Contact Lenses and Solutions: A Global Strategic Business Report
San Jose, CA (PRWEB) September 25, 2012
Follow us on LinkedIn – Changing lifestyles have triggered a general trend towards comfort and convenience, which in turn has furthered the market for contact lenses. Contact lenses are primarily used for correcting refractive errors and are sometimes considered to offer better vision quality than spectacles. Though contact lenses have been in use since long, it was the advent of soft contact lenses during the early 1970s that transformed the industry and augmented market penetration levels. During the late 1980s, soft contacts intended for more frequent disposable replacement regimens began to emerge. Consumers now enjoy a high level of purchasing choice due to availability of wide range of sellers and distribution channels. On an average, every year around 20% new potential consumers enter the market.
Children, teenagers, and younger people represent the prime targets of contact lens makers, the segments where significant research and development activity is going on. Specialty lenses are likely to witness expansion in wearer base, as a significant portion of the global population becomes subjected to astigmatism and presbyopia, conditions affecting aging eyes. This translates into huge potential for toric, bifocal, and multifocal contact lenses. Additionally, ongoing shift from conventional lenses to disposable lenses that offer relatively higher revenues generation per patient also augurs well for overall market growth.
While sales of silicone hydrogel lenses continue to increase worldwide, so are studies on different silicone hydrogel materials. Contact lens makers are increasingly recognizing the significance of higher oxygen permeability and water content. Indeed, most leading companies are patenting their own silicone hydrogel material to gain edge in the global market. Rapid transition towards silicone hydrogels is principally due to their improved oxygen transmissibility that allows higher amounts of oxygen to the eye, resulting in better ocular health.
As stated by the new market research report on Contact Lenses and Solutions, the United States represents the largest market for contact lenses and solutions across the globe. Trends in the contact lens sector are quite similar across most global markets. However, in terms of wearer base, regional markets exhibit varying rates. The US, with a relatively higher penetration level, is more mature than rest of the world. Most of the future growth lies in non-US markets. Asia-Pacific is expected to register the steepest growth with a CAGR of 9.1% from 2010 through 2018. Home to more than half of the world’s population, several Asian countries have a significant population that is affected by vision problems. This bodes well for both lens and lens care products. Soft contact lenses represent the largest segment. Among soft lenses, the launch of silicone hydrogel lenses revolutionized extended wearing lenses. Multi-focus lens is the fastest growing segment in soft contacts.
The marketplace for contact lens is highly concentrated with handful of players operating on a global basis. Declining prices and high entry barriers have prevented new companies from entering this market, where penetration by far depends on the ability to persuade users to switch from well-established to new brands. Key players profiled in the report include Abbott Medical Optics Inc., Alcon Inc., Bausch & Lomb Inc., CooperVision Inc., Ginko International Co., Ltd., and Vistakon.
The research report titled “Contact Lenses and Solutions: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, growth drivers, growth restraints, competitive scenario, regulatory standards, product launches/approvals/innovations, recent industry activity, and coverage on major global market participants. The study analyzes market data and analytics in terms of value sales for regions including the United States, Canada, Japan, Europe (France, Germany, Italy, UK Spain and Rest of Europe), Asia-Pacific, Latin America and Rest of World. Segments analyzed include Contact Lenses (Rigid Gas Permeables and Soft Contact Lens) and Contact Lens Care Solutions.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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