Global Contact Lens Sales To Generate $13.5bn In 2019

It is expected that between 2013 and 2019, the global market for contact lenses will grow at a compound annual rate of 10.3%. This predicted rate of growth means that the value of the contact lens market will rise from $6.81 billion in 2012 to $13.47 billion in 2019, Transparency Market Research (TMR) forecasts in a new report.

More than 70% of contact lens sales in 2012 were attributable to North America and Europe. According to TMR, this is largely due to an increased frequency of eye disorders amongst the populations of these two regions. The period under report will see rapid growth in the Asia-Pacific region and the Rest of the World (RoW), where market expansion will be driven by large populations, untapped potential, rising disposable incomes and a growing awareness of healthcare issues. Leading contact lens manufacturers are investing heavily in these regions, which will provide an additional boost to contact lens uptake and sales.

Soft contact lenses have been established as the preferred option for many users; TMR expects the soft lenses segment to experience strong growth in this period, while demand for gas permeable (GP) lenses is forecast to decline. Soft lenses offer consumers numerous options, such as daily, weekly and extended wear contacts. In 2012, daily disposables and extended wear lenses were the strongest market segments. Given the popularity of these products, manufacturers are looking to introduce more of them at the expense of hard contact lenses. The latter category does have its advantages, however, and remains the preferred option for many people because of their durability and resistance to protein build-up, TMR notes.