Retail Market for Soft Contact Lenses Growing Due to Wide Spectrum of Product Offerings

A new research report published by Transparency Market Research states that the global contact lens market is showing a promise of growth in the coming few years due to increasing prevalence of ophthalmic disorders. The report, titled “Contact Lens Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”, has been thoroughly researched by expert industry analysts. The report also contains SWOT and Porter’s five forces analyses in order to offer the readers a holistic outlook on the global contact lens market.

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According to the research report, the global contact lens market was valued at US$6.8 bn in 2012 and is expected to reach US$13.4 bn in 2019, growing at a positive CAGR of 10.30% from 2013 to 2019. The impressive growth of the global contact lens market is largely due to the innovations in the field of contact lenses. The main growth driver for the global contact lens market is the increasing number of ophthalmic disorders due to changing lifestyles and the growing pool geriatrics. The other notable factors propelling the global contact lens market are aesthetic, cosmetic, and therapeutic needs. The only restraint faced by the global contact lens market is the possibility of eye infections, which that dissuades users from buying them.

The global contact lens market is segmented on the basis of characteristics, usage, and geography. On the basis of characteristics, the global contact lens market is segmented into spherical contact lenses, toric contact lenses, gas-permeable contact lenses, and soft contact lenses. The soft contact lenses segment is further sub-segmented into daily disposable, weekly replacement, extended wear, annual replacement, and unplanned replacement schedule. Design-wise, the contact lenses market is segmented into corrective contact lenses, post-operative therapeutic contact lenses, therapeutic contact lenses, cosmetic contact lenses, enhancement tints, prosthetic contact lenses, opaque and special effect contact lenses, computer lenses, sports lenses, D-segment contact lenses, and custom-made contact lenses. Geographically, this market is segmented into Asia Pacific, Europe, North America, and Rest of the World.

Analysts predict that the soft lenses segment will grow at a fast pace as they are easy to wear and comfortable to the eyes, as compared to rigid gas permeable lenses. Regionally, Europe and North America collectively held a share of 70% in the overall contact lens market as of 2012. This market share is mainly attributable to the large number of people suffering from ophthalmic disorders. However, analysts predict that Asia Pacific will grow at a rapid pace due to untapped medical opportunities and growing investments by big players in emerging economies of India and China.

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The important players profiled in the global contact lens market are Johnson & Johnson (ACUVUE brand), and Cooper Vision (Biofinity Brands, Avira Brands), CIBA Vision (CIBA Vision Focus Dailies, CIBA Vision Freshlook). The report explains the competitive landscape by sharing valuable information pertaining to company profile, financial overview, research and development activities, and product portfolio.

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.