January 31, 2012
Wellesley, Mass. – According to a new technical market research report, CONTACT LENSES: TECHNOLOGIES AND GLOBAL MARKETS (HLC096A) from BCC Research (www.bccresearch.com), the global market for contact lenses reached nearly $7.8 billion in 2011 and is expected to increase to nearly $11.6 billion in 2016, a five-year compound annual growth rate (CAGR) of 8.4%.
The market for contact lenses can be broken down into three segments by lens type: corrective lenses, therapeutic lenses, and cosmetic and lifestyle-oriented lenses.
The corrective lenses segment of the market, worth nearly $3.5 billion in 2011, is expected to increase at a CAGR of 8.1% to reach $5.1 billion in 2016.
The therapeutic lenses segment of the market, worth $2.7 billion in 2011, is expected to increase at a CAGR of 8.4% to reach nearly $4.1 billion in 2016.
The cosmetic and lifestyle-oriented lenses segment was valued at nearly $1.6 billion in 2011 and, by 2016, that value should reach nearly $2.4 billion, a CAGR of 8.9%.
The contact lens market has been rising steadily. Its market penetration in developing economies, however, is still negligible despite price correction efforts. This is leading to significant awareness activities among the target group. The market potential is being further enhanced as the age of contact lens wearers has been continually becoming lower. The market has undergone significant transformations with respect to innovation, price, and target. All these factors have altered the market approach, making it immensely important for industry participants to understand changing dynamics and adoption trends especially in developing economies.
An increasing aging and visually impaired population is the major driver of the world’s contact lens market. People who are age 50 or older are more visually impaired than the rest of the population and thus may want to use contact lenses. There has been an increasing trend in the aging population worldwide, and most of those people are expected to be visually impaired, thus driving the global lens market. Affordability, convenience, and rising healthcare awareness are also forces driving market growth.
The intended audience for this report includes key decision-makers such as CEOs, product and marketing heads, research heads of contact lens manufacturers, and retailers. The report also will be useful to existing companies in the ophthalmology segment and those looking to enter the contact lens market. Lastly, universities and consulting firms can derive in-depth market intelligence with respect to the overall contact lens market.
Contact Lenses: Technologies and Global Markets( HLC096A )
Publish Date: Jan 2012
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