Press release
Cosmetic Contact Lenses Market Outlook and Analysis to 2024 – Leading Top Companies are CooperVision, Novartis, Johnson & Johnson, Ciba Vision, GrandVision NV, Valeant Pharmaceuticals
Cosmetic Contact Lenses Market
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.
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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.
- 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 Usage
o Daily Disposable
o Weekly Disposable
o Monthly Disposable
o Annual
- Cosmetic Contact Lenses Market By Type
o RGP
o Soft Contact
o Hybrid Contact
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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.
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 market growth.
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.
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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 business 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.
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