The Future of Contact Lenses Market Size & Share Expected a Growth of USD 10.9 Billion by 2028, According to Vantage Market Research
Vantage Market Research
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WASHINGTON, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Contact Lenses Market finds that the surge in incidences of myopia is accelerating the expansion of the market. In addition, the growing senior population and launch of technologically advanced products are projected to boost the growth of the Global Contact Lenses Market during the forecast period.
The Global Contact Lenses Market revenue is expected to reach a value USD 10.9 Billion in 2028.
The Global Market revenue was valued at USD 7.6 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Contact Lenses Market Size, Share & Trends Analysis Report by Products (Usage, Design, Material, Color Variation, Application), by Distribution Channel (Retail Stores, Hospitals & Clinics, E-Commerce), by Material Type (Silicone Hydrogel, Hydrogel, Other Materials), by Design Type (Spherical, Toric, Multifocal, Other Design Types), by Wear Type (Monthly Disposable, Daily Disposable, Yearly Disposable), by Application (Corrective, Cosmetic, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
The global Contact Lenses Market was valued USD 7.6 Billion in 2021 and is all set to surpass USD 10.9 Billion by 2028, exhibiting a CAGR of 6.3% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Contact Lenses industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Rising Prevalence of Myopia to Drive the Market Growth
Contact Lenses Market are utilized to correct vision defects like myopia, hyperopia, presbyopia, and astigmatism. Even with all their increase in occurrence worldwide, myopia is still the most common across the globe. Furthermore, the increase in incidences of myopia and growing expenses on ophthalmic products such as Contact Lenses Market, as the corrective measure for refractive errors, are anticipated to propel the Contact Lenses Market growth during the forecast period. As a result, there is a high demand for Contact Lenses Market owing to the rising cases of eye disorders like myopia among all age groups. By the year 2050, myopia and high myopia are estimated to affect about 4,949 million and about 925 million populations, respectively, at the global level. Besides, the growing product launches and developments such as developing vibrant soft Contact Lenses Market with superior technology are raising the adoption of Contact Lenses Market.
Increasing Geriatric Population Base to Fuel Market Expansion
Among the aged population, the cases of vision-related disorders are the highest Retinal loss is the major health worry in this population group worldwide. Moreover, the growth in the elderly population intensifies the occurrence of ophthalmic disorders, and most people with vision impairment are over 50 years old. The World Health Organization states that one in six people worldwide will be 60 years or over by 2030. The share of people aged 60 years and above will expand from 1 billion in 2020 to 1.4 billion. The worldwide population of people aged 60 years and older is projected to double by 2050. Moreover, the population of persons aged 80 years or older will likely triple between 2020 & 2050 to reach 426 million. As a result, the demand for Contact Lenses Market is getting higher with the surge in the older population.
North America Dominated the Global Contact Lenses Market
North America is dominating the Global Contact Lenses Market and will continue its domination during the forecast period. This can be attributable to various growth factors such as the mounting patient population suffering from refractive errors, the growing focus of top market players on strategic partnerships & collaborations, an increase in product innovation, and rising awareness among the patient population toward vision correction treatment in the region. Along with this, Canada and the United States have developed well-structured healthcare organizations, supporting research and development. As a result, the increasing visual inaccuracy is anticipated to propel North America market development.
List of Prominent Players in Contact Lenses Market:
June 2022: Bausch + Lomb, a global eye health company that manufactures healthcare products, announced the U.S. launch of Revive™ custom soft Contact Lenses Market, which is a new addition to its customizable soft Contact Lenses Market offered in spherical, multifocal, toric, and multifocal toric options. In addition, this lens is designed to meet the vision needs of more patients, including those with high or unique prescriptions.
April 2022: Alcon, a worldwide medical company specializing in eye care products, introduced the Precision, a disposable Contact Lenses Market for Astigmatism in Canada. The daily disposable silicone hydrogel (SiHy) Contact Lenses Market is made for astigmatic patients, aiming to help people see well.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Contact Lenses Market for the base year and forecast period?
This market titled “Contact Lenses Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Products
° Usage
° Design
° Material
° Color Variation
° Application
• Distribution Channel
° Retail Stores
° Hospitals & Clinics
° E-Commerce
• Material Type
° Silicone Hydrogel
° Hydrogel
° Other Materials
• Design Type
° Spherical
° Toric
° Multifocal
° Other Design Types
• Wear Type
° Monthly Disposable
° Daily Disposable
° Yearly Disposable
• Application
° Corrective
° Cosmetic
° Other Applications
• Region
° North America
° Europe
° Asia Pacific
° Latin America
° Middle East & Africa
Region & Counties Covered
• North America
° U.S.
° Canada
° Mexico
• Europe
° U.K
° France
° Germany
° Italy
° Spain
° Rest Of Europe
• Asia Pacific
° China
° Japan
° India
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Brazil
° Argentina
° Rest Of Latin America
• Middle East & Africa
° GCC countries
° South Africa
° Rest Of Middle East & Africa
Companies Covered
• Bausch & Lomb (US)
• Alcon (Switzerland)
• Carl Zeiss Meditec AG (Germany)
• Johnson & Johnson (US)
• HOYA Corporation (Japan)
• The Cooper Companies (US)
• Seed Co. Ltd. (Japan)
• Essilor Luxottica (France)
• BenQ Materials Corporation (Taiwan)
• Menicon Co. Ltd. (Japan)
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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