Ever since the first contact lens was manufactured using glass, thehas had a clear foresight for reaching its goals, successfully. The global contact lens market has grown tremendously due to therapeutic, cosmetic, and aesthetic reasons. These simple medical devices, when worn over the eye or eyes, help in correcting ophthalmic disorders such as astigmatism, myopia, presbyopia, and glaucoma.

Corrective Ability Drives the Global Contact Lens Market

The global contact lens market has been flourishing as lenses are used for correcting vision problems, as accessories, for fashion purposes, and for dealing with ophthalmic disorders. Error correction and cosmetic use are the primary drivers for this market. A recent research study published by Transparency Market Research states, about 125 million people were using contact lenses in 2004. An empirical guess suggests that this number must have jumped up to a higher notch as the popularity of contact lenses has increased with smart advertising campaigns, rising disposable incomes, and greater awareness.

The global contact lens market is segmented on the basis of characteristics, design, usage, and geography. Characteristically, the global lens market is divided into toric contact lens, spherical contact lens, gas-permeable contact lens, and soft contact lens. The soft contact lens segment is further broken down into daily disposable, weekly replacement, monthly replacement, extended wear, annual replacement, and unplanned replacement schedule.

Design-wise, this market includes toric contact lens, spherical contact lens, multifocal contact lens, and orthokeratology contact lens. Depending on the usage, the global contact lens market can be segmented into corrective contact lens, post-operative therapeutic contact lens, therapeutic contact lens, enhancement tints, cosmetic contact lens, opaque and special effect contact lens, computer lens, prosthetic contact lens, D-segment contact lens, sports lens, and custom-made contact lens. Geographically, this market is spread over regions such as Europe, North America, Asia Pacific, and Rest of the World.

Europe and North America Lead the Global Contact Lens Market

In terms of regions, Europe and North America held the lion’s share in the global contact lens market, accounting for about 70% of the overall market in 2012. The huge pool of people with ophthalmic disorders was responsible for this region’s gigantic share. In the coming four years, the contact lens market is expected to grow at a whopping pace in Asia Pacific due to vast unmet needs, which form the potential for growth. The assessment of this opportunity has brought in several important players to the developing nations of India and China. TMR’s study indicates that the global contact lens market will have a robust CAGR of 10.3% from 2013 through 2019. This growth rate will help the market reach US$13.47 bn by the end of 2019.

As compared to other types of lenses, soft lenses will retain their dominance in the global contact lens market. As these lenses are easy to wear and easy on the eyes, their market share will grow steadily. Though the rigid gas permeable lenses are extremely durable, their popularity will drop in the coming four years. On the other hand, the soft lens segment will enjoy a buoyant market presence due to changing lifestyles.