Analysis of Global Contact Lens Market

Published By : 16 Dec 2015 | Published By : QYRESEARCH

The global contact lens market has been growing at a positive pace in the past couple of years. Ever since the development of contact lenses, the global economy has viewed the contact lens market through a different perspective. Rapid innovations in the past few years have also resulted in an output of contact lenses that can now be used for several ophthalmic disorders and vision deficiencies.

The soft lens segment has been growing at an accelerated rate mainly due to changing lifestyles, cosmetic reasons, aesthetic reasons, and medical reasons. The rising per capita income is also leading to the growth of this segment in the global soft lens market. The soft lens segment is expected to grow at a CAGR of more than 6.9% from 2013 to 2020. The increasing population has also led to a rise in the number of presbyopes, which in turn is fueling the growth of global contact lens market. Furthermore, soft lenses also offer several benefits over rigid gas permeable counterparts such as better flexibility and comfort to the user. These lenses also help the eye to breathe better as the permit oxygen to pass and thus, are widely used for rectifying ametropia.

The global contact lens market is expected to grow in the coming years due to increasing incidence of individuals suffering from ophthalmic disorders, drastically changing lifestyle, and the rising pool of geriatric population. The National Eye Institute states, America will see 11 million people suffering from regular vision issues every year. Some of the commonly seen vision problems are astigmatism, myopia, and hyperopia. The only restraint in the global contact lens market is the possibility of getting corneas scratched due to long-term use of contact lenses. The other problems associated with prolonged use of contact lenses are redness of eyes and blindness. 

Asia Pacific is expected to grow at an exceptionally fast pace in the coming years due to a huge patient pool and tremendous improvement in the healthcare sector. The untapped medical opportunities in this region are also likely to offer a huge scope for key players to gain profits.

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