SOURCE: BCC Research LLC

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June 28, 2016 05:00 ET

Expanding Applications for Contact Lenses Growing Global Markets, Reports BCC Research

WELLESLEY, MA--(Marketwired - June 28, 2016) - Contact lenses primarily used as a means to correct vision are paving the way towards other applications, as well. BCC Research reveals in its new report that these advances range from antibacterial contact lenses, which fight and reduce the risk of contamination, to soft contact lenses, which may slow down the progression of shortsightedness.

Contact lenses provide glasses-free vision to people through corrective vision. Contact lenses also may be referred to as corrective lenses, as they are mainly used to correct myopia, hyperopia, astigmatism and presbyopia. The corrective lenses also are used for various therapeutic applications, such as corneal reshaping, postsurgical conditions and dry eye syndrome etc. The products market can be divided broadly into soft lenses, rigid permeable lenses and other lenses including surgical, digital and ocular drug delivery lenses.

The global market for contact lenses, which totaled nearly $9.2 billion in 2015, should attain about $10.1 billion by 2020, reflecting a five-year compound annual growth rate (CAGR) of 1.9%. As a segment, the soft lenses market is projected to reach $7.1 billion by 2020. The rigid and hybrid lenses segment should grow at a five-year CAGR of 9%, reaching $466 million in 2020. The others segment, including intraocular lens (IOL) lenses and advanced optics (AO) lenses, reached about $2.2 billion in 2014, up from nearly $2 billion in 2013. This segment should grow at a five-year CAGR of 4.1% during the forecast period.

Increasing prevalence of eye disorders such as astigmatism and myopia is a key growth factor. Also, an expanding aging population, growing product affordability, technological advancements and innovations are driving the market, as well. R&D spending, along with increasing competition, patent expiries and new technologies are sending the market into a new direction.

Soft contact lenses continue to dominate the marketplace. In particular, silicone hydrogel (SiH) lenses are poised to grow due to increased popularity. The growing demand for corneal refractive therapy (CRT) and orthokeratology (ortho-k) lenses is driving growth in the gas permeable (GP) lenses segment, along with the introduction of scleral lenses.

Research in the field of contact lenses has turned in the direction of disease detection, drug delivery and myopia control. Contact lenses that are primarily used as a means to correct vision are paving the way towards other applications, such as the development of antimicrobial lenses.

"Silver, cationic peptides and small molecules that inhibit microbial communication are being examined for the development of antimicrobial contact lenses," says BCC Research analyst Shalini S. Dewan. "This and other developments like it are aimed at providing contact lens users with a wider range of choice, offering them more comfort and effective eye care and aiming at correcting specialized eye conditions like astigmatism and presbyopia."

Contact Lenses: Technologies and Global Markets (HLC096C) analyzes present and future strategies within the market, which includes soft and rigid gas permeable contact lenses and other types that can be separated by design and usage. Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.

About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

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