Contact Lenses - Caribbean | Statista Market Forecast

In 2024, the revenue for the Contact Lenses market in the Caribbean amounts to US$64.92m.
It is expected that the market will grow annually by 4.43% (CAGR 2024-2029).
When compared globally, United States generates the most revenue in this segment with US$6bn in 2024.
In terms of per capita revenue, the Contact Lenses market in the Caribbean generates US$1.60 in 2024.
By 2029, it is expected that the volume in the Contact Lenses market in the Caribbean will reach 50.4m pieces.
It is projected that there will be a volume growth of 0.3% in 2025.0.
Furthermore, the average volume per person in the Contact Lenses market is expected to be 1.2pieces in 2024.
Contact lens usage is steadily increasing in the Caribbean, with many consumers opting for daily disposable lenses for convenience and hygiene.

Definition:

The Contact Lenses market comprises all kinds of contact lenses that are worn to correct vision. This includes both rigid and soft lenses (daily, weekly, monthly, and yearly lenses). Contact lens care products are excluded from this market.

Additional information:

The market comprises revenues, average revenue per capita, volume, average volume per capita, and price. Revenues are generated through both online and offline sales channels. Key players in the market include Acuvue, Dailies, Hoya, Biofinity, and Air Optix. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Soft and rigid contact lenses
Daily, weekly, monthly, yearly lenses

Contact lens solutions
Contact lens accessories (e.g. contact lens cases)

Annual growth in the global eyewear market is expected to be robust over the next five years. Shifting consumer megatrends, transforming market structures and technological innovations are key drivers of this growth. Particularly, ageing is one of the most significant global demographic factors impacting eye care as the need for vision correction increases and becomes more complex as a person grows older. Additionally, increasing screen time especially among youngsters might cause more serious effects than previously thought, supporting the constant demand for preventive eye care.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on eyewear products, which include spectacle lenses, sunglasses, eyewear frames, and contact lenses that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Eyewear market, which is projected to grow steadily. The main drivers are GDP per capita, consumer spending per capita, and healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The eyewear market includes corrective eyewear, such as spectacles and contact lenses, as well as sunglasses and other eyewear products. The global market was valued at around 170 billion U.S. dollars in 2022 and, by 2029, the value of the worldwide eyewear market was forecast to reach close to 300 billion U.S. dollars. This market can be segmented in various ways. For example, vision care products sold at optical retail locations in the United States is a multi-billion dollar market. Alternatively, the market can be divided into four main categories: spectacle lenses, frames, sunglasses, and contact lenses. In the United States, the revenue of all of these eyewear categories are forecast to grow over the coming years.