Global Contact Lens Market is estimated to grow at a CAGR of 8.1% during the period 2017-2024 - Research Nester

“Contact Lens Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”

The global contact lens market is segmented into design such as spherical contact lenses, toric contact lenses and multifocal contact lenses. Among these segments, multifocal contact lenses segment is expected to occupy top position in overall contact lens market during the forecast period. The growth of multifocal contact lens segment can be attributed to its multiple prescriptions capabilities. Furthermore, growing cases of age related ophthalmic disorders such as presbyopia are expected to augment the growth of multifocal contact lens market.

Global Contact Lens Market was valued at USD 9.4 billion in 2015; further the market is estimated to reach USD 18.1 billion by the end of 2023 witnessing a compound annual growth rate of 8.1% over the forecast period. In terms of volume, the global market is estimated to reach 2.527 billion units by the end of 2023. Increasing number of ophthalmic cases in youngsters and middle age population, rising awareness and increasing disposable income are some of the major factors behind the growth of contact lens market.

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North America is anticipated to hold the largest consumer base of global contact lens market, the region accounted for 32% market share of the global market. This is mainly attributed towards the large pool of young and middle aged consumers with ophthalmic issues. On the back of rising awareness of proper use of contact lenses coupled with increasing personal disposable income, Asia Pacific contact lens market is anticipated to reach USD 4 billion by the end of 2023.

Increasing Number of Refractory Error and Weekend Eye Sight Cases

Increasing number of people suffering from refractive errors across the globe is anticipated to impel the demand for contact lens in the upcoming years. Moreover, rising adoption of contact lenses as a fashion accessory by youngsters is anticipated to foster the growth of contact lens market.

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Advancements and Development of Innovative Contact lens

Innovations and advancements in the contact lenses such as improved oxygen flow supply are envisioned to bolster the growth of contact lens market over the forecast period. Apart from this, rising demand for custom contact lenses by youngsters is also anticipated to foster the growth of contact lens market. Although, problems and diseases associated with the use of contact lens is likely to inhibit the growth of the Global Contact Lens Market in the near future.

The report titled “Contact lens Market : Global Demand Analysis & Opportunity Outlook 2021” delivers detailed overview of the global contact lens market in terms of market segmentation by product type, by design, by technology and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global contact lens market which includes company profiling of Novartis International AG, Menicon Co. Ltd., STAAR Surgical, Carl Zeiss AG, SynergEyes Inc., Abbott Medical Optics, Inc., Essilor International S.A., Valeant Pharmaceuticals International Inc., Johnson & Johnson Services Inc., and Bausch and Lomb. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global contact lens market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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