Market Definition
Contact lenses are small, curved lenses that are worn over the eye. These are generally made to correct refractive flaws and keep eyes healthy, but they are also used in prosthetics, cosmetics, and other fields. Additionally, despite being inherently clear, these are frequently given a tiny bit of color to make them easier for users to handle. These are made of materials that are easily fixed with water in the eye, such as silicone hydrogel and hydrogel.
Market Insights
The The US Contact Lenses Market is projected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2023-28. Most of the market expansion attributes to the rapidly growing focus on the optics and optometry field development in the historical period. The demand for contact lenses in USA is increasing as the number of persons with visual impairments rises. For those with visual impairments, contact lenses ensure accurate visualization. The market for contact lenses in United States of America is expanding as a result of factors including the rising demand for these precise and practical lenses, people's interest in sports, and lenses that provide excellent visual clarity for wearers.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5.3% |
| Region Covered | North East, Mid-West, West, South |
| Key Companies Profiled | Alcon Laboratories Inc., Bausch + Lomb, Carl Zeiss AG, CIBA Vision, Contamac US Inc., CooperVision, Essilor of America, Inc., Hydrogel Vision Corp., Johnson & Johnson, Microport Scientific Corporation, Others |
| Unit Denominations | USD Million/Billion |
Moreover, numerous businesses in the US draw customers to the contact lens market. The US government supports R&D facilities to increase innovation in the contact lens market. Besides, with notable young and middle-aged US consumers alongside more than 30000 optometrists in active practice, the market is likely to accelerate in the coming years. Further, the United States market is booming due to rising consumer awareness of various contact lenses, alongside the rising adoption of contact lens technology advancements.
Key Trend: Growing Eye Safety Concerns to Drive Up Demand for Daily Disposables Lens
Rising awareness of the advantages of disposable lenses over reusable ones, such as protection from side effects of cleaning solutions such as eye staining, has furthered market growth in the past few years. Ophthalmologists recommend disposable lens adoption owing to safety reasons despite the fact that there is no appreciable cost difference between the costs of disposable and reusable lenses. In addition, the key players in the market are conducting awareness campaigns and releasing cutting-edge products, which are expected to boost the expansion of daily disposables. In the United States, for instance, Alcon launched PRECISION1 for Astigmatism in January 2021, a daily disposable silicone hydrogel (SiHy) lens.
Market Segmentation
Based on Usability,
Here, Reusable lenses are gaining immense popularity across the country and are anticipated to notably contribute to the overall market expansion during 2023-28. It owes primarily to the growing pool of patients with refractive errors, paired with the massive wearers. For instance, the Vision Council's 2020 study report estimates that around 125 million people worldwide wear contact lenses, with 42.2 million residing in the United States. The category is likely to ascend owing to the steady adoption of reusable lenses and the rising prevalence of contact lens wearers worldwide. Additionally, the benefits associated with reusable lenses, such as durability and comfort, are expected to augment the market growth during the forecast period.
Based on Material Type,
The Silicone Hydrogel lens category led the contact lens market in 2022, holding a significant market share. In comparison to gas-permeable lenses, silicone hydrogel lenses have several advantages, including increased comfort and flexibility. As a result, users favor it over other lenses more.
Gas-permeable and silicone hydrogel lenses are combined to create hybrid lenses. It comprises a soft peripheral skirt made of silicone or soft hydrogel material surrounding an RGP center zone. It offers both the soft lens wearing comfort and the RGP lens visual clarity. The increased adoption of hybrid lenses by those with keratoconus and astigmatism is likely to observe a positive influence on market growth.
Recent Developments in the US Contact Lenses Market
Market Dynamics
Key Driver: Increasing Population of Lens Wearers in The Unites States
Gradually more Americans will probably start wearing lenses. In the United States, 31 million people used contact lenses in 2021, according to research from the US Environmental Protection Agency. The expansion of the US market is predicted to be supported by the rising number of consumers, owing to the shift in consumer preference toward eyeglasses.
Possible Restraint: Inaccessibility of Raw Material Resulting in Higher Production Cost
Fluctuations in productivity brought on by variations in raw material availability, as well as the growing accessibility of alternatives like laser treatment, are some of the key market challenges. Additionally, the development in the USA contact lens industry is being hindered by a lack of qualified workers who are capable of producing sophisticated technology contact lenses at high costs due to their advanced features and production costs.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The US Contact Lenses Market is projected to grow at a CAGR of around 5.3% during 2023-28.
A. Increasing population of lens wearers in the unites states is likely to propel the US Contact Lenses Market during 2023-28.
A. The leading players in the market are Alcon Laboratories Inc., Bausch + Lomb, Carl Zeiss AG, CIBA Vision, Contamac US Inc., CooperVision, Essilor of America, Inc., Hydrogel Vision Corp., Johnson & Johnson, Micropart Scientific Corporation, Others.
A. ‘Silicone Hydrogel’ is anticipated to emerge as an area of remunerative opportunities for the leading players in the US Contact Lenses Market during the forecast period.
A. Growing eye safety concerns to drive up demand for daily disposables lens, thereby shaping the growth of the US Contact Lenses Market during 2023-28.
A. Fluctuations in productivity brought on by variations in raw material availability, as well as the growing accessibility of alternatives like laser treatment, are some of the aspects restraining the market growth during 2023-28.
