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

The global contact lens market is set to register a promising CAGR of 10.3% from 2013 through 2019. The report also forecasts that the market is projected to be valued at US$13.47 billion by the end of 2019. 

The market for contact lenses is growing mainly because of three key reasons – aesthetics, cosmetics, and therapeutic. Contact lenses are used to help individuals correct ophthalmic disorders, typically including presbyopia, myopia, astigmatism, and glaucoma. This market also finds applications in a wide variety of other purposes such as fashion, vision problems, accessories, or ophthalmic disorders. Contact lenses are popular because of their use for refractive error correction, novelty products, and cosmetic use. “TMR’s market findings based on a contact lens spectrum study states that nearly 125 million people used contact lenses in 2004. Since this period, the contact lens market has evolved and become popular through advertising campaigns and widespread marketing, all of which has led to greater awareness and higher revenues in this market, to this day,” a TMR analyst said. 

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TMR’s contact lens market report also elaborates upon the segmentation based on design, characteristics, and by usage pattern. However, the two main categories in this market are hard contact lenses and the soft contact lenses. Soft contact lenses contain water-absorbing materials such as silicon hydrogel and hydrogel that are highly flexible. They are more comfortable and easier to wear as compared to hard contact lenses, which are made of rigid gas-permeable glass covering only a part of the cornea. Studies in the report also show that the market for soft contact lenses is becoming highly popular among the population because they align better with changing lifestyles. Considering the global contact lens market by characteristics, the segment further includes spherical lenses and toric lenses. However, by vision correction design the market can be further categorized into spherical, toric, and multifocal lenses.   

The market is composed of different types of lenses on the basis of their longevity, which includes extended wear, annual replacement, monthly replacement, weekly replacement, daily replacement, and lenses with unplanned replacement schedule. Such intricacy in product offerings is driving the soft contact lens market segment to become the highest revenue generating segment until 2019. 

Browse the full Contact Lens Market (Gas Permeable Contact Lens and Soft Contact Lens) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 report at http://www.transparencymarketresearch.com/contact-lens-market.html

Also, the report features a PESTLE analysis to concur the present and future status of geographical markets, including North America, Europe, Asia-Pacific, and Rest of the World (RoW). The Asia Pacific market for contact lenses is expected to grow rapidly due to massive untapped market potential and several opportunities that exist in India and China. 

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