Contact Lenses Market Expected to See Explosive Growth by 2028 | Precision business information

Global contact lens market by product

Global Contact Lenses Market by Regional Analysis

Global Contact Lenses Market by Regional Analysis

Uncorrected refractive problems are becoming a more common cause of visual impairment in developed countries.

LONDON, UK, June 28, 2022 / — The Contact lens market size is valued at approximately USD 10,303.6 million in 2021 and is expected to generate revenue of USD 14,790.7 million in 2028, growing at a CAGR of 5.3% over the forecast period. Contact lenses are a small, round, thin piece of clear plastic placed on the surface of the eye that is designed to fit the cornea and correct vision defects or enhance its aesthetic appeal. Contact lenses are favored by teenagers for their aesthetics, ease of use, and comfort, and their widespread availability in a range of tints has prompted their adoption as a fashion item among some young and middle-aged people.

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The Contact Lens Market – Growth Factors
Anti-refraction and anti-scratch contact lenses are developed by contact lens manufacturers. Additionally, these products are gaining popularity due to their ability to provide ultraviolet protection, providing users with a therapeutic experience and high-quality comfort. Due to these factors, there has been a noticeable increase in the use of contact lenses, which helps expand the market. The global contact lens market sees sales opportunities as the tendency to participate in outdoor activities increases. These products are increasingly used for cosmetic and aesthetic purposes in addition to their traditional function as refractive lenses. Therefore, the growing popularity of wearing contact lenses for cosmetic purposes is expected to increase the sales growth in the market over the projection period.

The Contact Lens Market – Segmentation
The global contact lens market on the basis of type, the market is divided into soft lenses, hybrid lenses, and rigid gas permeable (RPG) lenses. Based on design, the market is categorized into bifocal, spherical, multifocal, and toric. Based on usage, the market is divided into weekly disposable, daily disposable, yearly disposable, and monthly disposable. On the basis of product, the market is categorized into Therapeutic, Corrective, Cosmetic, Prosthetic. Based on distribution channel, the market is fragmented into ophthalmic diagnostic center, hospitals, and others.

The Contact lens market trends:
• The use of contact lenses has increased due to increased product launches and developments.
Contact Lenses Market Restraints:
• High research and development costs, together with the rising price of contact lenses and a lack of awareness in developing countries, are expected to hamper the expansion of the industry.

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The Contact Lens Market – Regional Analysis
In 2021, North America held the largest contact lens market share with a revenue share of 37.5%. The reason for this is a combination of variables, including the increasing number of patients with refractive defects and market competitors’ increased focus on strategic collaborative partnerships.

Impacts of the COVID-19 pandemic on the global contact lens market
With the emergence of the COVID-19 pandemic, there have been fewer eye care consultations, which has negatively impacted the growth of the market. Moreover, in the near future, the market may persist with a steady pace of growth.

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