02 April 2019, High incidence of eye related disorders, such as myopia, astigmatism, and hypermetropia may drive the Global Contact Lenses Market during the forecast period (2016 to 2024). The industry was valued over USD 7 billion in 2013. In volume terms, it can grow at CAGR over 3.4% till 2024. Innovation plays a key role in determining market success. Technological advancements in addition to the growing global population are also a major market driver.

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The global contact lenses market is segmented on the basis of products, design, usage, and geographies. Based on products, the divisions are soft, hybrid, and RGP (rigid gas permeable). Soft contact lenses are further categorized into daily, weekly, monthly, annual, extended wear, and unplanned replacement schedule. The market for soft lenses is projected to expand at a CAGR more than 6.9% from 2016 to 2024. Factors fuelling this market are rapid population growth and rising cases of presbyopia. Unlike RGP lenses, soft lenses provide greater flexibility and comfort. They are used mostly for the rectification of ametropia.

The various geographies in the global contact lenses market are North America, Asia Pacific, Europe, and Rest of the World. Popularity of online retail portals and greater use of the internet can drive the Asia Pacific market to register the highest growth rate. Widespread adoption of vision correction equipment in China and Japan can positively impact this region in the years to come. North America was the largest market in 2013. Factors propelling this region are high product penetration and rising consumption of disposable lenses.

Asia Pacific is expected to grow rapidly in terms of both volume and revenue. This owes to the introduction of vision correction devices in countries, such as China and Japan. A growing geriatric population and economic development can propel this regional market. Also, popularity of online retail services and greater use of the internet may positively influence the region. However, high purchase volumes could hinder the same in the years to come. Strong scope for product penetration could create several market growth opportunities for industry participants.

Prominent companies operating in the global contact lenses industry are Johnson & Johnson, CooperVision, Ciba Vision, and Bausch & Lomb. Key market expansion strategies adopted by industry players are business ventures and effective marketing. In October 2016, CooperVision launched the Biofinity Energys, a monthly disposable contact lens that besides delivering comfort alleviates the adverse effects of digital eye fatigue. With around seventy percent adults suffering from digital eye fatigue, this lens helps reduce eye tiredness, redness, and even dryness. It also keeps one’s eyes healthy and clear. It enables patients to effortlessly shift their focus between offline activities and digital devices.

Contamac Ltd. is a global leader in specialist polymers. It has received approval from the FDA for its Tangible Hydra-PEG coating for applications in the ophthalmic industry. The technology of contact lens-coating confines the optimum gas permeable material to an extremely thin layer of PEG (polyethylene glycol). This makes the surface of the contact lens capable of being wetted. This technology will soon be launched in the U.S. and then in the European markets.

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