Contact Lens Market Size, Share, Growth Analysis, By Modality(Reusable, Disposable), By Design(Toric, Multifocal, Spherical), By Distribution Channel(Ophthalmologists, Retail Stores, Online Stores), By Usage(Daily Disposable, Disposable, Frequently Replacement, and Traditional), By Region - Industry Forecast 2024-2031

North America held the majority of the contact lens market share of 35% for contact lenses. Refractive error sufferers are increasing in number, patients are more aware of vision correction treatments, and market players are putting more emphasis on strategic partnerships and collaborations. These are the primary causes of the market expansion in North America, so to speak. For instance, Menicon, a top producer of cutting-edge lenses, and Johnson & Johnson Vision announced a global strategic partnership in April 2021. The goal of this partnership was to develop therapeutic lenses to stop the spread and progression of myopia in children, a condition that is becoming more and more common. Additionally, it's probable that gradually more Americans will start wearing lenses.

As stated by the U.S. According to an Environment Protection Agency report, 31 million Americans used contact lenses in 2021. It is projected that the growing user base brought on by a shift in consumer preference toward eyewear will promote market expansion in North America. The second-largest market share in the worldwide market was also accounted for by Europe. This can be ascribed to a huge patient base with eye conditions like myopia and presbyopia, as well as to the region's increased use of innovative technologies and regulatory approvals for novel lenses.

According to the Association of Optometrists, Sweden has the highest contact lens penetration, at 14.8%, followed by Denmark (13.19%) and Norway (11.37%). It is estimated that this will soon fuel market expansion. However, during the projection period, the Asia Pacific market is predicted to grow at the fastest rate. As per reports, China has the highest percentage of female contact lens wearers at 79%. The region's increasing prevalence of visual impairment and the advancement of ocular illness diagnosis methods at the on-site laboratories of ophthalmologists' clinics and hospitals are propelling the market expansion in Asian nations.

Additionally, the rising disposable income in the region's emerging nations is creating ideal conditions for the market's expansion. Latin America has a smaller market share than the Middle East and Africa combined. However, growth is anticipated to be fueled by expanding use of these devices in these countries as well as rising cases of vision impairment throughout the course of the projected period.