The eyes have it: Asians ditch glasses rapidly for contact lenses

GfK reports that the contact lens industry grew by 15% to USD615m.

According to a release, optics and eyewear is big business with an approximate global worth of USD93 billion, and nearly 11 percent is contributed by the contact lenses segment. In Asia, contact lens sales in seven key markets tracked by GfK have been registering consistent quarter-on-quarter growth in the first three quarters of 2011, with latest quarter sales hitting more than 131 million pieces and valued greater than USD211 million.

According to reports by leading global market research firm GfK, the contact lens industry reflected positive growth in the first nine month of 2011 across all the seven Asian markets—Singapore, Malaysia, Thailand, Hong Kong, South Korea, Taiwan and China. The Taiwanese continue to be the largest users in unit terms, buying an average of 14.5 million pieces each month, while the biggest spenders are the Koreans, forking out more than USD26 million on contact lens on a monthly basis.

As a partner at the recent Hong Kong Optical Fair organized by the Hong Kong Trade Development Board on 3-5 November, GfK shared their expert insights on the global optics market, including key trends in contact lens across Europe, US and Asia.

“The contact lens industry has witness significant progress in the last few years and these have continued to drive the industry’s growth even in times of economic crisis,” commented Ms. Jasmine Lim, Regional Account Director for Lifestyle products at GfK Asia. “Recent developments such as the introduction of the silicon hydrogel and cosmetic lenses have been favorably received, as proven by their respective double digit growths reported in the Asian region.”

Latest GfK findings revealed that cosmetic lenses grew by 19 percent in Asia during the first nine months this year, achieving nearly USD185 million in sales. Of all the countries tracked, Koreans are the heaviest users, spending close to USD96 million on cosmetic lenses which currently make up approximately half of the total contact lens value worth in the local market.

Silicon hydrogel, with their latest incorporation into daily modalities in contact lens, is another popular segment that has been seeing rising demand among consumers despite its significantly higher price tag. Asian users bought around USD74 million worth of silicon hydrogel lenses within nine months, signifying a growth of more than 22 percent compared to a year ago. Once again, Koreans are the biggest consumers, having spent close to USD23 million on silicon hydrogel lenses during this time frame. 

“Proper vision care is a basic necessity, and the use of contact lenses has become prevalent all over the world with a great number of users coming to rely on it on it on a long-term, daily basis,” noted Ms. Lim. “It is important for manufacturers to closely monitor the constantly changing lifestyle and preferences of today’s increasingly demanding and sophisticated consumers so as to continue to bring more relevant innovative new products into the market to cater to their evolving needs.”