Global Contact Lenses Market to Grow with a CAGR of ~5% During 2023-2033

New York, United States, Mon, 31 Jul 2023 07:53:48 / Comserve Inc. / -- Research Nester published a report titled “Contact Lenses Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global contact lenses market.

Research Nester published a report titled “Contact Lenses Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global contact lenses market in terms of market segmentation by material, design, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global contact lenses market is anticipated to grow with a CAGR of ~5% over the forecast period, i.e., 2023-2033. The market is segmented by material into gas permeable, silicone hydrogel, and hybrid. Out of these segments, the silicone hydrogel segment is attributed to garnering the highest market share by 2033. Comfort and hydration provided while wearing lenses is one of the major factors anticipated to drive the growth of the segment during the forecast period.

The global contact lenses market is estimated to garner a revenue of near to USD 16 Billion by the end of 2033, up from a revenue of around USD 10 Billion in the year 2022. Expanding preference for contact lenses among developing nations and the frequency of refractive defects worldwide are some of the major factors expected to drive the growth of the market.

Geographically, the global contact lenses market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Amongst these regions, the market in North America is projected to hold the largest market share by the end of 2033. Growing number of people who adopt contact lenses, the number of people suffering from refractive problems, and the growing awareness of the benefits of vision correction therapies are some of the major factors anticipated to contribute to the growth of the North America contact lenses market.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

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Surge in Prevalence of Refractive Errors to Boost Market Growth

Refractive errors are known to account for 43% of visual impairment. Moreover, it is also known to be the second leading cause of vision loss worldwide. Further, 12 years back, untreated refractive errors caused blindness in 6.8 million people and visual impairment in 101.2 million people.

People suffering from refractive errors are advised to use contact lenses to correct the issue of refractive error. Use of these lenses also helps to compensate for visual impairments such as myopia, hyperopia, presbyopia, and astigmatism. Such a factor is anticipated to drive the growth of the market during the forecast period.

However, surge in concern for eye inflammation or infection as a result of improper contact lens care and hygiene is one of the major factors expected to operate as key restraint to the growth of global contact lenses market over the forecast period.

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This report also provides the existing competitive scenario of some of the key players of the global contact lenses market which includes company profiling of are Johnson & Johnson Vision Care, Inc., Carl Zeiss AG, Bausch & Lomb Pvt. Ltd., Alcon Vision LLC, Cooper Vision, Inc., Hoya Corporation, Essilor Luxottica, Menicon Co., Ltd., SynergEyes, Inc., and Walman Optical. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.

On the whole, the report depicts detailed overview of the global contact lenses market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.

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