The use of contact lenses has increased with the rising incidence of ophthalmic disorders such as astigmatism, glaucoma, myopia, and presbyopia, thereby encouraging the growth of the contact lens market. Apart from their use in vision correction, contact lenses also have cosmetic use.
As per a research report by Transparency Market Research (TMR), the valuation of the global contact lens market was US$6.8 bn in 2012 and is anticipated to rise to US$13.4 bn by 2019, growing at an impressive CAGR of 10.30% between 2013 and 2019.
How does innovation in design influence the growth of global contact lens market?
The contact lenses come in various designs including, computer lenses, cosmetic contact lenses, and corrective contact lenses. Each design serves a different purpose and is preferred accordingly by consumers.
The lenses can be customized according to their application. For instance, contact lenses are coated with different scratch resistance materials, anti-refractive materials, and UV protection materials in order to boost the therapeutic benefits of lenses. Similarly, for cosmetic or aesthetic purposes, contact lenses are coated with different chromatic materials. These customizations are likely to propel the growth of the global contact lens market.
Scientists across the globe are working on another category of contact lenses, which can diagnose and monitor various bodily parameters such as blood glucose levels and brain waves. Recently, researchers from the University of Washington have developed the prototype of Wi-Fi enabled smart contact lenses that monitors glucose levels in the wearer’s tears. This shows the scope of development in the design of contact lenses and their contribution to the growth of global contact lens market.
How are changing lifestyles affecting the growth of the global contact lens market?
With changing lifestyles, the prevalence of uncorrected refractive errors such as myopia and presbyopia have increased. According to a report by the World Health Organization (WHO), nearly 285 million people are visually impaired worldwide and approximately 43% of the overall visual impairment cases account for uncorrected refractive errors. This has impelled the demand for vision correction methods such as contact lenses. As a result, the growth of contact lens market triggered. Moreover, increased consumer spending has opened new avenues for the global contact lens market.
However, the prolonged use of contact lenses increases the chances of various eye-related problems such as redness of eyes, cornea scratches, and even blindness in some cases. These effects are expected to dissuade consumers from using contact lenses and thus impede the growth of the contact lens market.
How is Asia Pacific a lucrative market to the vendors?
The APAC region is expected to register a high growth rate owing to increasing geriatric population and consistent improvement in the overall healthcare sector. In addition, the region consists of a large patient population along with enormous untapped market potential. The growing trend of utilizing technologically advanced contact lenses has also fuelled the growth of the contact lens market in the region.
In developed countries of North America and Europe, the augmented demand for contact lenses can be attributed to the growing prevalence of refractive errors such as hyperopia, myopia, and amblyopia. Also, a continuous rise in the awareness levels for the use of contact lenses among ophthalmic patients is propelling the growth of contact lens market.