Author: Amanrenub

United States Contact Lenses Market Analysis: Size, Share, Growth & Forecast (2024 – 2032)

The United States Contact Lenses Market is projected to reach approximately US$ 4.47 billion by 2032, growing at a CAGR of 4.69% from 2024 to 2032. Renub Research reports that the market was valued at US$ 2.96 billion in 2023.

Contact lenses, which are thin, transparent plastic discs inserted into the eye, enhance vision by floating on the cornea’s protective tear film. They correct refractive errors that lead to vision issues, helping to ensure light is properly focused on the retina.

  • According to the Centers for Disease Control (CDC), around 45 million Americans are projected to wear contact lenses, with women accounting for two-thirds of users. The average global contact lens wearer is 31 years old, with 8% under 18, 17% aged 18-24, and 75% over 25.

Key Drivers of Growth in the United States Contact Lenses Market

1. Increase in Vision Problems

The growing population of individuals with visual impairments contributes to the expansion of the contact lenses market. This trend is particularly evident in the United States, where the risk of developing vision-related health issues increases with age.

  • As reported by the National Health and Aging Trends Study, 27.8% of Americans aged 71 and older have visual impairments, with a higher prevalence linked to age-related factors.

2. Research and Development Initiatives

The evolution of the contact lenses market and overall eye health in the U.S. is driven by significant advancements in lens design, materials, and technologies.

  • A professor at Purdue University’s College of Engineering has secured $6.7 million in grants from the National Eye Institute to develop smart soft contact lenses designed to monitor or treat conditions like glaucoma and dry eye syndromes.
  • In April 2023, CooperVision announced its Science and Technology Awards program to promote continuous advancements in contact lens research and development.

3. Government Initiatives

New federal and state laws are influencing the dynamic contact lenses market in the United States.

  • The FY 2023 budget bill from Congress includes $6.5 million for vision and eye health initiatives, with $2.5 million allocated to the Vision Health Initiative (VHI) to update national prevalence estimates of eye conditions.
  • The Federal Trade Commission and the FDA have implemented measures, including consumer alerts regarding potentially hazardous eye drops and product recalls.

United States Contact Lenses Industry News

Key players in the U.S. contact lens market include Bausch & Lomb Incorporated, Hoya Corporation, EssilorLuxottica, Menicon Co. Ltd., Carl Zeiss Meditec AG, Alcon, The Cooper Companies, Inc., and SynergEyes Inc..

  • December 2023: Azalea Vision unveiled the first working prototype of its Azalea smart contact lens platform, intended to provide non-surgical solutions for individuals with presbyopia and corneal abnormalities.
  • October 2023: Alcon launched TOTAL30® Multifocal, the first monthly Water Gradient multifocal contact lens in the global market.
  • July 2023: Hubble Contacts introduced Hydro by Hubble contact lenses, emphasizing environmentally friendly packaging and all-day hydration.
  • June 2023: EssilorLuxottica introduced the Varilux XR series lens, showcasing their commitment to innovation.

Market Segmentation

  • Material:
    1. Gas Permeable
    2. Silicone Hydrogel
    3. Hybrid
  • Usage:
    1. Daily Disposable
    2. Disposable
    3. Frequently Disposable
    4. Traditional (Reusable) Lenses
  • Design:
    1. Spherical
    2. Toric
    3. Multifocal
  • Application:
    1. Vision Correction
    2. Cosmetic
  • Distribution Channel:
    1. Vision Correction Online Pharmacy
    2. Retail Pharmacy
    3. Hospital Pharmacy

Company Analysis

Key players are analyzed based on:

  • Overview
  • Recent Development
  • Revenue Analysis

Companies Covered:

  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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About Renub Research

Renub Research is a market research and information analysis company with over 15 years of experience. We assist companies in making informed business decisions regarding strategy, organization, operations, technology, and mergers & acquisitions. To date, we have published over 7000 syndicated reports and completed more than 500 custom research projects. Our data supports many blue-chip companies, including EMIS, Bloomberg, and Thomson Reuters.

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Global Transportation Battery Market Analysis: Forecast Report 2024-2030

Transportation Battery Market Analysis

The Global Transportation Battery Market was valued at US$85.67 billion in 2023 and is projected to grow to US$263.78 billion by 2032, reflecting a CAGR of 13.31% from 2024 to 2032. Key factors driving this market growth include increasing electrification, the expansion of charging infrastructure, the rising popularity of electric vehicles (EVs), grid integration, and energy storage solutions.

Transportation Battery Market Overview

Transportation batteries are specialized energy storage devices designed for various modes of transportation, including electric vehicles (EVs), hybrid vehicles, and electric bikes. These batteries are essential for powering electric propulsion systems, providing the necessary energy for movement and operation.

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Transportation batteries, particularly lithium-ion (Li-ion) batteries, are preferred for their high energy density, long cycle life, and relatively lightweight properties. They efficiently store electrical energy and release it to power electric motors, control systems, and other vehicle components. The efficiency and performance of these batteries significantly affect the vehicle’s range, acceleration, and overall efficiency.

In addition to electric cars and bikes, transportation batteries are utilized in public transportation systems such as electric buses and trains, contributing to sustainable and eco-friendly urban mobility. They play a vital role in transitioning to cleaner energy sources, reducing reliance on fossil fuels, and minimizing greenhouse gas emissions. Continuous advancements in transportation battery technology, including improvements in energy density, charging speed, and durability, further enhance the performance and adoption of electric vehicles and other green transportation solutions.

Growth Factors in the Transportation Battery Industry

Advancements in Battery Technology

Technological innovations in battery chemistry and design are major growth drivers in the transportation battery industry. Improvements in lithium-ion batteries, such as enhanced energy density, charging speed, and cycle life, lead to better performance and longer ranges for EVs. Research into alternative technologies, such as solid-state batteries and lithium-sulfur batteries, promises even greater advancements by offering higher energy densities and improved safety profiles. Additionally, the development of fast-charging solutions and integrated battery management systems enhances the efficiency and convenience of transportation batteries. These breakthroughs make electric and hybrid vehicles more attractive to consumers, supporting broader adoption of sustainable transportation options and driving market growth.

Government Policies and Incentives

Supportive government policies and incentives are crucial in accelerating the growth of the transportation battery industry. Many governments globally are implementing regulations and programs to promote electric vehicle adoption and reduce greenhouse gas emissions. These measures include subsidies for EV purchases, tax credits, and investments in charging infrastructure. Stricter emissions standards for internal combustion engine vehicles encourage automakers to invest in battery technology and electric vehicle production. By creating a favorable regulatory environment and offering financial incentives, governments stimulate demand for transportation batteries and support industry expansion.

Rising Consumer Demand for Sustainable Transportation

Increasing consumer awareness of environmental issues and the push for sustainable living are significant factors driving growth in the transportation battery industry. As concerns about climate change and air pollution rise, consumers are increasingly seeking eco-friendly transportation options, such as electric vehicles. The desire for reduced carbon footprints and lower operating costs associated with EVs compared to traditional gasoline-powered vehicles fuels demand for advanced transportation batteries. Moreover, the growing availability of electric vehicle models across various price points makes sustainable transportation more accessible to a broader audience. This shift in consumer preferences supports the expansion of the transportation battery market and encourages continued innovation and investment in battery technologies.

Europe Transportation Battery Market Overview

The European transportation battery market is experiencing substantial growth, driven by a strong push towards electrification and sustainability in transportation. The European Union and individual countries have set ambitious targets for reducing greenhouse gas emissions, leading to significant investments in electric vehicles (EVs) and battery technologies. This regulatory environment fosters market expansion by encouraging automakers to develop and adopt advanced battery solutions.

Major European automakers, including Volkswagen, BMW, and Renault, are heavily investing in electric vehicle production and battery development to meet regulatory requirements and consumer demand for cleaner transportation options. Additionally, European governments provide various incentives, such as subsidies for EV purchases and tax benefits, further stimulating market growth. The expansion of charging infrastructure across the continent also supports electric vehicle adoption, enhancing the demand for transportation batteries.

Technological advancements, including improvements in lithium-ion batteries and the exploration of alternative technologies like solid-state batteries, contribute to the market’s expansion. Overall, the combination of supportive policies, increasing consumer interest, and ongoing technological innovations drives the growth of the transportation battery market in Europe.

Transportation Battery Market Company Overview

Key industry players in the Global Transportation Battery Market include:

  • Panasonic Corporation
  • Exide Industries
  • VARTA
  • Hitachi Group Ltd
  • Robert Bosch GmbH
  • SAMSUNG SDI Co. Ltd
  • LG Chem Ltd

Transportation Battery Market News

  • February 2024: CATL and Ford announced a partnership to supply lithium iron phosphate (LFP) batteries for the F-150 Lightning and Mustang Mach-E vehicles in North America, expanding CATL’s customer base for LFP chemical capabilities.
  • February 2024: Northvolt established its first battery recycling facility, Revolt Ett, in Sweden, showcasing a commitment to the circular battery economy and sustainable manufacturing.
  • January 2024: Gotion High-Tech announced plans to construct a large new battery production plant in Michigan, USA, indicating growth in the North American market.
  • January 2024: Tesla announced price reductions for several of its electric vehicle models in the US and Europe, significantly impacting market dynamics and demand.

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Market Breakdown

Battery Type

  1. Lead-Acid
  2. Lithium-Ion
  3. Other Battery Types

Vehicle Type

  1. Passenger Cars
  2. Commercial Vehicles

Drive Type

  1. Internal Combustion Engine
  2. Electric Vehicles

Country Breakdown

North America

  • United States
  • Canada

Europe

  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Belgium
  • the Netherlands
  • Turkey

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Malaysia
  • Indonesia
  • New Zealand

Latin America

  • Brazil
  • Mexico
  • Argentina

Middle East & Africa

  • South Africa
  • Saudi Arabia
  • United Arab Emirates

Company Analysis

Key players are analyzed from four perspectives:

  1. Overview
  2. Recent Developments & Strategies
  3. Product Portfolio
  4. Financial Insights

Company Analysis Includes:

  1. Panasonic Corporation
  2. Exide Industries
  3. VARTA
  4. Hitachi Group Ltd
  5. Robert Bosch GmbH
  6. SAMSUNG SDI Co. Ltd
  7. LG Chem Ltd

About the Company

Renub Research is a Market Research and Information Analysis company with over 15 years of experience in research, surveys, and consulting. Our research aids companies in strategic business decisions, organization, operations, technology, mergers & acquisitions, and more. To date, we have published over 9,000 syndicated reports and worked on more than 750 custom research projects. We currently supply data to EMIS, Bloomberg, Thomson Reuters, and support many blue-chip companies by providing findings and perspectives across a wide range of markets.

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