Contact Lenses Market Value Will Reach Up to Us$13.50 Billion by 2020: Hexa Research

Contact lenses market is expected to grow over the forecast period owing to the increasing prevalence of eye related diseases such as astigmatism, hypermetropia and myopia. The other drivers of this market are increasing population, fashion statement and technological advancement. By the end of the forecast period, the market value will reach up to US$13.50 billion by 2020. Contact lenses are thin, curve and small in size and won over the cornea. Apart from eye correction these days, contact lenses are used as a fashion statement as novelty products, such as costume lenses and colored lenses. As per the 2009 report, by contact lens spectrum, study says that almost 150 million people are using contact lenses. Traditionally, spectacles is been used as vision correction product, but additional contact lenses are used for ophthalmic disorders correction such as astigmatism, hypermetropia, and myopia. These lenses are also used for enhancing aesthetic appearance as a cosmetic purpose. Additionally, plano sunglasses has pushed or uptake the contact lenses market and led to the reduction in need for dependency on spectacles. As PRK and LASIK surgeries acceptance are increasing globally, so it is hindering in the growth of contact lenses market. Condition like, contact lens-induced acute red eye (CLARE) may occur due to lack of proper eye care and failure to follow replacement schedules.
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Contact lenses market is segmented on the basis of product types into rigid gas permeable (RGP) or gas permeable (GP) contact lenses, soft contact lenses, and hybrid lenses. Among these, soft contact lenses held the largest market share in 2013. Further, this market is classified into, weekly (and two weeks), daily disposable, annual, monthly, unplanned replacement schedules or extended wear. Daily disposable lenses are hygiene in nature, high convenience and help...