Contact
lenses can be used for cosmetic purposes for enhancing aesthetic appearance
combined with ensuring correction of ophthalmic disorders including astigmatism,
hypermetropia and myopia. Increasing demand for plano sunglasses has led to an upsurge
in contact lenses demand and reduced dependency on spectacles.
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Varied
advancements in the electronic contact lens space to develop soft lenses which
display information to the wearer user processes including laser cutting and
injection molding are projected to accentuate the contact lenses market demand.
However, growing acceptance of corrective refractive surgeries including PRK
and LASIK is expected to act as a restraint for the industry growth.
The
market can be classified on the basis of products into rigid gas permeable
(RGP) or gas permeable (GP), hybrid and soft lenses. The soft lens market demand
is estimated to reach 1.03 billion units by 2020. It requires less time for
deposits to build up and eliminates the requirement of lens care solutions. Growing
urbanization along with rise in the number of presbyopes is estimated to
positively elevate the industry demand.
The
industry can be segmented by design into, toric, spherical, multifocal, ortho-k
and custom made products. Multifocal segment is estimated to grow at a fastest
CAGR of 8.8% from 2014 to 2020. The spherical design segment contributed the
largest industry share of over 70% in 2013 and is expected to decline over the
forecast period. It is used to treat patients with slight amount of astigmatism
and possess properties such as uniform edge thickness and spherical surface.
The
contact lenses market can be categorized on account of usage into prosthetic,
lifestyle-oriented, therapeutic, corrective and cosmetic contact lens. Growing
popularity of circle lenses, designed to make the eyes appear larger is
anticipated to drive the cosmetic lens demand.
Asia
Pacific is projected to dominate the industry over the forecast period owing to
the rising awareness of vision correction equipment. Escalation of the online
retailing services and increasing purchasing volumes is anticipated to
positively impact the industry growth in this region. North America was the largest
market in 2013, which is expected to grow at a CAGR of 3.3% from 2014 to 2020.
Key
participants in the industry include CooperVision, Ciba Visio, Johnson &
Johnson, Essilar International, Bausch & Lomb amongst others. Johnson &
Johnson was the market leader in 2013 owing to its widespread penetration in
developed and developing nations. Notable industry players are deploying
branding operations, extended agreements and robust marketing as the key
strategies to excel in the industry.
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