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Global contact lens market to reach $13.5 billion by 2019

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A report from Transparency Market Research forecasts that the global contact lens market will increase by a compound annual growth rate of 10.3% from 2013 to 2019, reaching $13.47 billion.

The research group reported that North America and Europe made up more than 70% of the worldwide contact lens market in 2012.

The group predicts that “rapid growth will be observed in the Asia-Pacific contact lens market, as massive untapped market potential exists there. The opportunities have attracted several large players to invest in markets such as China and India.”

According to Transparency Market Research, key players in the global contact lens market featured in its research are Johnson & Johnson, CIBA Vision (now Alcon), Essilor International and CooperVision.