Corrective Contact Lenses Market to Expand by USD 3.4 Billion (2024-2028) as Refractive Errors Rise, AI Drives Market Transformation - Technavio Report

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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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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Segment Overview 

This corrective contact lenses market report extensively covers market segmentation by

1. Type 
• 1.1 Soft contact lenses
• 1.2 RGP contact lenses
• 1.3 Hybrid contact lenses
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. 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.

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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
• Offline
• Online
• 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

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SOURCE Technavio