Cosmetic Contact Lenses Market will surpass USD 1.3 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing usage in entertainment sector is expected to boost the cosmetic contact lens market size. These lenses are primarily utilized in the entertainment industry owing to the need for more dramatic makeup. Increasing customer inclination towards colored contact lenses will further drive the segment demand. Growing disposable incomes encourages consumer purchasing power on lifestyle products, thus supporting the contact lenses demand.
Surging penetration through online medium coupled with the relaxation in regulatory approval is expected to boost cosmetic contact lens market size. The FDA characterizes these products under the medical devices category and mandated prescription for purchase A noteworthy upturn in light of swelling demand for altering the aesthetic appearance and growing disposable income are the supporting factors driving the cosmetic contact lens market growth.
The increasing acceptance of corrective LASIK surgery is expected to negatively affect the market size. Additionally, an increase in the overall geriatric population along with occurrences of visual inaccuracies will further hinder the industry growth.
Circle cosmetic contact lens market product segment accounted for over 70% revenue share in 2017 owing to the availability of diverse designs coupled with its ability to blend in naturally with the usual appearance of eyes. This segment has gained tremendous popularity over the last few years among the teens and young adults’ population.
RGP type cosmetic contact lens market segment will witness significant gains at approximately 6% over the forecast period. This can be attributed to associated benefits such as high oxygen permeability, sharp vision, durability, and cost-effectiveness. Other noticeable factors include moving capacity, smooth surface, and ability to maintain shape are fueling the business growth.
Hydrogel material accounts for over USD 600 million in 2017. Rising demand for soft and comfortable cosmetic lens influences the material growth. Hydrogel has captured a strong focus over the last few years owing to its advantages as compared to other counterparts. Some of the benefits are low risk of eye infection and comfort for consumers.
Online stores distribution channel segment is expected to account for over 20% cosmetic contact lens market revenue share by 2024. These stores provide products at lower prices along with on-time delivery which will foster new opportunities for the industry growth.
Spherical design segment will grow at over 6.5% from 2018 to 2024 owing to factors such as enhanced clarity in vision and correction of conditions such as nearsightedness & farsightedness. These product designs offer high level of comfort and customization which further support the cosmetic contact lens market growth.
Daily disposable lens is expected to hold revenue of approximately USD 500 million by 2024. These cosmetic lenses have gained a strong attention from young owing to ease of utilization thereby, propelling segment demand.
Asia Pacific cosmetic contact lenses market accounted for over 70% of revenue share in 2017, owing to growing acceptance by the image-conscious population to cope up with the current fashion trends. Major countries including China, Japan, and Taiwan are contributing primarily towards the regional industry expansion.
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Global cosmetic contact lens market share is moderately consolidated with top four players accounting for 57% of the industry share in 2017. Johnson & Johnson, Novartis, Cooper Vision, Bausch & Lomb (Valeant Pharmaceuticals), Ciba Vision are among the major industry players with significant market shares. The global market also consists of several regional players mainly including Asian manufacturers contributing to fragmented share.
Other notable players in cosmetic contact lens market include Grand Vision, Lagado Corporation, InnoVision, Qualimed and Metro Optics. Mergers & acquisitions, production capacity expansions, innovations, joint ventures and supply agreements are among the strategies adopted by industry participants. For instance, in December 2017, Cooper Vision acquired Paragon Vision Sciences an U.S. based specialty contact lens company to strengthen its foothold in the industry.
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