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.

Continued Growth for CL Market, Says Report

Changing lifestyles have triggered a general trend towards comfort and convenience, which in turn has furthered the market for contact lenses. On an average, every year around 20% new potential consumers enter the CL market, notes a report called “Contact Lenses and Solutions: A Global Strategic Business Report” created by Global Industry Analysts, Inc. 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 multi-focal 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.

Sales of silicone hydrogel lenses still increase worldwide, but so do the number of studies into making CLs from different silicone hydrogel materials. In fact, companies are patenting their own silicone hydrogel material to gain edge in the global market. The report also states that 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 CL market is more mature than rest of the world, so most global market growth lies in non-US markets. Read more.