Global contact lenses market to exceed $12 billion by 2020

Global Contact Lenses Market size is estimated to reach USD 12.5 billion by 2020, according to a new industry report by Radiant Insights, Inc. Growing number of ophthalmic disorder observed in global population especially children is likely to drive demand. Increasing consumer awareness regarding improving aesthetic appearance coupled with eye protection is likely to favor the growth prospects. However, growing acceptance of refractive surgeries among users may pose a challenge to the industry participants.

Soft contact lenses were the leading products and were valued USD 7,026 million in 2013. Flexibility and comfort level enhancement are factors likely to promote its demand. RGP lenses was the second largest product segment and accounted for 8.23% of the overall revenue in 2013, growing at an estimated CAGR of 4.8% from 2014 to 2020.

The report “Contact Lenses Market Size, Share, Industry Report, 2020” is available now to Radiant Insights customers and can also be purchased directly at http://www.radiantinsights.com/research/contact-lenses-market

Key report insights suggest:

•	Global contact lens market was estimated at 898.4 million units in 2013 and is expected to register 1,132.0 million units by 2020 growing with an estimated CAGR of 3.4% from 2014 to 2020.

•	North America dominated the regional demand with an estimated market share of over 36% in 2013. Increasing awareness regarding eye examinations is expected to have positive influence in regional demand. Asia Pacific is expected to be the fastest growing region, growing at a CAGR of 7.9% from 2014 to 2020. 

•	Spherical design dominated demand with an estimated market share of 74% in 2013. Multifocal is the fastest growing design segment and is likely to grow at a CAGR of 8.8% from 2014 to 2020. They offer a variety of benefits such as less abrupt switch in between prescriptions and improved visual acuity.

•	Corrective contact lenses dominated the usage segment and accounted for 43.52% of the demand in 2013. Therapeutic lenses are expected to be the second largest usage segment, growing at a CAGR of 6.3% from 2014 to 2020.

•	Highly consolidated contact lenses industry consists of MNCs and local manufactures present are different levels in value chain. Key companies include Johnson & Johnson, CIBA, CooperVision and Bausch + Lomb.

For the purpose of this study, Radiant Insights has segmented the contact lenses market on the basis of product, design, usage and region:

Global Contact Lenses Product Overview (Volume, Million Units; Revenue, USD Million, 2012 - 2020)
•	RPG
•	Soft
o	Daily Disposable Contact Lenses
o	Weekly Replacement Contact Lenses
o	Monthly Replacement Contact Lenses
o	Annual replacement Contact Lenses
o	Extended Wear Contact Lenses
o	Unplanned Replacement Contact Lenses
•	Hybrid

Global Contact Lenses Design Overview (Volume, Million Units; Revenue, USD Million, 2012 - 2020)
•	Spherical
•	Toric
•	Multifocal

Global Contact Lenses Usage Overview (Volume, Million Units; Revenue, USD Million, 2012 - 2020)
•	Corrective
•	Therapeutic
•	Prosthetic
•	Lifestyle-oriented

Global Contact Lenses Regional Overview (Volume, Million Units; Revenue, USD Million, 2012 - 2020)
•	North America
•	Europe
•	Asia Pacific
•	Rest of the World (RoW)