Research Reports
Contact Lenses Market to reach USD 9.1 billion in 2029 – FMI
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The contact lenses market is projected to reach $9.1 billion by 2029, driven by innovations in soft and smart lenses, with North America leading the growth.
Contact lenses have been popular on the back of their effectiveness in vision correction, in addition to convenience. Predominantly contributed by robust sales of soft contact lenses, the global market for contact lenses is set to reach US$ 8 Bn in terms of revenues by the end of 2022. A new Future Market Insights (FMI) study reveals that the contact lenses market will see a moderate CAGR over 2022 – 2029.
Soft contact lenses are the most prescribed contact lenses, while toric lens designs are significantly gaining popularity over the recent past. The latter are gaining traction attributing to their properties to correct mixed astigmatism. Moreover, these lenses are fashionable, serve various purposes owing to their anti-radiation (block UV rays) properties, and abilities to filter dim lights and work on miniature components. Demand for silicone hydrogel contact lenses is also on a constant rise, as they reduce the risk of hypoxia related eye problems.
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Key Takeaways – Contact Lenses Market
Contact lens companies have been introducing novel products in the market, attributable to R&D advancements. Smart contact lenses represent one such innovation that continues to gain popularity worldwide. These lenses do not require surgery and can be inserted or removed by users. Researchers from the Harbin Institute of Technology in China and the University of California San Diego are developing innovative biomimetic smart soft contact lenses that users can zoom in and out by simply blinking.
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Prominent players in the global contact lenses market are CooperVision, Inc., Johnson & Johnson Vision Care, Inc., Hoya Vision Care Company, Alcon (Division of Novartis AG), Bausch & Lomb Incorporated, BenQ Materials Corporation, ZEISS International, SEED Co. Ltd., Essilor International S.A., and Menicon Co. Ltd. These market players primarily focus on product innovation, particularly on product design.
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The article discusses the growth and trends in the global contact lenses market, projected to reach $9.1 billion by 2029.
Key trends include the dominance of soft lenses, growth in smart lenses, and opportunities in therapeutic lenses.
North America is leading the market due to high adoption rates, demand for branded products, and frequent new product launches.
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