Press release
What are the Growth Drivers of Cosmetic Contact Lenses Market ? Bausch + Lomb, Novartis, Johnson & Johnson, Ciba Vision, GrandVision NV, CooperVision, Valeant Pharmaceuticals
Cosmetic Contact Lenses Market
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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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 Product
o Coloured
o Circle
- Cosmetic Contact Lenses Market By Design
o Spherical
o Toric
o Bifocal and Multifocal
o Others
- Cosmetic Contact Lenses Market By Usage
o Daily Disposable
o Weekly Disposable
o Monthly Disposable
o Annual
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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.
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.
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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.
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