United States Contact Lenses Market Analysis
Market Size and Growth: The United States Contact Lenses Market was valued at US$ 2.96 Billion in 2023 and is projected to grow at a CAGR of 4.69% from 2024 to 2032, reaching US$ 4.47 Billion by 2032.
Market Overview: Contact lenses are widely used for vision correction in the United States, with approximately forty-five million people wearing them. They offer convenience, versatility, and a more natural field of vision than traditional eyeglasses, making them popular across diverse age groups and lifestyles.
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Market Drivers:
- Increase in Visual Impairments: The market is driven by the growing number of people with visual impairments, including age-related vision issues and uncorrected refractive errors.
- Technological Advancements: Significant advancements in contact lens technology, such as wireless theranostic smart lenses and improved materials, enhance comfort, versatility, and convenience in vision correction.
- Government Support: Government support for R&D projects in the contact lens market drives improvements in comfort, oxygen permeability, and functionality.
- Online Availability: The increasing availability of contact lenses online provides convenient access and a wide range of options, appealing to diverse demographics and those with limited access to physical stores.
Key Players: Major companies in the United States Contact Lenses Market include Bausch & Lomb Incorporated, Alcon, Carl Zeiss Meditec AG, The Cooper Companies, Inc., Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd, and SynergEyes Inc.
Recent Developments
- Bausch + Lomb: Acquiring AcuFocus, a manufacturer of IC-8 Apthera Intraocular Lenses, to enhance its cataract surgical portfolio.
- CooperVision: Introduced MyDay Energys contact lenses in the United States.
- Black Pearl Vision: Acquired PolyDev, an Ireland-based manufacturer specializing in color contact lenses, to expand its product offerings.
- Fielmann Group: Successfully acquired SVS Vision, aligning with its growth strategy and international expansion plans in the U.S.
- Alcon: Introduced TOTAL30 MF, a new contact lens designed for people with presbyopia.
Market Breakdown
Material:
- Gas Permeable
- Silicone Hydrogel
- Hybrid
Usage:
- Daily Disposable
- Disposable
- Frequently Disposable
- Reusable Lenses
Design:
- Spherical
- Toric
- Multifocal
Application:
- Vision Correction
- Cosmetic
Distribution Channel:
- Online Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
Conclusion
The United States Contact Lenses Market is expected to grow steadily, driven by factors such as the increase in visual impairments, technological advancements, government support for R&D, and the availability of contact lenses online. Major companies are introducing innovative products to cater to evolving consumer preferences and expanding their market presence through strategic acquisitions and partnerships.
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