In the dynamic landscape of consumer eyewear, contact lenses play a pivotal role, offering vision correction solutions to millions worldwide. Let’s delve into key insights and projections for the global contact lenses market.
In 2024, the global contact lenses market is poised to reach a remarkable revenue of US$19.28 billion. The projected Compound Annual Growth Rate (CAGR) from 2024 to 2028 stands at 3.87%, indicating a steady and consistent growth trajectory. Notably, the United States is expected to contribute significantly, with an estimated revenue of US$6,049 million in 2024.
When considering revenue per person, the contact lenses market is anticipated to generate US$2.49 per person globally in 2024. This metric reflects the individual contribution to the market’s economic impact.
Looking ahead, by 2028, the volume of the contact lenses market is expected to reach a substantial 8.4 billion pieces. In 2025, a volume growth of 2.3% is projected, demonstrating sustained market expansion. On an individual level, the average volume per person is expected to be 1.0 piece in 2024.
Key regions influencing the global contact lenses market include the United States, China, Canada, the United Kingdom, and Japan. The United States, in particular, is witnessing a surge in demand for daily disposable contact lenses, attributed to their convenience and hygiene benefits.
The broader eyewear market is experiencing robust annual growth globally, driven by shifting consumer megatrends, market transformations, and technological innovations. Factors such as an aging population and increased screen time, especially among the youth, contribute to the demand for vision correction and preventive eye care.
Ageing emerges as a significant demographic factor impacting eye care, with the need for vision correction becoming more complex as individuals grow older. This underscores the importance of continuous innovation and solutions tailored to diverse age groups.
The data encompasses consumer spending on eyewear products, including spectacle lenses, sunglasses, eyewear frames, and contact lenses. Both offline and online retail sales channels contribute to the figures, providing a comprehensive view of consumer behavior.
Market sizes are determined through a meticulous bottom-up approach, considering factors specific to each market. Annual financial reports, industry associations, third-party sources, historical developments, and primary research contribute to the modeling process. Key indicators include GDP, consumer spending, and healthcare spending.
Diverse forecasting techniques are applied, aligning with the behavior of relevant markets. The impact of global events such as the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level. The market undergoes biannual updates, with additional ad hoc updates when significant changes occur.
In conclusion, the global contact lenses market is poised for substantial growth, fueled by technological advancements, demographic shifts, and increasing consumer awareness. Ongoing monitoring of trends and developments is crucial, ensuring a comprehensive understanding of the market’s performance worldwide.
