Global Contact Lens Market Insights & Forecast 2020-2024 with COVID-19 Impact Analysis - ResearchAndMarkets.com
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The global contact lens market is forecasted to reach US$9.92 billion in 2024, growing at a CAGR of 7% for the period spanning 2020-2024. Factors such as increasing spending on eyewear products by population, rising prevalence of myopia, rapid urbanization, improving consumer confidence index and accelerating personal disposable income are expected to drive the market. However, the growth of the industry would be challenged by growth in LASIK surgeries and lack of proper health-care facilities. Few notable trends include technological advancement, increased consolidation of market players, increasing shift towards daily disposable lenses and rising e-commerce sales. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the contact lens demand has decreased rapidly.