The global “Contact Lenses Market Size” is projected to reach USD 12.05 billion by 2026, exhibiting a CAGR of 4.8% during the forecast period. However, the market was worth USD 8.35 billion in 2018. This information is published in a recent report by Fortune Business Insights, titled, “Contact Lenses Market Size, Share & Industry Analysis, By Modality (Reusable and Disposable), By Design (Toric, Multi-Focal, and Spherical), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmologists), and Regional Forecast, 2019-2026.” As per the report, rising per capita healthcare expenditure and increasing incidence of astigmatism and myopia are expected to affect the market positively.
Highlights of the Report:
- In-depth analysis of various insights, namely, Contact Lenses Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Contact Lenses Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Contact Lenses Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- HOYA Corporation
- Bausch & Lomb Incorporated
- Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.)
- ZEISS International
- Alcon Vision LLC
- Other key market players
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/contact-lenses-market-101775
Rising Prevalence of Ocular Disorders to Augment Market Growth
The World Health Organization (WHO) stated that approximately 1.7 million people are affected by presbyopia and around 153 million people reside with uncorrected refractive errors around the world. A rising prevalence of presbyopia worldwide is one of the main factors propeling the contact lenses market growth in the coming years. Also, many people are affected by ocular disorders, which in turn, is expected to boost growth of the market.
Asia Pacific to Exhibit Rapid Growth Fueled by Rising Disposable Income
The contact lenses market can be geographically grouped into the Middle East & Africa, North America, Asia Pacific, Latin America, and Europe. Out of them, North America is set to dominate the market during the forecast period. It was valued at USD 2.75 billion in 2018. This growth is attributed to the rising usage of contact lenses amongst the masses as well as increasing prevalence of presbyopia. The Centers for Disease Control and Prevention (CDC) mentioned that in the U.S., around 45 million people use contact lenses.
Asia Pacific, on the other hand, is expected to remain in the second position owing to gradual inclination of the masses to disposable contact lenses from reusable contact lenses. Also, various market players are launching novel products day by day in this region. It is also giving rise to market growth. The region is projected to experience rapid growth in the coming years owing to the rising trend of wearing contact lenses amongst the youngsters for correcting vision errors. Moreover, the increasing awareness programs regarding the benefits of using contact lenses, rising disposable income, and availability of lenses on online platforms would also contribute to the demand for contact lenses in this region.
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