According to Future Market Insights (FMI), the contact lenses market is valued at USD 9.6 billion in 2023 and is anticipated to reach USD 15.2 billion by 2033. The market is expected to grow at a CAGR of 4.7% from 2023 to 2033.

Consumer Demand for Advanced Variants with High-Efficiency Drive Market Growth

Visual impairments such as myopia are on the rise impacting both children and adult populations alike. According to WHO’s latest analysis, almost 2 billion people are globally affected by vision impairment, of which around one billion are undiagnosed. Such refractive errors, if untreated could lead to the need for an advanced product with high prescription strength.

With contact lenses, that are as effective as traditional spectacles, the market growth could steadily improve. Due to aesthetic and functionality factors, contact lenses are preferred by many over traditional lenses.  In developing markets such as China and South Korea, advanced lens technology is aiding to expand the consumer base. The rising adoption of these advanced devices has created key growth opportunities for existing market players.

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Side Effects Could Lead Consumers to Prefer Alternatives

Undesirable side effects of contact lenses continue to plague the market. These include eye irritation, disability, and even loss of vision in extreme cases. Many prefer not to have a foreign object inserted in the eyes, that could trigger superficial keratitis, corneal vascularization, and corneal edema

Hence, several consumers are opting for alternative refractive correction treatments. These include LASIK surgery and other surgical procedures. With rising disposable income and affordability of such treatments, it is gaining popularity among lens and spectacle users. Alternatively, deterred by the side effects of contact lenses, many are also opting to go back to using traditional spectacles.

Key Players Invest in Research & Development as the Ultimate Growth Strategy

Currently, heavy investments are pouring into optometry-centric research and development activities. Consumers are seeking contact lenses, that provide comfort and efficiency. Hence, issues such as contact lens-induced eye dryness, aren’t factors impacting advanced product variants. For instance, the latest technology has led to the launch of soft contact lenses, that are long-wear safe and prioritize consumer comfort.

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