Cosmetic Contact Lens Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2024

Extensive use of contact lenses for enhancing facial aesthetics and for the vision benefits they deliver has helped the cosmetic contact lens market emerge as one of the world’s most lucrative verticals in recent years. The industry is anticipated to show positive growth outlook in the forthcoming timeframe, given that use of cosmetic contact lenses to improve aesthetic appearance in the entertainment, fashion, and sports sectors has increased exponentially in recent times.

These lenses have the potential to change the complete appearance of a person in a subtle manner. Today, some customized color contact lenses are also used in sports owing to their ability to improve the athlete’s vision.

Sports lenses can increase depth perception, make contrast more defined and help deflect glare from the sun, which are some of the key determinants promoting adoption of contact lenses sports.

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As per a research report by Global Market Insights, Inc., global cosmetic contact lens market is estimated to record an impressive CAGR through 2024.

Below is a brief overview of prominent trends that are likely to drive cosmetic contact lens market growth in coming years.

• Growing applications of colored contact lenses

As per a report published by the CDC (Centers for Disease Control & Prevention), approximately 45 million people across the U.S. wear contact lenses, out of which, two-thirds are female.

This data implies that colored colored contact lenses are likely to be a major growth factor for the market. Owing to this, several new investments are expected to be seen in the coming years by major market players.

Increase in such innovations throughout the industry is expected to push the market share through the analysis timeframe.

• Abundance of polymer and its impact on soft and hard contact lens adoption

Speaking of the material used for the manufacturing of contact lenses, polymers are anticipated to gain major traction in the coming years. Several benefits offered by the polymer-based cosmetic contact lenses over traditional glass lenses are projected to complement the surging demand of the product.

Higher transparency, better endurance, easily moldability are few of the key factors pushing the market trends. Polymers are available in abundance, which creates a strong supply chain that would in turn augment the market size.

Two types of polymers are used to produce two different contact lenses, PMMA (poly(methylmethacrylate)), which is used to produce hard contact lenses, and polyacrylamide, which is used to create soft lenses.

As per The Royal Society of Chemistry estimates, a soft contact lens is comprised of approximately 38% to 79% of water. Due to this, the contact lens remains flexible and soft. However, more presence of water decreases the clarity of vision and makes the lens more fragile.

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Soft contact lenses are considerably cheaper than hard lenses, which has increased their prominence among consumers.

• Surging applications of contact lens in medical sector

Apart from the more commonplace cosmetic and aesthetic applications, contact lenses have also gained major traction in the medical sector owing to the growing ocular trauma patient demographic.

This lens helps in providing a better natural appearance to a damaged eye. In addition, a contact lens is used for visual rehabilitation for corneal irregular and regular astigmatisms, aphakic and anisometropic patients. The lenses are also used at superficial or deep corneal opacities which doesn’t affect the visual axis.

Apart from visual rehabilitation, contact lenses can also be used during the post-trauma period for optical and therapeutic purposes. Furthermore, a soft contact lens has extensive usage immediately after ocular trauma as a treatment or even later for optical correction in anisometropic and aphakic patients.

Contact lenses form a very important part of trauma therapy since they help improve visual cavity in most of the cases. Extensive applications of contact lenses in the medical sector are seeking to bring higher growth opportunities for market expansion in the future.

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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.

This release was published on openPR.