The contact lens market is experiencing growth and is projected to reach USD 16 billion by 2030, according to P&S Intelligence. This growth can be ascribed to a surge in disposable income, development in the elderly populace with vision damage, and a surge in the occurrence of eye damage and illnesses.
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In recent years, spherical lenses led the contact lenses industry, on the basis of design. This was mainly because of the fondness for them among oculists, and also patients, to cure vision impairment.
Furthermore, there is an increasing occurrence of vision-associated illnesses because of the growing screen time, which is boosting the requirement for contact lenses. In the coming few years, the e-commerce category is projected to experience the highest CAGR in the contact lenses industry, on the basis of distribution platforms.
Geologically, North America had the highest revenue share in the contact lenses industry in recent years because of the increasing elderly populace, which is coupled with the growing occurrence of vision illnesses.
People witness a range of stressors as they become elder. Some are predominant through all age groups, while others are mainly dominant among the old, like vision issues.
Additionally, elderly care is difficult and requires the use of pioneering technologies and treatments. The enormous development in R&D activities for an improved product to cure eye syndromes has led to the obtainability of better-quality contact lenses.
Hence, the surge in disposable income, development in the elderly populace with vision damage, and surge in the occurrence of eye damage and illnesses are the major factors propelling the contact lenses market.
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