Global Contact Lenses Market to Reach $13.57 Billion by 2029, Showing a Steady 5.62% CAGR: Key Insights and Industry Trends

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Oct 25, 2023, 05:15 ET

DUBLIN, Oct. 25, 2023 /PRNewswire/ -- 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.

For more information about this report visit https://www.researchandmarkets.com/r/70nxup

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