San Francisco, CA -- (ReleaseWire) -- 03/24/2014 -- 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.
The report “Contact Lenses Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers http://www.grandviewresearch.com/industry-analysis/contact-lenses-market
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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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.
For the purpose of this study, Grand View Research has segmented the global contact lenses market on the basis of product, design, usage and region:
Contact Lenses Product Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- RGP Contact Lenses
- Soft Contact Lenses
* Daily Disposable
* Extended Wear
* Unplanned Replacement Schedule
- Hybrid Contact Lenses
Contact Lenses Design Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- Spherical Contact Lenses
- Toric Contact Lenses
- Multifocal Contact Lenses
Contact Lenses Usage Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- Corrective Contact Lenses
- Therapeutic Contact Lenses
- Cosmetic Contact Lenses
- Prosthetic Contact Lenses
- Lifestyle-Oriented Contact Lenses
Contact Lenses Regional Outlook (Volume, Million Units and Revenue, USD Million; 2012 - 2020)
- North America
- Asia Pacific
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com
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