High incidence of eye related disorders, such as myopia, astigmatism, and hypermetropia may drive the global contact lenses market during the forecast period (2016 to 2024). The industry was valued over USD 7 billion in 2013. In volume terms, it can grow at CAGR over 3.4% till 2024. Innovation plays a key role in determining market success. Technological advancements in addition to the growing global population are also a major market driver.
People these days are greatly inclined towards improving their physical appearances. Such a trend adds to the overall demand for contact lenses. Contact lenses are used not only as a means to vision correction but also for cosmetic purposes. Colored & costume lenses are examples of lenses that are used as fashion statements. Most prefer contact lenses over spectacles for vision correction. However, popularity of LASIK and PRK surgeries may hamper overall demand in the forthcoming years.
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The global contact lenses market is segmented on the basis of products, design, usage, and geographies. Based on products, the divisions are soft, hybrid, and RGP (rigid gas permeable). Soft contact lenses are further categorized into daily, weekly, monthly, annual, extended wear, and unplanned replacement schedule. The market for soft lenses is projected to expand at a CAGR more than 6.9% from 2016 to 2024. Factors fuelling this market are rapid population growth and rising cases of presbyopia. Unlike RGP lenses, soft lenses provide greater flexibility and comfort. They are used mostly for the rectification of ametropia.
On the basis of design, the industry is fragmented into multifocal, toric, spherical, and others. ‘Others’ includes custom-made and ortho-k products. The spherical lenses segment contributed to more than 70% of the overall market in 2013. As the name suggests, these lenses have a spherical surface, uniformly thick edges, and can be used by patients suffering from even slight astigmatism. Toric lenses are generally used in serious cases of astigmatism. This is because of the lenses’ ability to create various refractive powers on horizontal & vertical orientations. Multifocal lenses are usually used for age-related visual disorders (presbyopia).
As per usage, the divisions are cosmetic, corrective, lifestyle-oriented, therapeutic, and prosthetic. The corrective segment led the overall market with shares surpassing 40% in 2012. It is expected that therapeutic lenses will hold the second highest share in the global market during the forecast period.
The various geographies in the global contact lenses market are North America, Asia Pacific, Europe, and Rest of the World. Popularity of online retail portals and greater use of the internet can drive the Asia Pacific market to register the highest growth rate. Widespread adoption of vision correction equipment in China and Japan can positively impact this region in the years to come. North America was the largest market in 2013. Factors propelling this region are high product penetration and rising consumption of disposable lenses.
Companies in the global contact lenses market are Ciba Vision, Bausch & Lomb, Johnson & Johnson, and CooperVision. Johnson & Johnson led the global industry in 2013. Most industry participants take to strategies, such as worldwide market coverage, business collaborations, and branding measures for capturing larger market shares.