Global Cosmetic Contact Lens Market Size

Global Cosmetic Contact Lens Market Size

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.

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.

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.