Introduction of Novel Functional Lenses Against the Backdrop of Increasing Incidence of Refractive Errors to Drive Growth in the Global Contact Lenses & Solutions Market
The global market for Contact Lenses and Solutions is projected to reach US$15.0 billion by 2024 , driven by strong growth in specialty lens segment; advancements in material science and introduction of lenses with improved functionality; and rising incidence of refractive errors worldwide. Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Nevertheless, vanity continues to be the major motivating factor driving contact lens use. Market penetration of contact lenses is expected to increase across the world driven by increased research and development efforts and new product innovations, which would continue to expand potential wearer base of contact lens. Another factor supporting growth is the emergence and expansion of younger customer groups. Countries are expected to demonstrate steady growth, with growing demand for multifocals and torics, migration to silicone hydrogel lenses,...