NEW
YORK, Sept. 2, 2024 /PRNewswire/ -- Report with
the AI impact on market trends- The global corrective contact
lenses market size is estimated to grow by USD 3.41 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 5.54%
during the forecast period. Increasing prevalence of refractive
errors is driving market growth, with a trend towards new product
launches by market vendors. However, availability of substitutes
for corrective contact lenses poses a challenge. Key market players
include Alcon Inc., Bausch Lomb Corp., Carl Zeiss AG, Conforma
Laboratories Inc., Dealskart Online Services Pvt. Ltd., Essilor
International SAS, Eyewa, HOYA Vision Care Europe Hoya Holdings
N.V, Interojo Inc., Johnson and Johnson Services Inc., Menicon Co.
Ltd., SEED Co. Ltd., St. Shine Optical Co. Ltd., STAAR Surgical
Co., SynergEyes Inc., The Cooper Companies Inc., Titan Co. Ltd.,
UltraVision CLPL, Visioneering Technologies Inc., and Warby
Parker Inc..
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segments, customer landscape, and companies- View the snapshot of
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Corrective Contact
Lenses Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
-
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.54%
|
Market growth
2024-2028
|
USD 3416.3
million
|
Market
structure
|
Concentrated
|
YoY growth 2022-2023
(%)
|
5.36
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, China, UK, Germany,
Japan, and Canada
|
Key companies
profiled
|
Alcon Inc., Bausch Lomb
Corp., Carl Zeiss AG, Conforma Laboratories Inc., Dealskart Online
Services Pvt. Ltd., Essilor International SAS, Eyewa, HOYA Vision
Care Europe Hoya Holdings N.V, Interojo Inc., Johnson and Johnson
Services Inc., Menicon Co. Ltd., SEED Co. Ltd., St. Shine Optical
Co. Ltd., STAAR Surgical Co., SynergEyes Inc., The Cooper Companies
Inc., Titan Co. Ltd., UltraVision CLPL, Visioneering
Technologies Inc., and Warby Parker Inc.
|
Market Driver
The Corrective Contact Lenses market is growing steadily due to
increasing demand from consumers seeking vision correction
solutions. These lenses offer convenience and improved visual
acuity, making them a popular alternative to glasses. Key players
in the market include Johnson & Johnson, Alcon, and
CooperVision, who invest in research and development to produce
innovative products. The market is driven by factors such as rising
disposable income, increasing awareness about eye health, and
advancements in technology. Despite challenges like competition and
regulatory requirements, the future looks bright for the Corrective
Contact Lenses market.
The Corrective Contact Lenses market is witnessing significant
growth due to the increasing prevalence of visual impairments
caused by conditions like cataracts and diabetic retinopathy.
Eyeglasses continue to be a popular solution, but contact lenses
offer greater convenience for those with active lifestyles. Daily
disposable lenses are gaining popularity due to their ease of use
and hygiene benefits. Laser eye surgery is an alternative, but
reusable and disposable lenses cater to a larger consumer base.
Spherical, multifocal, toric, and monovision contact lenses address
various refractive errors, including myopia, hyperopia, presbyopia,
and astigmatism. The market includes spherical and toric soft
lenses, gas-permeable lenses, scleral lenses, and orthokeratology
lenses. Ophthalmologists, retail stores, online stores, hospitals
& clinics, and e-commerce platforms are key distribution
channels. The cosmetic segment and geriatric population are
significant markets due to age-related eye diseases. Silicone
hydrogel lenses, hybrid lenses, and corrective lenses drive market
growth. The market is segmented into the cosmetic, retail, and
e-commerce segments.
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Market Challenges
- The Corrective Contact Lenses market is experiencing
significant growth due to increasing demand for vision correction
solutions. These lenses offer convenience and flexibility to
individuals with refractive errors. Key players in the market
include Johnson & Johnson, Alcon, and CooperVision. They invest
in research and development to launch innovative products, catering
to various prescriptions and conditions. The market is driven by
factors such as rising population, increasing disposable income,
and improving healthcare infrastructure. Despite challenges like
competition and regulatory hurdles, the future looks promising for
the Corrective Contact Lenses market.
- The Corrective Contact Lenses market faces several challenges
due to various visual impairments such as cataracts, diabetic
retinopathy, and age-related eye diseases like presbyopia, myopia,
hyperopia, and astigmatism. Traditional eyeglasses and laser eye
surgery are alternatives, but some consumers prefer contact lenses
for convenience and cosmetic reasons. Types of contact lenses
include daily disposable, reusable, spherical, multifocal, soft,
gas-permeable, orthokeratology, scleral, and cosmetic lenses.
Ophthalmologists and retail stores are key players, with online
stores, hospitals & clinics, and e-commerce also significant.
Silicone hydrogel lenses, hybrid lenses, spherical lenses, toric
lenses, and corrective lenses are popular. The market includes the
cosmetic, retail, and e-commerce segments. Refractive errors and
age-related eye diseases drive demand. Over-the-counter products
and prescription eyeglasses also impact the market.
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challenges - Request a sample report!
Segment Overview
This corrective contact lenses market report extensively covers
market segmentation by
- Type
- 1.1 Soft contact lenses
- 1.2 RGP contact lenses
- 1.3 Hybrid contact lenses
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Soft contact lenses- The Corrective
Contact Lenses market is experiencing significant growth due to
increasing demand for vision correction solutions. These lenses
correct refractive errors, improving visual acuity and reducing the
need for glasses. Key players in this market include Johnson &
Johnson, Alcon, and CooperVision. They invest in research and
development to offer innovative products, such as daily disposable
lenses and multifocal lenses. This market is expected to continue
growing, driven by an aging population and rising disposable
income.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Corrective Contact Lenses market caters to individuals with
various refractive errors, including Myopia, Hyperopia, Presbyopia,
and Astigmatism. Optics and optometry have advanced significantly,
leading to innovations such as Silicone hydrogel lenses, Hybrid
lenses, and various types of contact lenses like Reusable,
Disposable, Spherical, Toric, and Multifocal. These lenses address
various visual impairments, including Cataracts, Diabetic
retinopathy, and Age-related eye diseases. Eyeglasses remain a
traditional alternative, but contact lenses offer greater
convenience and improved vision quality for some individuals.
Geriatric populations and those with Vision defects and Age-related
eye diseases particularly benefit from corrective contact lenses.
Laser eye surgery is another option, but contact lenses provide a
more accessible and cost-effective solution for many.
Market Research Overview
The Corrective Contact Lenses market caters to various
refractive errors, including Myopia, Hyperopia, Presbyopia, and
Astigmatism. Optics and optometry have seen significant
advancements with the invention of corrective lenses, such as
silicone hydrogel lenses, hybrid lenses, spherical lenses, toric
lenses, and more. These lenses correct visual impairments caused by
conditions like cataracts, diabetic retinopathy, and age-related
eye diseases. The market includes various segments like the
Cosmetic segment, Retail segment, and E-commerce segment. Daily
disposable lenses have gained popularity due to their convenience
and hygiene benefits. Reusable lenses, spherical lenses, multifocal
lenses, soft lenses, gas-permeable lenses, orthokeratology, and
scleral lenses are other types of corrective lenses.
Ophthalmologists, retail stores, and online stores are the major
distribution channels. Prescription eyeglasses and laser eye
surgery are alternative solutions. The geriatric population, with
its increasing age-related eye diseases, presents a significant
opportunity for the market. Traditional contact lenses, including
spherical contact lenses, toric contact lenses, multifocal contact
lenses, monovision contact lenses, and cosmetic contact lenses,
continue to dominate the market. Hospitals & clinics and
e-commerce platforms also contribute to the market's growth.
Over-the-counter products are gaining traction as well.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Soft Contact Lenses
- RGP Contact Lenses
- Hybrid Contact Lenses
- Distribution Channel
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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