Contact Lens Market Size, Future Growth Drivers and Opportunity Outlook 2023-2033

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Report ID: 223 | Published On: Oct 10, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.

In The News

Alcon to introduce DAILIES Total 1 contact lens for astigmatic patients in the United States.
For the past year, Bausch & Lomb and InWith Corporation, which controls key enabling IP in augmented contact lenses, have been working on the development of smart contacts.

Global Contact Lenses Market Highlights Over 2023 – 2033

Key Questions Answered in the Report

1) What are the major factors driving the growth of the contact lenses market?

Ans: The rising prevalence of refractive errors, wide adoption of contact lenses, increasing elderly population, growing preferences in eye testing, and developments in technological advancements is expected to bring lucrative growth opportunities in the market growth.

2) What would be the CAGR of contact lenses market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023-2033.

3) What are the challenges affecting the contact lenses market growth?

Ans: Increased eye inflammation or infection, possibilities for corneal ulcers and even blindness, and adverse impact of COVID-19 are some of the factors that are expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of contact lenses market in future?

Ans: The market in N0rth America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the contact lenses market?

Ans: The major players in the market are Johnson & Johnson Vision Care, Inc., Carl Zeiss AG, Bausch & Lomb Pvt Ltd, Alcon Vision LLC, Cooper Vision, Inc., Hoya Corporation, Essilor Luxottica, Menicon Co., Ltd., SynergEyes, Inc., Walman Optical.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the contact lens market?

Ans: The market is segmented by material, design, application, and by region.

8) Which segment captures the largest market size in the material in the contact lenses market?

Ans: The silicon hydrogel segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities

Healthcare & Pharmaceutical