Contact Lenses Market to Reach US$ 13.05 Bn by 2028

Contact lenses market was valued at US$ 9.22 Bn in 2021 and is likely to reach US$ 13.05 Bn by 2028 at a CAGR of 5.1% between 2022 and 2028.

NEW YORK, UNITED STATES, October 17, 2022 /EINPresswire.com/ -- Global Contact Lenses Market and provides statistics and information on market size, shares and growth factors. Major companies with their market volumes and revenues are covered for each of the regions (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America).

Contact lenses are thin and curved lenses placed on the film of tears that covers the surface of the human eye. Generally, the lens is naturally clear, but sometimes it is given a slight color tinge, making it easier to handle by the wearer. Modern contact lenses are either soft or hard. However, people nowadays prefer wearing soft contact lenses because of their flexible quality.

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Scope of the Report:

The report segments the global contact lens market based on application, type, material, design, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global contact lens market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

Report Segmentations:

The global contact lens market is segmented based on material, design, application, and distribution channels. Based on material, the market is differentiated into gas permeable, silicone hydrogel, and others. Based on the design, the market is segmented into monovision, spherical, multifocal, and toric. Based on application, the market is segmented into corrective, therapeutic, cosmetic, and others. Further, the market is segmented based on distribution channels into e-commerce, hospitals, clinics, and retail stores.

Regional Overview of Contact Lenses Market:

Similarly, contact lenses are likely to increase in emerging regions, such as Asia Pacific and the Middle East & Africa. The people in these regions invest significantly in their lifestyles and personal aesthetics. Additionally, according to United Nations, there were around 703 million persons aged 65 years or over in 2019 globally. This older population is projected to double to 1.5 billion in 2050, which is expected to boost the market during the forecast period. The geriatric population in Asian countries, such as Japan, India, and China, is also offering potential opportunities for the growth of the contact lenses market.

Furthermore, various sectors, such as media and entertainment, are substantially using cosmetic lenses, resulting in increased adoption of cosmetic lenses in North America and boosting the overall regional market.

Outbreaks of Covid-19 on Contact Lenses Market:

The COVID-19 outbreak reflected a decrease in demand for contact lenses globally. The pandemic has considerable social and economic ramifications across various industries and sectors. In the case of contact lenses, the market declined due to the limited eye care consultations.

Furthermore, major market players, such as Bausch + Lomb, The Cooper Companies Inc, and Johnson and Johnson, have reported declining sales due to decreased sales & operations. This led prominent and emerging companies to change their business strategies to adapt. Thus, the impact of COVID-19 somewhat hindered the global contact lenses market.

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Key Manufacturers are:

EssilorLuxottica; Alcon Inc.; Johnson & Johnson Services, Inc.; Bausch & Lomb Incorporated; The Cooper Companies Inc.; HOYA Corporation; SynergEyes, Inc.; STAAR Surgical Company; X-Cel Specialty Contacts; and Medenniumare are the key market players profiled in the study. Several other major companies were also studied and analyzed in this research study to get a holistic view of the contact lenses market and its ecosystem.

About The Insight Partners:

The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialists in industries such as technology, media, food & beverages, chemicals & materials, and telecommunication.

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More Research: https://www.theinsightpartners.com/reports/intraocular-lens-market

Sameer Joshi
The Insight Partners
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