WASHINGTON, Sept. 1, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the global contact lens market found that rising myopia cases are accelerating market expansion. In addition, the growth of the geriatric population and the introduction of technologically advanced products are expected to drive the growth of the global contact lens market during the forecast period.
Global market revenue in 2021 will be $7.6 billion and the compound annual growth rate (CAGR) is expected to be 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)”. 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)”. according to a report by Vantage Market Research titled “Analysis Report on Contact Lens Market Size, Share and Trends by Product (Use, Design, Material, Color Variation, Application) by Distribution Channel (Retail Stores, Hospitals and 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, annual disposable), by application (corrective, cosmetic, other applications) by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – global industry assessment (2016-2021) and forecast (2022-2028). The report titled “Report on Analysis of Contact Lens Market Size, Share and Trends by Product (Use, Design, Material, Color Variation, Application), Distribution Channel (Retail Stores, Hospitals and Clinics, E-Commerce)” indicates) the type of material (silicone hydrogel, hydrogel, other materials), by design type (spherical, toric, multifocal, other design types), by wearing type (monthly, daily, yearly), by application (corrective, cosmetic, other applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) – Global Industry Assessment (2016-2021) and Forecast (2022-2028).”
The global contact lens market is valued at $7.6 billion in 2021 and will exceed $10.9 billion by 2028, growing at a CAGR of 6.3% during the 2022-2028 forecast period.
In terms of revenue, the apps segment accounted for the largest share of revenue in 2021 and is expected to maintain its dominant position during the forecast period.
In terms of revenue, this product segment will hold the second largest market share in 2021 and is expected to grow rapidly over the forecast period.
Growth can be attributed to rapid urbanization, technological advances and increased investment in developing countries.
North America held the largest share in 2021 and is expected to maintain its position during the forecast period. This can be attributed to the presence of a large number of contact lens companies and a high level of adoption due to government measures to stimulate the industry in the region. Growth occurred mainly due to the expansion of cooperation.
The contact lens market is used to correct vision defects such as nearsightedness, farsightedness, presbyopia and astigmatism. Although the incidence of myopia has increased worldwide, myopia remains the most common worldwide. In addition, an increase in the incidence of myopia and an increase in spending on ophthalmic products such as the refractive error correction contact lens market is expected to contribute to the growth of the contact lens market during the forecast period. Consequently, the contact lens market is in high demand due to the increase in cases of eye diseases such as myopia among all age groups. It is estimated that by 2050, myopia and high myopia will affect approximately 4.949 billion and approximately 925 million people worldwide, respectively. In addition, growing product launches and developments, such as the development of a dynamic soft contact lens market with cutting-edge technology, are accelerating the rate of introduction of the contact lens market.
Cases of visual impairment are highest in the elderly. Retinal loss is a major health concern for this population worldwide. In addition, the growth of the elderly population has exacerbated the incidence of eye diseases, and most people with visual impairments are over 50 years of age. The World Health Organization claims that by 2030 one in six people in the world will be over 60 years old. The proportion of people aged 60 and over will rise 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. 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. By 2050, the world population aged 60 and over is projected to double. In addition, the population aged 80 and over is likely to triple between 2020 and 2050 to 426 million. The world population aged 60 and over is expected to double by 2050. In addition, the population aged 80 and over is likely to triple to 426 million between 2020 and 2050. Thus, with the increase in the number of elderly people, the demand in the contact lens market is increasing.
North America dominates the global contact lens market and will continue to do so 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. 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 towards vision correction treatment in the region. This may be due to various growth factors, such as an increase in the number of patients suffering from refractive errors, the growing focus of leading market players on strategic partnerships and collaborations, an increase in innovative products, and increased patient awareness of ocular vision correction treatment. This can be attributed to various growth factors, such as an increase in the number of patients with refractive errors, increased attention to strategic partnerships and collaborations from leading market players, increased product innovation, and increased awareness of patient groups in the region about vision correction methods. At the same time, Canada and the US have established well-structured health organizations to support R&D. Hence, the growing image inaccuracy is expected to drive the North American market.
Browse through 141 pages of market data tables and charts and study in detail “Report on Contact Lens Market Size, Share and Trend Analysis, by Product (use, design, material, color variation, application), by distribution channel”. (retail stores, hospitals)) and clinics, e-commerce), by material type (silicone hydrogel, hydrogel, other materials), by design type (spherical, toric, multifocal, other design types), by wearing type (monthly disposable) , once a day, once a year), by application (corrective, cosmetic and other applications), by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Global Industry Assessment (2016 –2021) and Forecast (2022-2028)”.
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Post time: Sep-20-2022
