Contact Lenses Industry Overview
The global contact lenses market size was valued at USD 14.6 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. A corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies such as myopia, hyperopia, presbyopia, and astigmatism. Thus, a rise in graphic inaccuracies is expected to drive the market over the forecast period further. The increasing number of outdoor activities is further boosting the market growth.
A significant number of research and development activities have been used in optics and optometry to advance the technology. Advances such as the launch of dynamic soft contact lenses integrated with advanced technology have propelled the growth of the market for contact lenses. For instance, In November 2018, IMEC and SEED Co. Ltd, an international R&D hub, entered into a collaborative partnership to develop a smart contact lens. This contact lens will include various components such as a radio-frequency antenna that would suffice the wireless energy transfer, a LED light, and an ultra-thin silicon microchip. Moreover, a thin stretchable film is used to make the interconnections.
Gather more insights about the market drivers, restrains and growth of the Global Contact Lenses Market
Enhance awareness concerning the benefit of detachable lenses over reusable lenses, such as avoiding cleaning solution-related adverse effects, including eye discoloration. Furthermore, the market’s leading players are involved in creating awareness campaigns and launching innovative products, which are predicted to promote the expansion of daily disposables. For example, in January 2021, Alcon Vision LLC, an eye care product manufacturer, introduced PRECISION1 for Astigmatism, a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients in the U.S.
The soft lens or silicone hydrogel segment has a wide range of applications and is one of the prominent contributors to the growth of the market for contact lenses. Soft contact lenses are made up of flexible, soft plastics such as silicone hydrogel, providing easy eye adaptability and enhanced comfort. It is extensively used for correcting ametropia. They also permit more oxygen to pass through to the wearer’s cornea. Thus, an increase in oxygen permeability helps enhance the health and comfort of the wearer’s eye by reducing dryness and itching. For example, in October 2020, Bausch + Lomb, a world-leading eye health company of Bausch Health Companies Inc., officially launched the Bausch + Lomb INFUSETM silicone hydrogel (SiHy) daily disposable contact lens to help ocular surface homeostasis and reduce the symptoms of contact lens dryness.
The need to eliminate spectacles and adopt ‘Plano’ sunglasses to enhance aesthetic appearance drives the market for contact lenses. The growing innovations in contact lenses have increased the adoption of contact lenses. For instance, In March 2019, Alcon Vision LLC announced the launch of AcrySof IQ PanOptix Trifocal IOL in the United States. It is a trifocal lens used for cataract surgery patients. This trifocal lens can be used for distance, intermediate, and near vision. Rising developments in contact lenses with drug-delivering capabilities are further expected to drive the market over the forecast period. Increasing demand for daily disposable contact lenses is expected to create potential growth opportunities in the market for contact lenses.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports
- Edge Computing Market: The global edge computing market size was valued at USD 11.24 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 37.9% from 2023 to 2030.
- Development To Operations Market: The global development to operations market size was valued at USD 11.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2023 to 2030.
Key Companies Profile
Some of the prominent players in the contact lenses market include:
- Essilor International S.A.
- Alcon Vision LLC
- Abbott Medical Optics, Inc.
- CooperVision, Inc.
- Hoya Corporation
- SynergEyes, Inc.
- X-Cel Specialty Contacts
- Johnson & Johnson Vision Care, Inc.
- Medennium
- Seed Co., Ltd.
- STAAR Surgical Company
Order a free sample PDF of Contact Lenses Market Intelligence Study, published by Grand View Research.
