Published September 26, 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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the colored contact lenses market is projected to record a robust growing pace in 2021 & beyond. The expansion can be primarily attributed to the growing number of eye disorder cases as well as an increasing number of users needing to correct their eye anomalies. Major companies are providing multiple colored contact lenses (blue, hazel, violet, grey, green, amethyst, and brown) which pulls in more consumers to buy their products. Expansion in the eyewear industry is further poised to generate new prospects in the market.
Market players are primarily engaged on enhancing quality standards for lenses due to higher customer usage and the 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 product manufacturing. states Fact. MR.
Growing Popularity of Colored Contact Lenses Supporting Industry Growth
The 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 eye appearance is functioning as a favorable aspect for the colored 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 the 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 a 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 the largest market share as a result of the concentration of major market players as well as increasing fashionable gestures in the 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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Colored Contact Lenses Market: Segmentation
- By Type :
- Visibility Tint
- Enhancement Tint
- Opaque Tint
- By Distribution Channel :
- Optical Stores
- Retail Pharmacies
- By Region :
- North America
- Latin America
- Asia Pacific
- Middle-East & Africa
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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