Projections for the World's Eyewear and CL Markets--a Combined $125.4 Billion in Five Years

Within five years, the world's market for eyewear, contact lenses, and CL solutions could top $125 billion, according to two reports from Global Industry Analysts, Inc. (GIA). It's a growth driven by vanity and technological innovation, especially as the Baby Boomer and Millennial generations age--not just in the U.S. and Europe but Asia as well.

Eyewear
The global market for eyeglasses could reach $113.2 billion by 2018, according to one GIA report. A summary of the report notes what most opticians have witnessed for the past year. For example, it says that shifting fashion preferences reportedly will drive the growth as consumers opt for trendy and sporty eyeglass frames. It adds that consumers are shifting from rimless frames and are purchasing frames with brighter, bolder, multi-colors, with rectangular shapes, or made from natural materials. Frames with crocodile patterns and animal skin prints are finding favor among nature enthusiasts.

The shift to style, though, is driven in part by advances in the field. The reports says that new materials for lenses and frames, as well as other technological advances, have resulted in designs with better aesthetic appeal, style, and quality. Eyeglasses with lightweight material frames, such as monel and titanium, and the use of polycarbonate lenses have become immensely popular. Read an executive summary of the report.

Contact Lenses and Solutions
In a similar report about CLs, the analysts report that the CL and solutions market could exceed $12.2 billion by 2018. Again the report's insights reflect what most opticians witness with their patients. For example, the report states that vanity is driving the increased usage of CLs. Favorable demographics, rapid penetration of high-value products, growing occurrence of myopia, and reduction in wearer dropouts also account for the healthy growth forecasts. Among the developing economies, Asia is expected to account for majority of the growth. Soft contact lenses represent the largest segment. Among soft lenses, silicone hydrogel CLs--with their  higher oxygen permeability and water content--have revolutionized the extended wear market. With sales of silicone hydrogel lenses increasing worldwide, several CL manufacturers are developing and patenting their own silicone hydrogel material.  The reports adds, however, that the multi-focus lenses segment of the market is growing the quickest. The marketplace for contact lens is highly concentrated with handful of players operating. Declining prices and high entry barriers have prevented new companies from entering this market. Key players profiled in the report include Abbott Medical Optics Inc., Alcon Inc., Bausch & Lomb Inc., CooperVision Inc., Ginko International Co., Ltd., and Vistakon. Click this link for an executive ummary of this report.