United States Contact Lenses Market Analysis And Forecast Report 2024-2032

United States Contact Lenses Market, Size, Share, growth ⅼ Forecast (2024 - 2032) ⅼ Renub Research

United States Contact Lenses Market size is predicted to be approximately US$ 4.47 Billion by 2032. The CAGR for the United States Contact Lenses market from 2024 to 2032 is 4.69%. Renub Research stated that it priced at US$ 2.96 Billion in 2023.

Thin, transparent plastic disks called contact lenses are inserted into the eye to enhance eyesight. They float on top of the cornea's protective tear film. Contact lenses, like glasses, treat refractive faults that cause vision issues. When the eye fails to refract, bend, or focus correctly, light, an image becomes blurry. This is known as a refractive error.

· According to the Centers for Disease Control (CDC), 45 million Americans are projected to wear contact lenses. Women make up two-thirds of contact lens users. Globally, contact lens wearers are 31 years old on average. According to estimates, 8% of people who wear contact lenses are younger than 18, 17% are between 18 and 24, and 75% are older than 25.

The United States Contact Lenses Industry is proliferating for several reasons.

Rise in the Number of Persons with Vision Problems

Globally, the population of people with visual impairments is growing. The United States is not an outlier in this regard. As people age, they risk developing various health problems, which is driving the United States contact lenses industry.

· 27.8% of United States individuals 71 years of age and older had visual impairments in the nationally representative National Health and Aging Trends Study conducted in 2021. Age was linked to a higher prevalence of visual impairments, seen in 10.3% of cases, of impairment in contrast sensitivity, distance, and near visual acuity.

2. Research and Developments

The United States contact lenses market and the overall state of eye health in the US are evolving. Patient health and safety have never been more crucial as the contact lens industry develops quickly and introduces new lens designs, materials, technologies, manufacturers, and supply sources.

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· Researchers under the direction of a professor at Purdue University's College of Engineering will use two grants totaling $6.7 million from the National Eye Institute to advance the development of smart soft contact lenses. These specialized devices continuously monitor or treat conditions like glaucoma, corneal neovascularization, and dry eye syndromes. They are intended to treat or monitor chronic ocular diseases.

· In April 2023, CooperVision will be accepting submissions for its 2023 Science and Technology Awards program to foster continuous advancement in contact lens research and development to promote continuous advancement in contact lens research and development. The longstanding program enables researchers worldwide to explore new dimensions in vision care, aiming to translate innovative ideas into practical solutions.

3. Government Initiatives

New federal or state laws are enacted in the United States to influence the changing contact lens market.

· The much-awaited Fiscal Year (FY) 2023 budget bill from Congress has been unveiled, including $6.5 million for vision and eye health initiatives at the Centers for Disease Control and Prevention (CDC). Specifically, the Vision Health Initiative (VHI) would get $2.5 million in FY2023, an increase of $1 million above FY2022, thanks to the omnibus spending agreement. The increase would pay for work to update national prevalence estimates of eye illness and visual impairment. The $4 million funding for the CDC's Glaucoma study would remain in place. This project supports community-based initiatives that link high-risk patients to eye care.

· In terms of legislation and regulations, 2023 saw the Federal Trade Commission and the United States Food and Drug Administration (FDA) enact and implement several measures, such as product recalls, consumer alerts regarding potentially hazardous eye drops, and cease and desist letters to prescribers who disobeyed the Contact Lens Rule.

United States Contact Lenses Industry News

Some significant participants in the contact lens market are based in the United States. Bausch & Lomb Incorporated, Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd., Carl Zeiss Meditec AG, Alcon, The Cooper Companies, Inc., and SynergEyes Inc. are these companies.

·In December 2023- The first working prototype of the Azalea smart contact lens platform, the ALMA Lens, was unveiled by Azalea Vision. Azalea Vision claims that the lens is intended to provide a non-surgical remedy for individuals with presbyopia, keratoconus, photophobia, and corneal abnormalities.

·In October 2023, Alcon, the world leader in eye care dedicated to enabling people to see brilliantly, announced the launch of TOTAL30® Multifocal, the first and only monthly Water Gradient multifocal contact lens in the global market. The lenses are now available in some overseas markets and the United States.

·In July 2023, Hubble Contacts, the top direct-to-consumer brand offering high-quality and reasonably priced daily contact lenses, spectacles, sunglasses, and other eye care accessories, announced the introduction of Hydro by Hubble contact lenses. These daily lenses come in clean, environmentally friendly flat packs, providing clear vision, maximum comfort, and all-day hydration.

·In June 2023- The Varilux XR series lens is the newest product that EssilorLuxottica has introduced.

Material – Market breakup in 3 viewpoints:

1. Gas Permeable

2. Silicone Hydrogel

3. Hybrid

Usage – Market breakup in 4 viewpoints:

1. Daily Disposable

2. Disposable

3. Frequently Disposable

4. Traditional (Reusable) Lenses

Design – Market breakup in 3 viewpoints:

1. Spherical

2. Toric

3. Multifocal

Application – Market breakup in 2 viewpoints:

1. Vision Correction

2. Cosmetic

Distribution Channel – Market breakup in 3 viewpoints:

1. Vision Correction Online Pharmacy

2. Retail Pharmacy

3. Hospital Pharmacy

All the Key players have been covered from 3 Viewpoints:

• Overview

• Recent Development

• Revenue Analysis

Company Analysis:

1. Bausch & Lomb Incorporated

2. Alcon

3. Carl Zeiss Meditec AG

4. The Cooper Companies, Inc.

5. Hoya Corporation

6. EssilorLuxottica

7. Menicon Co. Ltd

8. SynergEyes Inc.

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