Published August 19, 2023
In 2022, the market for colored lenses will be worth USD 5403.28 million. Within the anticipated time frame, this market is expected to expand at a CAGR of 9.92%. By the end of 2032, the market for colored contact lenses is anticipated to reach a value of USD 13,913,000,000. An increase in eye problems is probably to blame for the market’s significant expansion.
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Market players are primarily engaged on enhancing quality standards for lenses due to higher customer usage and threat of infection associated as wearing the product. Furthermore, increased profit margins by the colored contact lenses industry have prompted vendors and manufacturers to enhance their supply chain network as well as encourage the products manufacturing.
Key Companies Profiled
· Johnson & Johnson
· Novartis, Valeant
· Carl Zeiss
· HOYA GROUP
· UltraVision CLPL
· Wesley Jessen.
Growing Popularity of Colored Contact Lenses Supporting Industry Growth
Growing adoption of cosmetic lenses together with rising fashion trends are majorly fuelling the industry expansion. Accessibility of stylish cosmetic lenses in local markets with diverse attractive textures, colors, and shades to improve eyes appearance is functioning as a favourable aspect for the coloured contact lenses market.
Furthermore, higher penetration of social media together with higher investment in social media optimization and search engine optimization by leading market players are projected to encourage the industry growth in the forthcoming years.
Optical Stores to Contribute Majorly Towards the Market Demand
Optical stores captured majority of the industry share as a result of the huge dedicated channel for buying eyewear products. It has attained preference from customers because of consultation services and eye check-up services thus fuelling the sales growth.
However, online stores will foresee gains due to improved internet penetration worldwide. Robust e-commerce sector growth due to huge customer base chiefly accelerating product demand. Higher convenience offered due to home delivery options will fuel the colored contact lens industry share.
How Huge are the Prospects for Market Players in the UK?
France, Germany, and the UK will be holding largest market share as a result of concentration of major market players as well as increasing fashionable gestures in young generation and millennials in the region.
China, Taiwan, India, South Korea and Japan are projected to expand at a notable CAGRs on the back of expansion of product offerings by leading players and high adoption of product. Furthermore, vast population base prompting demand for the colored contact lens as well as entrance in entertainment sector positively influencing the population and offer sturdy support the industry share.
The US is likely to remain the second biggest industry share as a result of well-established entertainment sector, healthcare sector and the existence of several leading market players in the region. Several number of outlets in the U.S. such as Luxottica Retails, Vision Source, National Vision and Wal-Mart Stores are the leading optical retailers in the nation bolsters the industry growth.
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Technological Advancement of present Marketed Products Remain Main Focal Points: Fact.MR Survey
The colored contact lenses market is fragmented in nature. Fact.MR’s survey stated that the leading companies are engaged on technological progressions in at present marketed products, agreements, mergers, acquisitions and new product launches in 2021 and beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. Some of the players profiled in the report are Johnson & Johnson, Cooper Companies, Novartis, Carl Zeiss, Valeant, Essilor, UltraVision CLPL, HOYA GROUP and Wesley Jessen. The updated edition further offers a detailed analysis of the COVID-19 impact on this market.
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