The global contact lenses market is set to experience significant growth in the coming years, according to a new report titled “Global Contact Lenses Market – Focused Insights 2024-2029.” The report, added to ResearchAndMarkets.com’s offering, projects that the market will reach $13.57 billion by 2029, with a steady compound annual growth rate (CAGR) of 5.62%.
The demand for contact lenses is being driven by several factors, including the increasing geriatric population, rising consumer awareness about contact lens usage, a high prevalence of chronic eye diseases, and the growing adoption of contact lenses. In 2023, North America held the largest market share at 37.22%, followed by APAC (26.76%), Europe (23.99%), Latin America (7.94%), and the Middle East and Africa (4.09%) in the global contact lenses market.
The APAC contact lenses market, valued at $2.61 billion in 2023, is expected to grow at a CAGR of 6.66% to reach $3.84 billion by 2029, driven by a focus on new product development. Spherical contact lenses accounted for the highest share of 67.11% in 2023 by design type segmentation and are projected to grow at a CAGR of 5.11% during the forecast period due to technical advancements and precise fittings.
The corrective contact lenses segment dominated the market with a share of 59.25% in 2023 by application segmentation and is expected to grow at a CAGR of 5.82%. This growth is attributed to the increasing geriatric population, rising prevalence of chronic eye disorders, and growing awareness of contact lenses.
Key players in the global contact lenses market include Johnson & Johnson Vision, CooperVision, Alcon Inc, Bausch + Lomb, HOYA Corp, EssilorLuxottica, Menicon, Carl Zeiss Meditec, SynergEyes, X-Cel Specialty Contacts, ClearLab, STAAR Surgical, Visioneering Technologies Inc, Solotica, Sensimed AG, Oculus Private Limited, NeoVision, Interojo, Clerio Vision, Contamac, Maxvue Vision, St. Shine Optical, BenQ Material, Ultravision CLPL, Seed Co Ltd, Aqualens, Feel Good Contacts, Bescon, CAMAX OPTICAL, Medios, POLYTOUCH, Shanghai Weicon Optical, Ginko International.
The market is segmented by application, design, usage, distribution, and material, providing valuable insights into the industry’s dynamics. The report covers market dynamics, competitive landscape, key vendors, and other prominent vendors in the contact lenses market.
According to the report’s key attributes, the market is estimated to have 136 pages and a forecast period from 2023 to 2029. The estimated market value in 2023 is $9.77 billion, with a forecasted market value of $13.57 billion by 2029. The compound annual growth rate (CAGR) is projected to be 5.6%, and the regions covered include the global market.
For more information about this report, you can visit https://www.researchandmarkets.com/r/5fbjyi.
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