World Contact Lens and Solutions Market to Reach US$6.7 Billion in 2010, According to New Report by Global Industry Analysts, Inc.
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| Global Industry Analysts, Inc. |
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The global soft contact lenses market continues to witness increasing growth largely buoyed by favorable demographics, rapid penetration of high-value products, growing incidence of myopia, reduction in wearer dropouts, and expansion of lesser-developed markets. Spurred by favorable trends, the world contact lens and lens care solutions market is expected to reach US$6.7 billion by 2010. San Jose, CA (PRWEB) July 9, 2007 -- Convenience is likely to continue to drive the daily disposable, biweekly, and monthly disposable (the three widely used disposable types) lens markets, while sales of conventional soft lens, and rigid gas permeables are expected to slide further. The latest in technological developments has brought soft contacts made of silicone hydrogels to the global marketplace, a scientific advancement expected to revolutionize the extended wear lenses segment. Of the total 125 million wearers of contact lenses worldwide, approximately 50% are projected to shift to silicone hydrogel lenses in the next 4-5 years. Significant expansion of wearer base in developing regions such as Asia-Pacific would drive future growth. The region promises lucrative potential for lens and lens care products. Home to more than half of the world's population, several countries here have a significant population affected by vision problems. "Contact Lenses and Solutions: A Global Strategic Business Report" provides a comprehensive review of market trends, drivers, challenges, product profile, players, competition, wearer trends, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Canada, Japan, France, Germany, the UK, Italy, Spain, Asia, Latin America and the Middle East. The report analyzes global soft contact lens market by key segments including Spherical Lenses, Daily Disposable Lenses, Toric Lenses, Multifocals, and Cosmetic Lenses. Specialty lenses are likely to witness tremendous expansion in wearer base as the global population (especially in Japan, UK, Asia, and the US) is affected by astigmatism and presbyopia, conditions affecting aging eyes. This translates into huge potential for toric, bifocal, and multifocal contact lens markets. Growth in alternative distribution channels for contact lenses, such as pharmacy, mass merchants and mail order has significantly transformed retail dynamics. These conditions have over the years resulted in a range of regulatory measures including the Fairness to Contact Lens Consumers Act in the US. The ongoing shift from conventional lenses to disposable lenses that offer relatively higher revenue per patient augurs well for overall market growth. United States is the largest market estimated at US$1.9 billion in 2007. Japan and Europe are the second and third largest markets respectively. Collectively, the three countries represent about 88 percent of the global share. The contact lens care solutions market is estimated at US$1.6 billion in 2007. Growth in contact lens care solutions has remained relatively flat and is expected to continue the same trend through 2010. With the arrival of disposable soft lens and their rapid acceptance, the need for lens care solutions has been minimized to a great extent. Growth in the segment is centered on sales of multi-purpose solutions. The market for contact lens and lens care solutions is highly competitive and concentrated. Companies compete on the basis of factors such as product performance, price, marketing, and distribution reach. The contact lens market is dominated by Bausch & Lomb, CIBA Vision, CooperVision, and Vistakon/Johnson & Johnson. Leading players in the lens care solutions market are Bausch & Lomb, Alcon, Advanced Medical Optics, and CIBA Vision. For more details about this research report, please visit www.strategyr.com/MCP-3210.asp About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide. Global Industry Analysts, Inc.
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