US Contact Lenses Market - Focused Insights 2023-2028

The U.S. contact lenses sector is surging ahead, witnessing unprecedented growth. From its valuation of $3.18 billion in 2022, the market is forecasted to burgeon to a whopping $4.38 billion by 2028, marking a compelling CAGR of 5.48%. Several dynamics are steering this upward trajectory.

Demographic Dynamics: With a burgeoning geriatric populace and an uptick in chronic eye conditions, the demand for corrective lenses alone has rocketed, capturing 59.13% of the market in 2022. This segment is only expected to accelerate further, with a projected CAGR of 5.56%.

Technological Evolution: The contact lens arena is witnessing a paradigm shift. Spherical lenses, occupying 68.81% of the market in 2022, are in growing demand owing to their applicability in addressing many chronic eye conditions.

Consumer Preference: Daily disposable contact lenses are gaining immense popularity. Garnering 54.30% of the market share in 2022, their allure lies in their convenience and minimized infection risks, with a striking growth potential indicated by a CAGR of 7.63%.

Distribution Dynamics: Retail remains king. Holding 64.38% of the market in 2022, retail outlets remain the preferred purchasing hub for many, courtesy of competitive pricing and attractive discounts.

The market isn't just growing; it's evolving. As it expands, it's pulling in a plethora of players—both seasoned veterans like Johnson & Johnson Vision, Alcon, and Bausch+Lomb, and ambitious newcomers eager to make their mark. The landscape is fiercely competitive yet rife with opportunities. As seen with Mark'Ennovy's partnership with Capricornia Contact Lens, strategic collaborations underscore the industry's forward-thinking approach and the value of synergy.

For those eyeing investments or market entry, now is the moment. The U.S. contact lenses market presents a golden opportunity with top-tier players ramping up their technological investments and consistently launching innovative products. Embrace the future of eye care; it's looking brighter than ever.

This report offers market size & forecast data for the contact lenses market in the US. The revenue generated from the sale of contact lenses is included in the report. The revenue generated from service providers is excluded from the scope of the study. This report provides a comprehensive and current market scenario of the US contact lenses market, including the US contact lenses market size, anticipated market forecast, relevant market segmentations, and industry trends.

The study considers a detailed scenario of the present contact lens market and its market dynamics for 2023−2028 in the US. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent players operating in the market.

KEY HIGHLIGHTS:

• In the US, the contact lenses market was valued at $3.18 billion in 2022 and is expected to reach $4.38 billion by 2028, growing at a CAGR of 5.48%.
• In North America, in 2022, the US dominated the market with more than 90.00%, which can be attributed to the increasing geriatric population, growing consumer awareness regarding contact lens usage, the high prevalence of chronic eye diseases, and the increasing adoption of contact lenses.
• In application type, the corrective lenses accounted for a CAGR of over 5% during the forecast period. The increasing demand for corrective lenses is due to the rising disease burden, increasing prevalence of chronic eye diseases, and rising geriatric population.
• By design, the spherical contact lenses segment accounted for the highest share. The increasing demand for spherical contact lenses is due to the number of chronic eye conditions, increased preference for contact lenses, and rise in the geriatric population.
• In usage type, the daily disposable contact lenses segment accounted for the highest share. The increasing demand for daily disposable contact lenses is due to the ease of use and reduced infection possibility.
• By distribution channel, the retail stores segment accounted for the highest share. The increasing demand for retail stores is due to affordable prices offered at good discounts.
• Johnson & Johnson Vision Care, Alcon Inc, The Cooper Companies, HOYA Corp, and Essilor International are some of the leading players currently dominating the US contact lenses market. The major players focus on strategic acquisitions and collaborations with emerging players to enter the medical device cleaning & recycling market and to gain access to commercially launched products.