US Contact Lenses Market Projections and Key Trends to 2028: Exponential Growth in Eye Health Technologies

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Dec 11, 2023, 20:00 ET

DUBLIN, Dec. 11, 2023 /PRNewswire/ -- The "US Contact Lenses Market Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The latest comprehensive research publication on the US Contact Lenses Market provides an in-depth analysis of the industry, with a spotlight on the significant growth expected over the next five years. The market, which is already the world's largest for contact lenses, is forecasted to expand at a Compound Annual Growth Rate (CAGR) of 5.3% through to 2028.

Demographic trends indicate a consistent increase in vision impairments, such as myopia, hyperopia, and astigmatism, contributing to the market's vigorous development. Advancements in research resulting in groundbreaking innovations and a customer-centric approach are revolutionizing contact lens technology and expanding the market's horizons.

As of 2022, approximately 45 million Americans rely on contact lenses, with women making up a substantial portion of this demographic. Users exhibit a preference range from soft to hybrid and rigid gas permeable lenses, with soft lenses leading the segment due to their comfort level.

The contact lens market in the US features robust competition, with major domestic and international companies vying for market share. These industry giants are channeling substantial investments into Research & Development to enhance product offerings and meet the sophisticated needs of consumers.

Key trends in the market include the integration of Artificial Intelligence (AI) in production, with American companies at the forefront of leveraging AI for lens manufacturing and development. Additionally, the emergence of smart lenses that can monitor physiological parameters and assist in health diagnostics is a notable advancement within the biomedical sector.

By Type of Product, soft contact lenses continue to dominate, renowned for their water-absorbent polymer construction which allows for comfort and ease of adjustment. Hybrid and rigid gas permeable lenses are also garnering attention for their blend of clarity and convenience.

By Type of Usage, corrective lenses lead the market, designed to correct common refractive errors and ensure precise light focus for clear vision. Other segments such as therapeutic, cosmetic, and prosthetic lenses cater to niche requirements ranging from ocular disease treatment to aesthetic eye modifications.

Geographically, the Northern region of the US, including states like New York and New Jersey, currently stands as the spearhead of the contact lens market due to its extensive urban eye care services.

The Competitive Landscape presents an aggressive scenario with key players like Johnson and Johnson Vision Care Inc, Alcon, and Bausch & Lomb making strategic advancements. The relentless quest for innovation creates a challenging environment for new entrants and demands continual evolution from established companies.

Recent Developments

Johnson & Johnson Vision recently gained FDA approval for its ACUVUE OASYS MAX 1-Day lenses, showcasing the industry's commitment to progress and consumer health.
The alignment of e-commerce with contact lens distribution is enhancing consumer access to products through convenient, cost-effective online platforms.
Increased customization in lens manufacturing processes is catering to diverse vision requirements and individual eye shapes, with a focus on specialty lenses.

Looking ahead, the US contact lens market is set to transform with daily disposable lenses predicted to take precedence, driven by consumer demand for convenience. Future contact lens innovations could include features for health monitoring or augmented reality applications, offering unprecedented opportunities in eye health and technology.

Key Topics Covered:

1. Executive Summary

2. US Contact Lenses Market Overview
2.1 Taxonomy of the Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the Market
2.5 Growth Drivers of the US Contact Lenses Market
2.6 Issues and Challenges of the US Contact Lenses Market
2.7 Impact of COVID-19 on the US Contact Lenses Market
2.8 SWOT Analysis

3. US Contact Lenses Market Size, 2017 - 2022

4. US Contact Lenses Market Segmentation
4.1 By Product Type, 2017 - 2022
4.2 By Usage, 2017 - 2022
4.3 By Regional Split (North/East/West/South), 2017 - 2022

5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles Comparison

Johnson and Johnson Vision Care Inc
Alcon
Bausch & Lomb
The copper companies Inc
Menicon Co. Ltd
Hoya Corporation
Essilor Luxottica
Star Surgical

6. US Contact Lenses Market Size, 2022 - 2028

7. US Contact Lenses Market Segmentation
7.1 By Product Type, 2022 - 2028
7.2 By Usage, 2022 - 2028
7.3 By Regional Split (North/East/West/South), 2022 - 2028

8. Analyst Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/7f5t7d

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