|12-07-2018 05:20 AM CET - Fashion, Lifestyle, Trends||
Cosmetic Contact Lenses Market 2018-2024 Trends & Regional Revenue By Global Players CooperVision, Bausch + Lomb, Novartis, Johnson & Johnson, GrandVision NV, Valeant Pharmaceuticals
Press release from: Global Market Insights Inc.
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 size is set to exceed 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 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.
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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.
- Cosmetic Contact Lenses Market By Usage
o Daily Disposable
o Weekly Disposable
o Monthly Disposable
- Cosmetic Contact Lenses Market By Design
o Bifocal and Multifocal
- Cosmetic Contact Lenses Market By Product
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Cosmetic contact lens market to emerge as a highly lucrative hub for investors over 2018-2024, escalating demand for magnificently colored contact lenses to impel the industry growth
Having gathered some considerable remuneration potential over the recent years, cosmetic contact lens market has registered itself as one of the most prominent and lucrative investment spots of the overall advanced materials industry. Historically, contact lenses were regarded as a way toward better quality of life without the need for glasses, and despite being registred as a medical device, it’s use has seen immense demand from the cosmetic industry. Changing preference to enhance eye colors and overall facial look, especially among the television actors, movie stars, models as well as sports athletes have significantly impacted the growth prospectes of cosmetic contact lens market.
According to a report by the Centers for Disease Control & Prevention, an estimated of 45 million people in the United States wear contact lens, and two-thirds of these wearers are females who are relatively young. Colored contact lens in this regard, are by far one of the leading modalities used for daily purpose, and several companies are expected to invest in this field in the years ahead.
Alcon, for instance, an acclaimed cosmetic contact lens market player has recently introduced the AIR OPTIX® COLORS Contact Lenses Gemstone Collection, further strengthening its presence in the cosmetic contact lens market. Reportedly, its Gemstone Collection of contact lenses, including colors Amethyst, Turquoise, and True Sapphire is effectively offering consumers new color palette while also providing them with more ways to experiment and play with their eye color to enhance their look.
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Not only for the cosmetic reasons, the colored contact lenes have also gained significant traction for patients suffering from ocular trauma. These lens helps provide more natural appreance to an otherwise damaged iris. The prosthetic colored contact lenses, are available in toric and spheric models and can provide significant benefits for patients in addition to vision correction. Major brands in the industry are offering multiple choice of colors comprising green, shades of blue hues, violet, hazel, grey, and amethyst to attract the niche market. Estimates claim that with further technological advancements in textures and tiny colored dots & line products, the colored cosmetic contact lens market is projected to register a y-o-y growth of 7% over 2018-2024.
Colored contact lenses have undoubtedly emerged as the hottest trend in cosmetics, however, the fedral agencies do not consider it as cosmetic. Popularly in the United States & Canada, lenses cannot be sold over the counter without a prescription, as these are warned for excessive risk for eye infections. However, over-the-counter use of decorative lense as a cosmetic aid in beauty parlors, costume stores, party shops, and online channels is increasing at an impeccable pace. According to the CDC, between 40% to 90% of contact lens wearers do not follow the care instructions for their contact lenses and are therefore linked to outbreaks of serious eye infections.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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