Press release
Cosmetic Contact Lens Market to witness 6.5% CAGR by 2024 | Global Key Player; Novartis, CooperVision, Johnson & Johnson, Ciba Vision, Bausch & Lomb
Cosmetic Contact Lens Market
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.
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Cosmetic Contact Lenses Market size is set to exceed USD 1.3 billion by 2024. Growing usage in entertainment sector is expected to boost 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.
Cosmetic Contact Lenses Market By Product
o Coloured
o Circle
Cosmetic Contact Lenses Market By Distribution Channel
o Optical stores
o Independent Brand Showrooms
o Online Stores
o Retail Stores
o Others
Cosmetic Contact Lenses Market By Design
o Spherical
o Toric
o Bifocal and Multifocal
o Others
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Circle 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.
Online stores distribution channel segment is expected to account for over 20% 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.
Asia Pacific cosmetic contact lens 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 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.
Read More Related News @ https://www.marketwatch.com/press-release/contact-lenses-market-in-north-america-to-see-32-growth-up-to-2024-2018-09-20
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