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Contact lens demand to reach USD 18.1 billion by the end of 2023 globally

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Global Contact Lens market is majorly uplifted by increasing ophthalmic disorder across the globe and emerging e-commerce eye care services according to our research report “Global Contact Lens Market Outlook 2023”.

Regionally, the contact lens market is segmented into North America, Europe, Asia-Pacific and Rest of World (ROW). Among these, North America is anticipated to witness a significant growth and occupy the largest share of the contact lens market by 2023.   

Ophthalmic problems are rising at an alarming rate all across the globe. Due to increasing prevalence of ophthalmic problems, global contact lens market stood at USD 9.4 billion in 2015; further the market is anticipated to reach USD 18.1 billion by the end of 2023 expanding at a compound annual growth rate of 8.1% over the forecast period.

North America accounted for 32% market share of the global market in 2015; the region is anticipated to maintain its dominance over the forecast period. This is mainly attributed towards the large pool of young and middle aged consumers with ophthalmic issues.

Increasing Ophthalmic Disorder across the Globe: Up Thrust

Rising admiration of contact lenses among young generation, increasing use of fashionable contact lenses coupled with increasing pool of ophthalmic disorder patients is driving the contact lenses market all across the globe. The easy accessibility of disposable, colored and affordable contact lenses have also led to vast increase in their usage as fashion accessories across the globe.

Emerging E-Commerce Eye Care Services: Momentum

Emerging e-commerce companies such as are offering attractive cost-effective deals in order to clutch the market; the increasing antagonism among market key players will further bring down the prices of contact lenses, this will further impulse the sales of contact lenses in upcoming 5-6 years.

The report titled Global Contact Lens Market Outlook 2023delivers detailed overview of the contact lens market in terms of market segmentation by product, by design, by technology.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the contact lens industry which includes company profiling of Novartis International AG, STAAR Surgical, Abbott Medical Optics, Inc., Valeant Pharmaceuticals, Carl Zeiss AG. 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 on the global contact lens 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.

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