The Contact Lens Market is Growing: Updates, Innovations, and More
By Space Coast Daily // October 9, 2023
Contact lenses are some of the most commonly used optical aids alongside eyeglasses. According to 2023 data published in StatPearls, many patients today even prefer contact lenses over spectacles because they are more aesthetically pleasing. Younger patients, in particular, tend to favor contact lenses due to workplace demand and convenience.
It’s not surprising that the contact lens market is experiencing significant growth driven by advancements in technology, increasing demand for vision correction, and shifting consumer preferences. In this article, we will explore the latest updates in the expanding contact lens market, including new technological developments and retail innovations that are revolutionizing the industry.
Market growth and consumer demand
The contact lens market has witnessed remarkable growth in recent years as incidences of myopia and presbyopia, especially among children and adults, rise at an alarming rate. According to Fortune Business Insights, the growth of the global contact lenses market will be driven by key players Johnson & Johnson Vision Care, Alcon, and the Cooper Companies to reach USD 15.40 Billion by 2030. This is a CAGR of 5.8% between 2023 and 2030.
Johnson & Johnson Vision Care specifically captured a major market share in 2022 thanks to their growing number of product launches and strategic partnerships with other organizations. The other key organizations operating in the market have since continued to unveil more technologically advanced products to gain a competitive advantage over rivals.
Contact lens manufacturers have made significant progress in developing advanced materials that enhance comfort and eye health. Silicone hydrogel lenses, for example, allow more oxygen to reach the cornea, reducing the risk of dryness and promoting longer wearing times. These lenses are increasingly preferred by wearers due to their enhanced breathability and comfort.
Otherwise, technological advancements have enabled the customization and personalization of contact lenses to suit individual needs. Colored contact lenses with various shades and patterns have gained popularity, allowing wearers to enhance or change their eye color for cosmetic purposes. Meanwhile, custom-made contact lenses are offered by specialized eyewear providers who take the time to precisely measure the wearer’s eye curvature, ensuring a more precise fit and optimal vision correction.
On the basis of distribution channels, the global contact lenses market covers ophthalmologists, retail stores, and online stores. According to the report by Fortune Business Insights, the retail store segment accounted for the largest share of the market in 2022. However, the rise of e-commerce has significantly impacted the contact lens market as well.
Online platforms now provide a convenient and accessible way for consumers to purchase contact lenses. One website can offer a wide range of brands, prescription options, and competitive prices. Buying contact lenses online via ContactsDirect allows consumers to select among Acuvue, Air Optix, Biofinity, and many more brands in the catalog. This makes it convenient for customers to find their preferred lenses and even order them with automatic refills. The online platform also makes it easier for customers to access the latest contact lens innovations. Since its release in autumn 2022, the Oasys Max of Acuvue has been stocked on ContactsDirect and many other e-commerce stores in the US, Canada, and multiple European countries.
To increase the appeal of e-commerce, online retailers have also embraced virtual try-on technology. This allows customers to visualize how different contact lens options could look on their eyes, using augmented reality to provide a realistic preview.
As the market continues to expand, consumers can expect further innovations that prioritize comfort, eye health, and personalization. Whether for vision correction or cosmetic purposes, contact lenses are evolving to meet the diverse needs and preferences of consumers, offering improved options for clear vision and style.
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