Global Cosmetic Contact Lens Market size was valued at over USD 836 million in 2017 and will witness over 6.5% CAGR up to 2024.
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Rising fashion trends coupled with higher adoption of cosmetic lenses primarily driving the industry growth. Increasing popularity of stylish product with varied attractive colors, shades, and textures for enhancing eye appearance majorly boosting the cosmetic contact lens market share. Improved penetration of social platforms, online media, and entertainment are strongly influencing modern eyewear trends globally.
Changing consumer preference towards enhancing eye colors for enhance facial look and style especially fashion industry, instigating business expansion. Decorative contacts makes great fashion statement owing to adding distinctive visual elements in the industry. Consumers including movie stars, models, television actors and sports athletes majorly using a colored contact lens in daily routine thereby fueling the product demand.
Manufacturers are majorly focusing on improving quality standards for lenses owing to high consumer usage and risk of infection associated while wearing the product. Highly sensitive products with major risk for eye infections carrying requirement for hygienic care after the usage. The key players are investing significantly in R&D for oxygen permeability through lenses, by introducing soft polymers materials in manufacturing process.
|Market Size in 2017:||836 Million (USD)|
|Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||6.5%|
|2024 Value Projection:||1.3 Billion (USD)|
|Historical Data for:||2013 to 2017|
|No. of Pages:||544|
|Tables, Charts & Figures:||1,145|
|Segments covered:||Product, Type, Material, Distribution Channel, Design, Usage and Region|
|Pitfalls & Challenges:|
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Technological advancement has brought next level of textures featuring tiny colored dots and lines in the product. Major brands are offering multiple colors such as blue, hazel, green, violet, brown, grey, and amethyst to attract more consumers. Improved demand for enhanced eyewear products among large consumers globally fostering the industry growth over the forecast timeframe.
Legality of the product varies from country to country owing to segmentation by governing authorities. In the U.S., contact lens is considered under medical device hence it is illegal to sell without a prescription. Sales and marketing of such medical devices need clearance from FDA, with a valid prescription from medical professionals. Stringent government norms regarding selling and marketing of product owing to consumer safety & security will hamper the cosmetic contact lens market growth.
High manufacturing cost with fluctuating raw material prices majorly influence expensive price limiting market growth. Highly sensitive eye wear product owing to excessive risk for eye infection will restraint the product demand during forecast timeframe.
Cosmetic Contact Lens Market, By Product
Colored cosmetic contact lens market size is expected to witness 7% CAGR up to 2024. It changes the user’s eye color to create a subtle facial appearance owing to decorative design to mimic the natural look. In addition, the product is available in attractive colorful insights with different shades and texture for creating a natural appearance.
Circle contact lens segment registered more than USD 600 million in 2017. Circle cosmetic contact lens is a decorative lens which helps appear larger eye than normal size. High product demand in countries including Japan, South Korea, and China owing to the escalating adoption among large population fostering the market growth.
Cosmetic Contact Lens Market, By Type
Rigid gas permeable (RGP) market is likely to witness growth at over 6% from 2018 to 2024. These are majorly made from plastic material combined with other materials during the manufacturing process. The RGP has major benefits of oxygen flow through the lenses in the eyes. High oxygen flow through the lens reduce risk of allergies while daily product usage.
Soft contact lens reported over 80% market share in 2017. This can be attributed to high comfort fostering industry size. Huge product availability and flexibility benefits owing to the usage of soft material is enhancing the quality standards driving the industry growth. The soft colored product is widely used due to its varied colors option influencing product demand in the market.
Cosmetic Contact Lens Market, By Material
Hydrogel cosmetic lens market is anticipated to witness significant gains at 6.9% CAGR up to 2024. Rising demand for soft and comfortable eyewear influencing hydrogel material used during the manufacturing process for uplifting quality standards. U.S. Food and Drug Administration has classified hydrogels into four different categories with oxygen permeability standards. Silicon hydrogel has captured a strong focus from manufacturing companies owing to the enhanced level of oxygen permeability achievable. Soft with silicon material is incorporated with the skeletal structure for enhancing the customer experience.
Polymers segment contributed around 20% business share in 2017. Material is hard in nature which provides clear vision with limited comfort while wearing. Polyacrylamide polymer with improved water holding capacity is useful in producing decorative range. Most of the soft lens has ability to hold water contents for long duration to keep lens flexible. The rigid gas permeable application has gained strong attention from consumers owing to oxygen flow through the lens.
Cosmetic Contact Lens Market, By Distribution Channel
Optical stores channel captured over 23% industry share owing to the large dedicated channel for purchasing eyewear products. It has gained attention from consumers due to eye check-up services and consultation services thereby fueling the sales growth. Large number of outlets in the U.S. such as Vision Source, Luxottica Retails, Wal-Mart Stores and National Vision are the major optical retailers in the country supporting the business growth.
Online stores channel is projected to observe gains at over 7.5% owing to enhanced internet penetration globally. Strong e-commerce industry growth owing to huge consumer base majorly stimulating product demand. High convenienence offered owing to home delivery options will drive the cosmetic contact lens market share. Presence of e-commerce companies including Amazon, eBay, and Lenscart are offering multiple brands, color & shades that are offering product at low cost will further surge the business demand.
Cosmetic Contact Lens Market, By Design
Spherical segment accounted at over USD 640 million in 2017. Rising adoption of colored contact lens with spherical deigns majorly boosting segment growth owing to clear vision benefits associated with it. Spherical designs are well-engineered premium product improves blurred vision for a longer duration. It also enhance ability to read or focus near object owing to improved designs instagating s demand.
Toric hydrogel segment is expected to capture over 15% market share by 2024. Silicone hydrogel maetrial is widely utilised in the product owing to high oxygen permeability and wettability advantages. It has major application in hard and soft lens owing to the balanced toric inner surface, optic zone and peripheric curves. Toric lens has improved adoption among huge consumers owing to modern power adjusting benefits increasing the product demand.
Cosmetic Contact Lens Market, By Usage
Daily disposable contact lens is expected to witness around 7% CAGR over the forecast timeline. Short time usage has increased product demand owing to flexible & soft plastic material propelling of cosmetic contact lenses industry share. New pairs of lens provides adequate oxygen permeability to the eyes along with less cleaning time to the consumers.Rapid sales through the distribution channels including online portals will boost market growth.
Monthly disposable lenses market captured at over 32% revenue share in 2017. Disposable lenses are easy handling, superior durability, and competitive product prices advatntages fostering market share. In addition, rising medical prescriptions from doctor for the monthly disposable lenses owing to low infection risk will further fuel the product demand.
Cosmetic Contact Lens Market, By Region
Europe market accounted for over USD 165 million in 2017 owing to the strong presence of fashion and apparel sector in France, Germany, and the UK. The prominent hub for fashion models, movie actors, and singers with a strong influence of music videos fostering coloured contact lens demand across the region. Growing usage of cosmetic contact lens owing to enhancing fashionable gestures in young generation primarily stimulating industry share.
Asia Pacific cosmetic contact lens market is expected to witness more than 6% CAGR. Growth is majorly contributed by China, Japan, Taiwan and South Korea owing to the high adoption of product across the region. Huge population base instigating demand for the spherical cosmetic contact lens. Huge penetration in entertainment industry positively influencing the population in China, South Korea, and Japan will strongly support the industry share.
Competitive Market Share
Global cosmetic contact lens market share is moderately consolidated in 2017. Johnson & Johnson, Novartis, Cooper Vision, Bausch & Lomb (Valeant Pharmaceuticals), Ciba Vision are among the major industry players with significant market shares. Other notable players include Grand Vision, Lagado Corporation, InnoVision, Qualimed and Metro Optics. High product demand for power cosmetic lenses by adoption of modern and latest technology catering large consumer base globally.
Cosmetic contact lens is thin disc made from transparent material for clear vision used to wear on eyes. The outer surface is customized color, shades and textures for improving eye appearance for bold and settle look. The introduction of smart contact lenses has proved to be a technological breakthrough and has opened new verticals of end use applications. For instance, in 2016, Bosch + Lomb launched a contact lens recycling program in partnership with Terracycle for recycling of waste contact lenses. Smart contacts are generally colored and have observed a prominent upsurge in research by companies such as Samsung and Google to develop breakthrough innovations. High product demand for power cosmetic lenses by adoption of modern and latest technology catering large consumer base globally.