Contact Lenses Market Report

Contact Lenses Market Analysis By Product (RPG, Soft, Hybrid), By Design (Spherical, Toric, Multifocal), By Usage (Corrective, Therapeutic, Prosthetic, Lifestyle-oriented) And Segment Forecasts To 2020

Published: March 2014  |  120 Pages  |  Format: PDF  |  Report ID: 978-1-68038-094-1

Industry Insights

Global contact lenses market size was over USD 7 billion in 2013, with an estimated demand to reach 1.13 billion units by 2020. Continued innovations over the past few years have resulted in production of contact lenses for a variety of vision deficiencies in numerous materials.

Advancements in the electronic space for the development of soft lenses that display information to the wearer, using processes such as injection molding and laser cutting are anticipated to increase global demand over the next six years.

However, usage of these products may pose risks such as corneal ulcers and eye infections. Following the replacement and maintenance schedule is of utmost importance to ensure eye safety and comfort. Poor fit and associated dry eyes also cause a high degree of discomfort to the user. However, a proper set of guidelines regarding care and conforming to replacement schedules can provide considerable ease in using this technology.

Product Insights

Market categorization on the basis of product includes contact, Rigid Gas Permeable (RGP) or Gas Permeable (GP), soft, and hybrid lenses. Lifestyle changes due to growing urbanization; particularly in developed markets are growth factors.

The soft lens market is expected to grow at a CAGR of over 6.9% from 2013 to 2020. Rapid increase in population has led to a corresponding increase in the number of presbyopes, in turn fueling the global market. With the advent of modern healthcare and technology, there has been an increase in the share of the older population owing to increasing life expectancy rate.

They offer a variety of benefits over their traditional counterparts. Advantages associated with the daily disposable modality include lesser time for building up deposits, no need for cleaning, and elimination of care solutions.

Soft lenses offer several advantages over their RGP counterparts such as greater comfort and flexibility. They also permit more oxygen to pass through to the wearer’s cornea and are used extensively for ametropia correction.

North America Contact Lenses Market, By Product, 2012-2020, (Million Units)

North America Contact Lenses Market

Design Insights

Major designs segments analyzed and reported in the study include multifocal, spherical, toric, and others. Others segment includes ortho-k and custom-made products. Spherical segment accounted for over 70% of the global market in 2013. These products have properties such as a spherical surface, uniform edge thickness, and can be used to treat patients with small amount of astigmatism.

Toric can be used to treat individuals with large amount of astigmatism owing to its distinguishable shape, which creates different refractive powers on vertical and horizontal orientations. Multifocal products are anticipated exceed USD 800 million by 2020. It ensures enhanced visual acuity for age-related ophthalmic disorders such as presbyopia.

Usage Insights

Market segmentation on the basis of usage includes lifestyle-oriented, prosthetic, therapeutic, cosmetic, and corrective. Corrective technology segment dominated the industry with over 40% of the overall industry share in 2012.

Increasing demand for cosmetic product designed to enhance the aesthetic appeal of the eyes is expected to drive the Japanese market over the next six years. This can be attributed to the popularity of circle lenses, which are designed to make the eyes appear larger, since they cover part of the whites of the eyes along with the iris.

Majority of the overall production is undertaken in Asia, and these products have made inroads in the U.S. as well. This trend is expected to continue through the forecast period, and is spurred by growing usage of cosmetic lenses in the entertainment sector.

Regional Insights

Asia Pacific contact lenses market is expected to be the fastest growing region in terms of revenue and volume, growing at an estimated CAGR of 3.9% from 2013 to 2020. This can be attributed to increasing awareness of vision correction equipment, primarily in Japan and China.

Proliferation of the internet and online retailing services are expected to positively impact the regional market. Growing purchase volumes are expected to curb the impact of this trend over the next six years. High scope for penetration in this sector is expected to be an opportunity for industry participants.

North America was the largest market in 2013 accounting for 35% of the global demand. Growing consumption of daily disposables coupled with high penetration of these products is expected to drive demand in the region.

Competitive Market Share Insights

Bausch & Lomb, CooperVision, Johnson & Johnson, and Ciba Visio are the key participants. Johnson & Johnson was the largest player with over 40% of the overall contact lenses market share in 2013, which can be attributed to its widespread penetration, especially in developing nations.

Key vendors are focused on offering product portfolio replete with varying modalities. Long-term agreements, global market coverage, and ensuring robust marketing and branding operations are expected to remain the key growth strategies. 

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