbyopia cases are increasing, leading to a rise in the percentage of people with vision impairment globally. Uncorrected refractive errors cause blindness worldwide, and reluctance toward vision correction worsens the problem. Myopia, also known as nearsightedness, is becoming more common worldwide. It is projected to affect almost half the global population by 2050. Severe nearsightedness can lead to serious and lasting vision problems related to complications. Efforts have been made to slow the progression of myopia through optical and pharmaceutical strategies to prevent blindness.
Approximately 1.3 billion people globally struggle with vision issues, particularly those over 50. The primary causes of vision problems are uncorrected refractive errors, cataracts, glaucoma, and diabetic retinopathy. Around 80% of vision problems can be prevented. Glasses and contact lenses are the most commonly used solutions for vision problems. In most cases, patients prefer these options over eye surgery.
The United States Contact Lenses Market
The demand for contact lenses in the US is increasing due to the rising number of people with visual impairments. Contact lenses offer accurate visualization and excellent visual clarity for wearers, making them increasingly popular. A survey by the Contact Lens Institute found that 75% of people who used contact lenses felt natural and comfortable using them. The trend will continue in the coming years, promoting market growth. The US Census Bureau also predicts that people aged 65 plus will reach 98 million by 2060.
China Contact Lenses Market
China's growing market for goods and services is expected to drive growth in the demand for contact lenses due to increased disposable income. Myopia is the most common problem associated with the eyes and is expected to be China's main driver of growth. The senior population, especially in developing nations, is expected to increase, leading to growth in the market during the forecast period. The increased use of smartphones and laptops has led to changes in lifestyle, which will also contribute to the market's growth. Additionally, Menicon Co., Ltd. announced the launch of "ROSE K(R)" in China by its subsidiary, Itabashi Medical (Dalian) Co., Ltd., and the upcoming launch of "Menicon Z Night" orthokeratology lens in China.
Company Analysis in the Contact Lenses Market
Several contact lens market enterprises include Bausch & Lomb Incorporated, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, Inc., Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd, and Seed Co. Ltd.
Contact Lenses Market Company News
The company's recent developments are leading to an increase in product approval and market growth. Due to increased development strategies, such as product launches and acquisitions, the contact lens industry is expected to experience growth.
The contact lens market benefits significantly from company collaboration, as it drives innovation, improves patient outcomes, and ensures access to affordable and quality contact lenses worldwide.
Material - Contact Lenses Market breakup in 3 viewpoints:
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All the Key players have been covered from 3 Viewpoints:
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