DUBLIN, Oct 10, 2022 (GLOBE NEWSWIRE) — The Contact Lens Market Forecast 2022-2027 report. The contact lens market is valued at $9.522 billion in 2020, with a CAGR of 6.67%, and the market size will reach $14.963 billion by 2027. Contact lenses are thin, curved lenses that are worn directly on the surface of the eye for a variety of reasons, such as vision correction or cosmetic and therapeutic purposes. The global contact lens market is expected to experience significant growth over the next five years, likely due to the growing demand for these lenses rather than eyeglasses as they have several advantages.
In addition, the rising prevalence of common eye conditions is also driving demand for contact lenses, which will play an important role in shaping the growth of the market over the next five years. In addition, as older people are more susceptible to vision problems, population aging is increasing in many parts of the world, so significant growth is expected.
However, millennials are also in high demand for contact lenses that are specifically designed to change the look of their eyes with vibrant colors. Moreover, the surging investments by the market players in the form of increased investments in R&D for the launch of new products to gain a competitive edge in the market further show the high growth potential of the market.Covid-19 Impact Moreover, the surging investments by the market players in the form of increased investments in R&D for the launch of new products to gain a competitive edge in the market further show the high growth potential of the market.Covid-19 Impact Moreover, the rapid growth of investment from market participants in the form of increased investment in research and development to launch new products in order to gain a competitive advantage in the market, once again indicates the high growth potential of the market. In addition, the surge in investment from market participants in the form of increased investment in R&D to launch new products to gain a competitive advantage in the market once again demonstrates the high growth potential of the market. Impact of Covid-19
During the Covid-19 pandemic, the contact lens market fell due to the high risk of infectious diseases. The introduction of Covid-19 has greatly hampered the global demand for contact lenses. Major market players noted a drop in revenue due to the outbreak. During the quarantine, consumers switched to glasses instead of contact lenses, which contributed to the decline. Due to the risk of Covid-19, medical institutions are also recommending that people wear glasses instead of contact lenses.
In addition, the government has imposed restrictions and closures of businesses, people have begun to avoid eye clinics, and there are fewer patients in vision correction centers. In addition, raw material supply impacted the global contact lens market during the forecast period. High incidence of common eye diseases and disorders
A key factor driving the demand for contact lenses is the growing prevalence of common eye diseases and conditions around the world. According to the US Department of Health and Human Services, about 12 million adults aged 40 and over in the United States are visually impaired, including 1 million who are blind, 3 million who have corrected visual impairment, and 8 million who have uncorrected refractive errors. .
In addition, due to the prevalence of diabetes and other chronic diseases, by 2050 it is predicted that the number of people with irreparable visual impairment will reach 8.96 million people. Similarly, the World Health Organization reports that about 1 billion people worldwide suffer from preventable or permanent visual impairment near or far. Therefore, all the factors mentioned above will contribute to the growth of the global demand for contact lenses over the next five years.
Post time: Oct-11-2022
