The global contact lens market is projected to be valued at US$13.47 billion by 2019.
Albany, NY -- (SBWIRE) -- 12/10/2015 -- The study on the global contact lens market segments the market by design, usage, characteristics and geography to study each segment in further detail. The report forecasts that the global contact lens market will grow at a promising CAGR of 10.3% from 2013 through 2019. This study discusses driving and restraining factors that will be at play in the contact lens market worldwide over the forecast period. Forecasts are provided in value (USD million) and the CAGR of each geographical market and segment within the contact lenses market has been stated in %.
Aside from conducting a qualitative analysis of the growth drivers and inhibitors, the report features a PESTLE analysis to arrive at the current and future status of geographical markets. TMR's analysts use their extensive market research capabilities to provide recommendations to both established and new entrants in the market.
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Overview of the contact lenses market
The global contact lens market is projected to be valued at US$13.47 billion by 2019. Contact lenses are used for a variety of reasons, including but not limited to: vision problems, ophthalmic disorders, and fashion or accessories. This market will grow because of three key uses of such lenses – cosmetic, aesthetic, and therapeutic.
Typically, a contact lens is a small, thin and curved a prescription lens that is won over the cornea. Besides being extensively used for refractive error correction, contact lenses are becoming popular for cosmetic use and as novelty products. For example, colored lenses or costume lenses are worn as a fashion statement or to enhance eye color. In 2004 alone, nearly 125 million people were estimated to be using these lenses, according to a Contact Lens Spectrum study. Since then, this market has grown by leaps and bounds, especially after widespread marketing and advertising campaigns by advertising companies led to higher awareness.
The report also discusses aspects that could hold back the market from reaching its full growth potential. One of the main deterrents is improper handling of lenses leading to eye infections (causing blindness in severe cases). Such cases could discourage consumers from switching to contact lenses.
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Segmentation of the contact lens market
The report segments the global contact lens market as by characteristics as: toric, spherical, gas-permeable, and soft contact lenses. Soft lenses are made from flexible plastics and are more comfortable. As compared to the rigid gas permeable type, the soft lenses are also easy to wear, making them the highest-growing segment over the forecast period.
Despite rigid gas permeable lenses being more durable (than soft lenses), their demand will slump over the forecast period. This will largely be because soft disposable lenses align better with changing lifestyles.
The soft lens market is composed of lens types such as: weekly replacement, daily replacement, monthly replacement, annual replacement, extended wear, and lenses with an unplanned replacement schedule. The sub-segment of extended wear soft lenses and daily disposable contact lenses occupied the largest market share in 2012. However, the emphasis is now shifting towards high-comfort soft lenses over hard lenses.
The market can also be segmented by vision correction design as: toric, spherical, and multifocal lenses
Geographical overview of the contact lens market
According to the findings of this study, North America and Europe constituted over 70% of the total contact lens markets as of 2012. The high number of people suffering from—and availing treatment for—ophthalmic disorders has driven the market in Europe and North America.
Over the forecast period, rapid growth will be observed in the Asia Pacific contact lens market, as massive untapped market potential exists here. The opportunities have attracted several large players to invest in markets such as China and India.
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Companies profiled in the global contact lens market report
Leading companies that have been featured in the report include: Johnson & Johnson (ACUVUE brand), Essilor International (ContinuVu Concentric Design, Scone Standard), CIBA Vision (CIBA Vision Focus Dailies, CIBA Vision Freshlook), and Cooper Vision (Biofinity Brands, Avira Brands).
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