Contact Lenses Market is expected to drive market growth over the next six years

The global market for contact lenses is expected to reach USD 12.48 billion by 2020, according to a new study by Grand View Research, Inc. Expanding user base coupled with aging population is expected to drive market growth over the next six years. Grand View Research also observes that growing need for enhancing aesthetic appearance is expected to fuel demand for cosmetic contact lenses.

Increasing incidences of ophthalmic disorders including myopia, hypermetropia and astigmatism is expected to positively impact the global market over the forecast period. Additionally, changes in lifestyle and growing elderly population have enhanced market penetration for corrective as well as cosmetic contact lenses over the last three years. Growing acceptance of procedures including PRK and LASIK on a global level may hinder market growth over the next six years.

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http://www.grandviewresearch.com/industry-analysis/contact-lenses-market

Further key findings from the study suggest:

• The global market was estimated to be 898.4 million units in 2013 and is expected to reach 1,132 million units by 2020, at an estimated CAGR of 3.4% from 2014 to 2020.
• Soft contact lenses dominated the market and accounted for over 88% of the global demand in 2013. Demand for daily disposable contact lenses is expected to continue increasing over the forecast period, due to benefits such as high level of hygiene and lowered risk of infections. Rigid gas permeable (RGP) contact lens demand is mainly on account of their use in orthokeratology (ortho-k), astigmatism and presbyopia.
• Spherical lenses are expected to continue leading the global market; the segment accounted for over 60% of the overall shipments in 2013. They are primarily prescribed for correcting disorders such as myopia and hypermetropia, and have a spherical surface. Multifocal contact lenses are expected to grow faster than the global average, driven by demand in treating presbyopia and other age-related ophthalmic ailments.
• Corrective contact lenses demand accounted for over 40% of the overall market share in 2013; it is further expected to remain the largest usage segment over the forecast period. Therapeutic contact lenses which are used to treat aphakia and for pain relief are also expected to account for considerable market share in the coming years.
• North America accounted for over 35% of the global demand in 2013, and is expected to remain the largest market over the next six years. Asia Pacific is estimated to be the fastest growing market, at an estimated CAGR of 3.9% from 2014 to 2020.
• Key industry participants include Johnson & Johnson, CIBA Vision, Bausch & Lomb, and CooperVision among others. Product innovation and portfolio enhancement are among the major growth strategies followed by these companies.