Global Market Insights, Inc. adds a new Global Cosmetic Contact Lenses Market Research Report for forecast period that shows the growth of the market is rising at a steady CAGR from 2018 to 2024.
Cosmetic Contact Lenses Market size is set to exceed USD 1.3 billion by 2024. Growing usage in entertainment sector is expected to boost cosmetic contact lens market size. These lenses are primarily utilized in the entertainment industry owing to the need for more dramatic makeup. Increasing customer inclination towards colored contact lenses will further drive the segment demand. Growing disposable incomes encourages consumer purchasing power on lifestyle products, thus supporting the contact lenses demand.
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Having gathered some considerable remuneration potential over the recent years, cosmetic contact lens market has registered itself as one of the most prominent and lucrative investment spots of the overall advanced materials industry. Historically, contact lenses were regarded as a way toward better quality of life without the need for glasses, and despite being registred as a medical device, it’s use has seen immense demand from the cosmetic industry. Changing preference to enhance eye colors and overall facial look, especially among the television actors, movie stars, models as well as sports athletes have significantly impacted the growth prospectes of cosmetic contact lens market.
According to a report by the Centers for Disease Control & Prevention, an estimated of 45 million people in the United States wear contact lens, and two-thirds of these wearers are females who are relatively young. Colored contact lens in this regard, are by far one of the leading modalities used for daily purpose, and several companies are expected to invest in this field in the years ahead.
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Not only for the cosmetic reasons, the colored contact lenes have also gained significant traction for patients suffering from ocular trauma. These lens helps provide more natural appreance to an otherwise damaged iris. The prosthetic colored contact lenses, are available in toric and spheric models and can provide significant benefits for patients in addition to vision correction.
Major brands in the industry are offering multiple choice of colors comprising green, shades of blue hues, violet, hazel, grey, and amethyst to attract the niche market. Estimates claim that with further technological advancements in textures and tiny colored dots & line products, the colored cosmetic contact lens market is projected to register a y-o-y growth of 7% over 2018-2024.
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Global cosmetic contact lens market share is moderately consolidated with top four players accounting for 57% of the industry share in 2017. Johnson & Johnson, Novartis, Cooper Vision, Bausch & Lomb (Valeant Pharmaceuticals), Ciba Vision are among the major industry players with significant market shares. The global market also consists of several regional players mainly including Asian manufacturers contributing to fragmented share.
Other notable players include Grand Vision, Lagado Corporation, InnoVision, Qualimed and Metro Optics. Mergers & acquisitions, production capacity expansions, innovations, joint ventures and supply agreements are among the strategies adopted by industry participants. For instance, in December 2017, Cooper Vision acquired Paragon Vision Sciences an U.S. based specialty contact lens company to strengthen its foothold in the industry.
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