Global Contact Lenses Market Trends, Applications, Analysis, Growth, and Forecast to 2027

The Contact Lenses Market Report offers in-depth insights, revenue details, and other vital information regarding the global contact lenses market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027.

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The Contact Lenses Market report offers insightful and detailed information regarding the various key players operating in the global market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global contact lenses market report has been segmented on the basis of product type, design, usage, technology, and region.

Contact Lenses Market Overview:

The Contact Lenses Market was valued at $9.4 billion in 2021 & is projected to reach $20.1 billion by 2027. It is expected to grow at a 6% CAGR between 2021 and 2027.

Contact lens, commonly known as contacts, is a small round thin curved piece of transparent plastic worn on the surface of the eyes and is designed to fit the cornea to correct visual defects or enhance one’s aesthetic appeal.

Contact lenses are used to serve the need to alleviate the use of hard-to-manage and bulky spectacles. They are used to treat common eye disorders such as Myopia (near-sightedness), Hyperopia (far-sightedness), Presbyopia (long-sightedness), Astigmatism (distorted vision), and Glaucoma (blindness).

A growing number of visual inaccuracies, rising prevalence of ophthalmic disorders, and rising popularity as a fashion accessory are major factors boosting global sales of contact lenses and are expected to drive the growth of the global contact lenses market over the forecast period.

In addition, the rising aging population, usage of computers, mobiles, and other devices, and rising visual defects among children and young people are boosting the demand for contact lenses.

Youngsters are preferring contact lenses for aesthetics, convenience, and comfort, and the easy availability of contact lenses, in a variety of colors and have also triggered their use as a fashion accessory among the young and middle-aged population. The global contact lenses market accounted for US$XX billion in 2017 and is expected to reach US$XX billion by 2026.

The global contact lenses market is highly competitive and consolidated. In order to boost revenues and grasp a strong consumer base, the key players will strive to have a competitive advantage over each other, hence innovations such as new product extensions, and growing applications in the coming years are expected.

The competition in the market is expected to further intensify in the years ahead.

It is a widely known fact that sleeping with the lenses on, or careless handling or storage of contact lenses, can have severe implications such as poor fitting and dryness of eyes, eye infections, ulcerations, and other eye diseases, which are expected to limit mass adoption of contact lenses among skeptical consumers.

Also, the fact that practitioners are not well equipped to prescribe contact lenses in certain developing regions such as the Middle East & Africa, and the increasing acceptance of ophthalmology devices and corrective procedures like LASIK and Photorefractive Keratectomy (PRK) also threaten to limit overall growth prospects of the global contact lens market to a certain extent.

Opportunities such as the availability of colored, disposable, and affordable varieties of contact lenses, attempts made by contact lens manufacturers and doctors to educate the masses about the proper and safe use of contact lenses, and untapped markets in emerging regions will help expand the scope of the global contact lens market in the next few years.

The North American market currently holds the largest share of the global contact lenses market owing to high awareness regarding eye examinations and the increasing popularity of daily disposable lenses.

However, the Asia Pacific market is expected to grow at the fastest rate with the most promising and lucrative opportunities present in the market for the players in the near future due to rising awareness among people, and well-equipped practitioners in countries in this region.

Global Contact Lenses Market Segmentation:

Global contact lenses market segmentation by product:

• RPG lens
• Soft lens
• Hybrid lens

Global contact lenses market segmentation by design:

• Spherical
• Toric
• Multifocal

Global contact lenses market segmentation by usage:

• Corrective
• Therapeutic
• Cosmetic
• Prosthetic

Global contact lenses market segmentation by technology:

• Spin casting
• Cast molding
• Lathe cutting

Global contact lenses market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa