In 2022, the market for colored lenses is projected to reach a value of USD 5403.28 million, with an expected expansion 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. The significant growth in the market can be attributed to an increase in eye problems.
Market players are focusing on enhancing the quality standards for lenses due to higher customer usage and the threat of infection associated with wearing the product. Additionally, the colored contact lenses industry has seen increased profit margins, prompting vendors and manufacturers to improve their supply chain network and encourage product manufacturing.
Key companies profiled in the market include Johnson & Johnson, Novartis, Valeant, Carl Zeiss, Essilor, HOYA GROUP, UltraVision CLPL, and Wesley Jessen.
The growing popularity of colored contact lenses, driven by the adoption of cosmetic lenses and rising fashion trends, is fueling industry expansion. The availability of stylish cosmetic lenses in local markets with diverse textures, colors, and shades to enhance eye appearance is a favorable aspect for the colored contact lenses market.
Furthermore, leading market players’ increased investment in social media optimization and search engine optimization, along with higher penetration of social media, is projected to drive industry growth in the coming years.
Optical stores currently hold the majority of the industry share due to their dedicated channel for buying eyewear products. Customers prefer optical stores for consultation services and eye check-up services, which fuels sales growth. However, online stores are expected to gain market share due to improved internet penetration worldwide. The robust growth of the e-commerce sector and the convenience of home delivery options will contribute to the colored contact lens industry’s share.
In terms of market prospects, France, Germany, and the UK are expected to hold the largest market share due to the concentration of major market players and increasing fashionable gestures among the young generation and millennials in the region. China, Taiwan, India, South Korea, and Japan are projected to experience notable CAGRs due to the expansion of product offerings by leading players and high adoption of the product. The US is likely to remain the second biggest industry share, driven by a well-established entertainment sector, healthcare sector, and the presence of several leading market players.
According to Fact.MR’s survey, the colored contact lenses market is fragmented, with leading companies focusing on technological advancements in currently marketed products, agreements, mergers, acquisitions, and new product launches. Some of the key players in the market include Johnson & Johnson, Cooper Companies, Novartis, Carl Zeiss, Valeant, Essilor, UltraVision CLPL, HOYA GROUP, and Wesley Jessen. The report also provides a detailed analysis of the COVID-19 impact on the market.
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