Dublin, Oct. 24, 2023 (GLOBE NEWSWIRE) -- The "Global Contact Lenses Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global contact lenses market, valued at $9.77 billion in 2023, is projected to grow significantly, reaching $13.57 billion by 2029, with a steady CAGR of 5.62%.
This report provides a comprehensive analysis of the global contact lenses market, including market size, forecasts, segmentations, and key industry trends.
Market Highlights
The demand for contact lenses is experiencing robust growth, driven by factors such as 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 is attributed to the increasing geriatric population, rising prevalence of chronic eye disorders, and growing awareness of contact lenses.
Key Players
Leading 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
Market Segmentation
The market is segmented by application, design, usage, distribution, and material, providing valuable insights into the industry's dynamics.
Application
- Corrective
- Therapeutic
- Cosmetic
Design
- Spherical
- Toric
- Multifocal
Usage
- Daily Disposable
- Frequent Replacement
Distribution
- Retail Stores
- Hospitals & Eye Clinics
- Online Stores
Material
- Silicone Hydrogel
- Hydrogel
- Others
Market Structure
The report covers market dynamics, competitive landscape, key vendors, and other prominent vendors in the contact lenses market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $9.77 Billion |
| Forecasted Market Value (USD) by 2029 | $13.57 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/pkm5ak
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