Contact Lens Market - Detailed Analysis of Current Industry Figures with Forecasts Growth By 2019

Contact lenses are thin plastic discs made from hydrogel or silicon hydrogel material. These lenses helps an individual to correct his ophthalmic disorders such as myopia, astigmatism, presbyopia and glaucoma. These can be used for vision correction or for cosmetic or aesthetic purpose to change the color or appearance of eye. Contact lenses can be coated with different anti-refractive materials, scratch resistance materials and ultraviolet protection materials in order to improve the therapeutic benefits of lenses. The market for contact lens is segmented by characteristics, by design, and by usage pattern. These lenses can be categorized mainly into two type namely hard contact lenses and soft contact lenses. Hard contact lenses are made up of rigid gas permeable glass that cover only a part of the cornea. Soft contact lenses are highly flexible and contain water absorbing materials such as hydrogel or silicon hydrogel. Soft contact lens market is further divided based on wearing and replacement schedule of the lens. Daily disposable contact lens, extended wear contact lens, weekly replacement, monthly replacement, annual replacement and unplanned replacement schedule contact lenses are some of the types of soft contact lens. Daily disposable contact lenses account for largest percentage share market, accounting for more than 54% of the total soft contact lens market in 2012. While weekly replacement contact lenses are the fastest growing segment. This segment is expected to grow at a CAGR of 16.1% during the forecast period of 2013 to 2019.

Rising incidence of ophthalmic disorders, changing life style and increasing geriatric population are the major driving factors for the contact lens market. According to the National Eye Institute, there are more than 11 million Americans suffering from the common vision problems such as myopia, astigmatism and hyperopia every year. However, long-term use of these lenses may increase the chance of various vision problems such as cornea scratches, redness of eyes or blindness that is anticipated to hamper the growth of contact lens market during the forecast period of 2013 to 2019.

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Some of the major key players in this market are Johnson & Johnson, Essilor International, CooperVision, CIBA Vision, Hoya Corporation and others. The global market for contact lens was valued at USD 6,810.9 million in 2012 growing at a CAGR of 10.3% from 2013 to 2019.

Contact lens market can be segmented on the basis of usage pattern into corrective lenses, therapeutic contact lenses, post-operative lenses, cosmetic lenses, enhancement tints, opaque and special effect contact lenses, prosthetic contact lenses, computer lenses, D-segment contact lenses, sports lenses and custom made lenses. Corrective lenses have the concave effects that enables images to refocus onto the retina, causing more precise refraction or focus.
The corrective contact lens market accounted for the largest market segment in 2012 growing at a CAGR of 12.2% during the forecast period of 2013 to 2019.

On the basis of design, the contact lens market is segmented into spherical, toric, multifocal and orthokeratology contact lens. Among these lenses, multifocal contact lens was valued at USD 553.7 million in 2012 and estimated as the fastest growing segment during the forecast period. These lenses contains two or more focal powers at different distances and can be used in correcting myopia. According to the American Academy of Ophthalmology, more than 32 million Americans suffer from myopia. With increasing incidence of this ophthalmic disorder, there will be an increase in uptake of multifocal contact lenses.

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Geographically, North America accounts for the largest percentage share of the global contact lens market accounting for more than 42% of the total market in 2012. This is justified by the increasing prevalence of refractive errors such as myopia, hyperopia and amblyopia. In addition, as per the US Centers for Disease Control and Prevention (CDC), approximately 11 million Americans aged 12 years and above can improve their vision by undergoing refractive correction. This will further widen the growth of contact lens market in this region. In addition, consistent rise in awareness levels in patient population has further augmented the growth and development of contact lens market in this region. Asia-Pacific region is anticipated to record a high growth rate owing to a large patient population and continuous improvement in the overall healthcare sector along with a huge untapped market potential in this region. In addition, increasing geriatric population and increased preference of the population to avail technologically advanced contact lenses will further boost the growth of contact lens market in this region.

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