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What Future CAGR is Anticipated for the Contact Lenses Market Over the 2025–2034 Period?

The market size for contact lenses has seen robust growth in the past few years. The projection is that it will increase from $9.15 billion in 2024 to $9.79 billion in 2025, at a compound annual growth rate (CAGR) of 7.0%. The notable growth during the earlier period may be linked to a rise in cases of vision disorders, heightened consciousness regarding eye health, an upswing in refractive surgeries, emergence of online retail channels, and the growth of vision care clinics.

The next few years should witness robust growth in the contact lenses market, projecting to reach $12.64 billion by 2029 with a compound annual growth rate (CAGR) of 6.6%. The expansion during the forecast period is attributed to several factors including rising cases of myopia, escalating demand for daily disposable lenses, the expanding older population, growing preference for contact lenses, and increasing instances of refractive errors. The forecast period will also see significant trends such as advancements in technology, disposable lenses, UV protection lenses, intelligent lens technology, and the rise of telemedicine.

Which Factors Are Enhancing the Growth of the Contact Lenses Market?

The contact lens market is likely to experience increased growth driven by the surge in the incidence of eye disorders. Eye disorders, including conditions disrupting the eye’s structure or function resulting in visual impairment, discomfort, or other eye symptoms, are on the rise. The upswing in these disorders is attributed to several factors including increased screen usage, aging populations, environmental pollution, and lifestyle changes. Contact lenses are turning out to be a viable solution for these disorders, correcting refractive errors, improving comfort for dry eyes, managing conditions like keratoconus with specific lenses, and catering to therapeutic needs with protective or bandage lenses. As per the data released by the Office for Health Improvement and Disparities, a government organization based in the UK, in March 2024, about 2 million individuals in the UK suffer from some form of vision loss. The figures are anticipated to reach 2.7 million by 2030. Consequently, the escalating incidence of eye disorders is fostering the growth of the contact lens market.

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Who Are the Influential Players Fueling Innovation and Growth in the Contact Lenses Market?

Major companies operating in the contact lenses market are:

• Abbott Medical Optics Inc.

• EssilorLuxottica SA

• Alcon Inc.

• Bausch Health Companies Inc.

• HOYA Corporation

What Impact Are Industry Trends Having on the Contact Lenses Market’s Future Prospects?

Leading corporations within the contact lens industry are reassessing their strategies with a focus on creating innovative products, encompassing multifocal lenses. This approach is to cater to a variety of vision correction requirements and to improve the end-user experience. Specifically designed to rectify vision at different distances, multifocal lenses can effectively assist with presbyopia and other conditions impacting near, intermediate, and far-off vision. Highlighting this, Johnson & Johnson Vision Care Inc., a US-based firm that specializes in ocular health products, introduced ACUVUE OASYS MAX 1-DAY contact lenses, an updated multifocal presbyopia lens in September 2022. This breakthrough product is equipped to retain moisture excellently and offers high levels of comfort, tackling the discomfort issues often related to extended screen time. The lens integrates advanced HydraMax technology facilitating a sustained tear film and ensuring maximum hydration daily, hence minimizing dryness and irritation. As an added benefit, this lens offers high-definition visual sharpness, reducing digital eye strain and delivering accurate, sharp vision.

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Which Segments of the Contact Lenses Market Hold the Most Potential for Future Development?

The contact lenses market covered in this report is segmented –

1) By Type: Corrective Lens, Therapeutic Lenses, Cosmetic And Lifestyle Oriented Lens

2) By Wear Type: Daily Disposable Lenses, Disposable Lenses (Two Weeks or Sooner), Frequent Replacement Lenses (Monthly or Quarterly), Conventional Lenses

3) By Material: Silicone Hydrogel Soft Contact Lens, Methacrylate Hydrogel Soft Contact Lens, Gas-Permeable Contact Lens, Other Materials

4) By Design: Spherical Lens, Toric Lens, Multifocal Lens, Other Design

5) By Distribution Channel: Ophthalmologists, Retail Stores, Online Stores

Subsegments:

1) By Corrective Lenses: Spherical Lenses, Toric Lenses, Multifocal Lenses, Bifocal Lenses

2) By Therapeutic Lenses: Scleral Lenses, Bandage Lenses, Orthokeratology Lenses (Ortho-K)

3) By Cosmetic And Lifestyle-Oriented Lenses: Colored Lenses, Special Effect Lenses (Costume Or Novelty Lenses), Cosmetic Enhancers

What Regions Are Leading the Growth Trajectory of the Contact Lenses Market?

North America was the largest region in the contact lenses market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Are the Defining Aspects of the Contact Lenses Market Landscape?

Contact lenses refer to thin, curved optical devices placed directly on the eye’s surface to correct vision or provide cosmetic enhancements. They are used for improving visual acuity by addressing refractive errors such as myopia, hyperopia, astigmatism, and presbyopia, as well as for aesthetic purposes, such as changing eye color or achieving specific looks.

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