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Increasing Prevalence of Vision Problems Driving Contact Lenses Market Growth
by Pramod Kumar Digital Marketing ProfessionalWith the increasing per capita income, surging population of geriatric people, and the rising prevalence of vision problems and eye injuries across the world, the demand for contact lenses is growing. This is driving the expansion of the global contact lenses market. According to the estimates of the market research company, P&S Intelligence, the market revenue will surge from $7.5 billion in 2020 to $16 billion by 2030. As eye problems are highly prevalent among geriatric people, the mushrooming population of older people is positively impacting the market expansion.
According to the World Population Aging report 2020 published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Geriatric care is highly complex and thus, requires the use of advanced therapies and technologies. As a result, many healthcare organizations are conducting exhaustive research and development for developing technologically advanced products that can treat eye problems. This has led to the development of enhanced contact lenses.
Additionally, because of the geriatric population’s extensive patient care requirement, several healthcare facilities are increasingly adopting technologically advanced optometry solutions. Depending on usage, the contact lenses market is categorized into extended wear, traditional wear, and daily wear. Out of these, the daily wear category dominated the market in 2020, because of the increasing risk of eye infections, particularly due to the outbreak of the COVID-19 pandemic. In addition, these lenses provide greater comfort and convenience in disposable than the other variants.
Amongst these, the retail stores category is expected to hold the largest share in the market in the forthcoming years, on account of the growing customer preference for visiting retail stores for inspecting the lenses before purchasing them over buying them online. Geographically, North America dominated the contact lenses market in 2020. This was because of the surging population of geriatric people and the rising prevalence of visual ailments in the region. Additionally, the growing adoption of sedentary lifestyles is also boosting the demand for contact lenses in the continent.
Hence, it can be said without any hesitation that the market will expand massively in the coming years, primarily because of the rising incidence of eye injuries and vision ailments, surging population of older people, and growing disposable income of people all over the world.
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About Pramod Kumar 
Digital Marketing Professional
89 connections, 2 recommendations, 268 honor points.Joined APSense since, July 17th, 2017, From Ave, United States.
Created on May 6th 2022 02:50. Viewed 143 times.
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