The global contact lenses market is projected to exceed over USD 12 billion by 2020. Rising aging population along with increasing incidences of ophthalmic disorders is expected to drive the contact lenses market growth.
Contact lenses can be used for cosmetic purposes for enhancing aesthetic appearance combined with ensuring correction of ophthalmic disorders including astigmatism, hypermetropia and myopia. Increasing demand for plano sunglasses has led to an upsurge in contact lenses demand and reduced dependency on spectacles.
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Varied advancements in the electronic contact lens space to develop soft lenses which display information to the wearer user processes including laser cutting and injection molding are projected to accentuate the contact lenses market demand. However, growing acceptance of corrective refractive surgeries including PRK and LASIK is expected to act as a restraint for the industry growth.
The market can be classified on the basis of products into rigid gas permeable (RGP) or gas permeable (GP), hybrid and soft lenses. The soft lens market demand is estimated to reach 1.03 billion units by 2020. It requires less time for deposits to build up and eliminates the requirement of lens care solutions. Growing urbanization along with rise in the number of presbyopes is estimated to positively elevate the industry demand.
The industry can be segmented by design into, toric, spherical, multifocal, ortho-k and custom made products. Multifocal segment is estimated to grow at a fastest CAGR of 8.8% from 2014 to 2020. The spherical design segment contributed the largest industry share of over 70% in 2013 and is expected to decline over the forecast period. It is used to treat patients with slight amount of astigmatism and possess properties such as uniform edge thickness and spherical surface.
The contact lenses market can be categorized on account of usage into prosthetic, lifestyle-oriented, therapeutic, corrective and cosmetic contact lens. Growing popularity of circle lenses, designed to make the eyes appear larger is anticipated to drive the cosmetic lens demand.
Asia Pacific is projected to dominate the industry over the forecast period owing to the rising awareness of vision correction equipment. Escalation of the online retailing services and increasing purchasing volumes is anticipated to positively impact the industry growth in this region. North America was the largest market in 2013, which is expected to grow at a CAGR of 3.3% from 2014 to 2020.
Key participants in the industry include CooperVision, Ciba Visio, Johnson & Johnson, Essilar International, Bausch & Lomb amongst others. Johnson & Johnson was the market leader in 2013 owing to its widespread penetration in developed and developing nations. Notable industry players are deploying branding operations, extended agreements and robust marketing as the key strategies to excel in the industry.
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