“Setting the standard for eye care innovation, Johnson & Johnson Vision, CooperVision, and Alcon continue to drive the industry forward by continuously developing cutting-edge technologies and products that enhance vision and improve lives.”
The global contact lenses market is projected to experience significant growth in the coming years, according to a report titled “Global Contact Lenses Market – Focused Insights 2024-2029.” The market, valued at $9.77 billion in 2023, is expected to reach $13.57 billion by 2029, with a steady compound annual growth rate (CAGR) of 5.62%.
Several factors are driving the demand for contact lenses, including 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%).
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. This growth is 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.
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.
The report also highlights the key players in the global contact lenses market, including Johnson & Johnson Vision, CooperVision, Alcon Inc, Bausch + Lomb, HOYA Corp, EssilorLuxottica, and others.
The market is segmented by application, design, usage, distribution, and material, providing valuable insights into the industry’s dynamics. The report covers market dynamics, competitive landscape, key vendors, and other prominent vendors in the contact lenses market.
For more information about this report, you can visit the ResearchAndMarkets.com website.
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