The contact lens market will reach $11.7 billion by 2027.The global contact lens market was valued at approximately USD 7.4 billion by 2020 and is expected to grow at a healthy growth rate of over 6.70% during the forecast period 2021-2027.
Contact lenses are basically eye prosthetic devices or thin lenses that can be applied directly to the surface of the eye.Contact lenses are used for vision correction, therapeutic and cosmetic reasons.Rising geriatric population drives the contact lens market growth as vision is affected and severe eye diseases occur with age.For example, in 2019, the world’s elderly population (over 65) increased globally between 2019 and 2050, according to the United Nations.It states that the elderly population in sub-Saharan Africa is 5% and is expected to grow by a percentage of about 5%7.
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In Central and South Asia, the proportion is only 17% and is expected to increase by 21%.In addition, increasing cases of myopia and other eye diseases are propelling the contact lens market growth.However, the decreasing number of ophthalmologists hinders the market growth during the forecast period of 2021-2027.Furthermore, preference for contact lenses over eyeglasses is likely to augment the market growth over the forecast period.
Post time: Mar-16-2022
