Contact Lens Market to Register a Promising CAGR of 10.3% from 2013 to 2019, is Projected to be valued at US$13.47 Billion by 2019: Transparency Market Research

Albany - NY, Aug. 21, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research, in its new market report, discusses the various driving and restraining factors that are involved in the contact lens market across the globe. The new research study is titled "Contact Lens Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". According to the market forecasts provided in terms of value (USD million), 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.

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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.

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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.

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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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The global contact lens market is segmented as follows:

  • Contact Lens Market, by Characteristics
  • Spherical Contact Lens
  • Toric Contact Lens
  • Gas-Permeable Contact Lens
  • Soft Contact Lens
  • Daily Disposable
  • Weekly Replacement
  • Monthly Replacement
  • Extended Wear
  • Annual Replacement
  • Unplanned Replacement Schedule

Contact Lens Market, by Design

  • Spherical Contact Lens
  • Toric Contact Lens
  • Multifocal Contact Lens
  • Orthokeratology Contact Lens

Contact Lens Market, by Usage

  • Corrective Contact Lens
  • Therapeutic Contact Lens
  • Post-Operative Therapeutic Contact Lens
  • Cosmetic Contact Lens
  • Enhancement Tints
  • Opaque and Special Effect Contact Lens
  • Prosthetic Contact Lens
  • Computer Lens
  • D-Segment Contact Lens
  • Sports Lens
  • Custom-made Contact Lens

Contact Lens Market, by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research