Cosmetic Contact Lenses Market Current Business Trends & Growth Opportunities 2020-2024
Speaking on these lines, it is prudent to mention that more than over 125 million people worldwide use contact lenses. In this regard, colored contact lens are by far one of the leading modalities used for daily purpose, which has led numerous companies to invest in this field in the years ahead with an intent of gaining a competitive edge over the others.
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One such company, Alcon-a well proclaimed cosmetic contact lens producer- in 2019 unveiled DAILIES COLORS contact lenses, further bolstering its presence in the cosmetic contact lenses market. Allegedly, the new collection was launched to offer beautiful color enhancement plus eye definition in one daily disposable lens, enabling the beauty lovers to play with their eye color every day without being concerned about its safety. This, move is intended to offer a thrust to the increased adoption of cosmetic contact lenses.
Colored contact lenses for medical purposes: a breakthrough in the cosmetic contact lens realm
Let alone the cosmetic purposes, the colored contact lenses have begun gaining intrinsic popularity for patients suffering from ocular trauma. In fact, according to a reliable source, out of 38 per cent to 52 per cent of cases brought to the ophthalmic emergency rooms are ocular trauma.
What colored contact lenses do in this case is help provide more natural appearance to an otherwise damaged iris. The prosthetic colored contact lenses potentially offer significant benefits for patients in addition to vision correction. Vivid brands in the industry are currently offering multiple choice of colors like green, violet, shades of blue, grey, hazel, and amethyst to attract the niche market.
How is the blend of regulatory reforms and strong competitive framework favoring the growth of cosmetic contact lenses market?
It is noteworthy to state that colored contact lenses have irrefutably emerged as the hottest trend in the cosmetics industry. However, the federal agencies do not consider these ideal as a cosmetic product, especially in the developed nations like the United States and Canada, where the colored contact lenses cannot be sold over the counter without a proper prescription. A reason behind this is their increased warning for excessive risk for eye infections.
Despite this, over-the-counter-sales of colored lenses as a cosmetic aid in costume stores, beauty parlors, online distribution channels, and party shops is surging at an impeccable pace.
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As a matter of fact, as per CDC estimates, early 40 per cent to 90 per cent of contact lens users do not follow the care instruction for their contact lenses and therefore are vulnerable to outbreaks of serious eye infection. In order to cope with the rising risks and easing the problem, several industry behemoths are undertaking strategic initiatives for bringing forth safer lens materials. Meanwhile, various regional governments are also enforcing stringent laws on over the counter supply of cosmetic contact lens across the markets in the North America region.
Considering these trends, it is quite obvious that the overall contact lenses market is on a liberal track, and cosmetic contact lens market is all poised to stand as a profitable investment hub. With intense technological advancements establishing new application verticals, the overall cosmetic contact lenses market is anticipated to record a valuation of USD 1.3 billion by the end of 2024.
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