Cosmetic Contact Lens Market 2021: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2024

Increasing trend of using colored contact lenses may have a positive impact on cosmetic contact lens market outlook. Rising popularity of customized lenses with attractive colors, shades and textures for improving eye appearance is likely to propel industry size. Proliferation of entertainment, online and social media platforms are helping boost the adoption of such lenses.

Cosmetic contact lenses are available in several colors such as blue, green, brown, hazel, grey, violet and amethyst. Decorative lenses lend a fashionable style as they offer an added distinct visual feature to users. These lenses are increasingly used in the fashion industry by movie stars, models and even sports athletes to enhance their overall appearance.

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Considering growing demand, cosmetic contact lens manufacturers are focusing on technological advancements, robust R&D investments and product launches. For example, in 2018, major eye care provider, Alcon launched its AIR OPTIX COLORS Gemstone Collection consisting of contact lenses having three new colors including turquoise, amethyst and true sapphire.

Based on product, the cosmetic contact lens market is divided into circle and colored lenses. Of these, the circle cosmetic contact lens segment held a valuation of more than USD 600 million in 2017 and is expected to grow significantly over the coming years. Circle cosmetic lenses are used to enlarge eye size of the user. These lenses are particularly in high demand across countries like South Korea, China and Japan where there is a persisting trend of anime and manga among youth.

In terms of type, the industry is bifurcated into RGP (rigid gas permeable), hybrid contact and soft contact lenses. A research report by Global Market Insights, Inc., suggest that the rigid gas permeable cosmetic contact lens market may witness a CAGR of over 6% by 2024. Rigid gas permeable lenses are mainly made using plastic and other suitable materials. These lenses have high oxygen permeability during outdoor activities, an important feature driving its demand.

Growth drivers are -

North America - Rising penetration through online medium and relaxation in regulatory approval
Europe - Rising acceptance of branded cosmetic contact lenses
Asia Pacific - Rising awareness regarding substitutes for aesthetic eye surgeries in several regional countries including China, Japan and Taiwan
Latin America - Increasing occurrence of ophthalmic disorders and high disposable income
MEA - High need for aesthetic appearance

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Geographically speaking, the Europe cosmetic contact lens market exceeded USD 160 million in 2017. The apparel and fashion sectors of UK, Germany and France are majorly contributing to market growth. These sectors are the hub for models, movie actors and singers that mostly rely on cosmetic contact lenses. Rising influence of music videos coupled with growing fashion consciousness among younger population for maintaining social status is anticipated to fuel the cosmetic contact lens market of Europe.

The competitive landscape of the global cosmetic contact lens market consists of firms such as Johnson and Johnson, Bausch & Lomb (Valeant Pharmaceuticals), Novartis, Ciba Vision, Cooper Vision, Metro Optics, Lagado Corporation, InnoVision, Qualimed and Grand Vision. These companies are implementing various strategic initiatives such as mergers, acquisitions, joint ventures and new product development to expand business presence.

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This release was published on openPR.