Increasing Array of Products to Enable Growth of Global Contact Lenses Market as it Reaches US$13.47 bn by 2019 The global contact lenses market is expected to be valued at US$13.47 bn by the end of 2019. It was recorded at US$6.81 bn in 2012. This market is progressing at a promising CAGR of 10.3% within a forecast period of 2013 to 2019. This growth rate is sustained by prime drivers that include advancements in therapeutic properties of lenses while making large strides in aesthetics and cosmetics. The details on these factors are provided in a research report published by Transparency Market Research, titled “Contact Lens Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.” Contact lenses use hydrogel or silicon hydrogel shaped to fit right above the cornea and help eliminate or reduce vision impairments that a patient suffers from. These could include glaucoma, presbyopia, astigmatism, and myopia. At the same time, contact lenses can also be used to change the way the consumer’s eyes appear. People may use lenses to change the color as well as the appearance of the eye. In terms of function, contact lenses are becoming highly durable and provide state-of-the-art scratch resistance and comfort.
The major factors that are increasing the demand for lenses are the higher number of patients with ophthalmologic disorders. According to the National Eye Association of the U.S., at least 11 mn of American consumers were suffering from eye related problems including hyperopia and astigmatism. The number of people with vision problems is increasing due to negative changes in lifestyles and an increasing percentage of the geriatric demographic. The report divides the global contact lenses market in terms of characteristics, designs, usage, and geography. According to usage pattern, the global contact lenses market is spearheaded by the segment of corrective lenses. This segment is progressing at a CAGR of 12.2% within the report’s given forecast period. In terms of design, the segment of multifocal lenses is the fastest growing one for the forecast period. It was valued at US$553.7 mn in 2012 and its growth rate is attributed to the high number of people suffering from myopia in the world.