Wilmington, Delaware, United States 13.07.2022 2022 (GLOBE NEWSWIRE) -" Transparency Market Research Inc. Analyzing the market for contact lens has found that increasing incidences of eye disorders and vision impairment has steered substantial revenue growth. In 2021 , the market of contact lenses stood at US$ 8.6 Bn. This is due to the increasing prevalence of myopia in the world. The market for contact lens is projected to reach US14.5 billion. 14.5 billion in 2031. There are huge opportunities to be had in Asia Pacific as well as North America.
People who wear contact lenses around the world as observed by the researchers of the study that examined the contact lenses market, continue to search for ease, comfort as well as efficiency to meet their demands. The best contact lenses aim to meet all of these demands. It is important to note that people who participate in water sports or other aquatic pursuits value these product attributes. This has led to the need for improvements in contact design especially in toric lens. They are used primarily to treat moderate or mild corneal astigmatism.
Contact lenses made of soft material are the most demanded and major producers are considering expanding their range of this type of lenses. According to a study, the market for contact lenses is predicted to grow revenue by focusing on custom solutions that cater to the unique demands of each patient.
Important Findings of Contact Lenses Market Analysis
The widespread use of contact lenses to correct eye Diseases to Generate Revenue Streams A rise in the numbers of peopleworldwide suffering from eye impairment or eye disease has created an enormous profit-making opportunities for companies operating in the contact lenses market. A high prevalence of vision impairment for adults has resulted in large revenue stream. Contact lenses are proven to be highly effective at helping to correct these ailments.
An Increasing Prevalence of Age-related Disorders Provides awe-inspiring Avenues The prevalence of eye-related diseases caused by aging will increase dramatically over the next few decades. The WHO along with other international agencies have released statistics showing an increase of a substantial percentage of people who are over 50 until 2050. Contact lenses have drastically made a difference in the quality of life, there's a large market of untapped potential for them. The increasing prevalence of myopia in particular could create enormous profit opportunities for industry players within the market for contact lenses.
Contact Lenses Market: Key Drivers
Blue Contact Lenses
An increase in the prevalence of visual problems and eye disorders is one of the major drivers for advancement of the contact lens market. Various designs of contact lenses have proven effective in curing the signs of the disease.
The impact of astigmatism on patients has increased over the time. This could open many new opportunities in the market of contact lenses. Growing application of contact lens technology for therapeutic purposes has enhanced the possibilities.
Blue Contact Lenses
Contact Lenses Market
The market of contact lens products in Asia Pacific is expected to expand at a rapid rate. A rising incidence of eye impairment and visual diseases in the region for the entire age range is anticipated to drive the growth of revenue streams. The prospects for the region's business have been enhanced due to rapid advancements in technology for contact lenses, particularly for India, Japan and China.
The market in North America for contact lenses is forecast to make up a significant proportion of worldwide sales over the projected time. Given the enormous market, there are several opportunities within this market.