In 2022, the market for colored lenses is projected to be valued at USD 5403.28 million, with an expected growth rate of 9.92% over the anticipated time frame. By the end of 2032, the market for colored contact lenses is estimated to reach a value of USD 13,913,000,000. This significant expansion can be attributed to an increase in eye problems.
Market players in the colored contact lenses industry are focused on enhancing quality standards for lenses due to higher customer usage and the threat of infection associated with wearing the product. Additionally, increased profit margins have prompted vendors and manufacturers to improve their supply chain network and encourage product manufacturing.
Key companies profiled in this market include Johnson & Johnson, Novartis, Valeant, Carl Zeiss, Essilor, HOYA GROUP, Ultra Vision CLPL, and Wesley Jessen.
The growing popularity of colored contact lenses, driven by the adoption of cosmetic lenses and rising fashion trends, is a major factor fueling industry growth. The availability of stylish cosmetic lenses in local markets with diverse textures, colors, and shades to enhance the appearance of the eyes is also contributing to the market’s expansion. Furthermore, increased investment in social media optimization and search engine optimization by leading market players, along with higher penetration of social media, is projected to further boost industry growth in the coming years.
Optical stores currently dominate the market share due to their dedicated channel for buying eyewear products. Customers prefer optical stores for their consultation services and eye check-up services, which contribute to sales growth. However, online stores are expected to gain traction due to improved internet penetration worldwide. The robust growth of the e-commerce sector, coupled with the convenience of home delivery options, will drive the colored contact lens industry share.
In terms of market prospects for players in the UK, France, Germany, and the UK are expected to hold the largest market share. This is attributed to the concentration of major market players in these regions and the increasing fashion trends among the young generation and millennials. China, Taiwan, India, South Korea, and Japan are also projected to experience notable growth due to the expansion of product offerings by leading players and high adoption of colored contact lenses. The US is likely to remain the second-largest market share due to its well-established entertainment and healthcare sectors, as well as 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 their existing products, as well as agreements, mergers, acquisitions, and new product launches in 2021 and beyond. 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 updated edition of the report also provides a detailed analysis of the impact of COVID-19 on the market.
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