Title: Cosmetic contact lens market size is estimated to exceed USD 13 billion by 2023
1Cosmetic Contact Lens Market Size, Share,
Industry Outlook Forecast 2016-2024
Cosmetic contact lens market size is estimated to
exceed USD 13 billion by 2023
2Global Market Scenario of Cosmetic Contact Lens
Industry
- Global cosmetic contact lens market size was
valued at over USD 900 million in 2015 and is
expected to grow at a CAGR of around 6.5 over
the forecast period. Increasing demand for
changing aesthetic appearance without vision
correction is anticipated to drive industry
growth. Contact lenses market size is estimated
to exceed USD 13 billion by 2023. - U.S. cosmetic contact lens market share was
valued at over USD 250 million in 2015, and is
expected to grow faster than the global average
over the forecast period. Increasing usage of
these products for enhancing overall aesthetic
appeal is expected to propel demand over the
forecast period. - Surging usage in the entertainment sector is
expected to boost cosmetic contact lens market
size growth. Furthermore, continuous innovation
for developing products that display information
to the user using various processes such as laser
cutting and injection molding is expected to
positively impact the industry over the forecast
period. Increased standard of living and higher
disposable income are also estimated to fuel
growth.
3Continue
- The Food and Drug Administration (FDA)
characterizes these products as medical devices
that need a prescription for purchase. Products
made overseas may contain dyes not approved by
the FDA. Using non-prescribed products can result
in decreased vision, corneal infection, pink eye,
or even blindness. - Key industry players include CooperVision, Bausch
Lomb, Ciba Vision (Alcon), and Johnson
Johnson. Contact lens market share is
consolidated, and leading players have accrued
high degree of brand loyalty. Long term
agreements, global coverage and ensuring robust
marketing and branding operations are expected to
remain the key growth strategies. The industry
comprises a large number of local manufacturers,
especially from Asia Pacific. - Other prominent participants in include Allied
Medical, Carl Zeiss, Blanchard, Conforma, Eagle
Optics, Contamac U.S., GKB, Hydrogel Vision,
Hoya, Iridex, Medicure Instruments, Medennium,
Nidek, Wesley Jessen, X-CEL Contact and
Synergeyes.
4Research Methodology
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5Products Insights
- Colored lenses help in changing the wearers eye
color or enhancing the hue. Growing acceptance of
corrective surgeries such as LASIK is estimated
to favorably impact cosmetic contact lens market
size. Costume contact lens market mainly finds
application in the film industry for special
effects makeup. - Features such as ease of adjustability and high
comfort are forecast to boost the cosmetic
contact lens industry from 2016 to 2023. Since
these products are targeted at the younger
demographic, increased elderly population and
general increase in the percentage of population
with visual inaccuracies is expected to hinder
growth.
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6Regional Analysis
- Asia Pacific cosmetic contact lens market volume
is expected to grow at a CAGR of over 4 from
2016 to 2023. Japan is predicted to contribute
considerably to the regional industry. Growing
internet availability along with online retailing
services is expected to positively impact demand.
- However, growth in internet retailing has lowered
unit prices, which may affect revenue generation
to some extent. Growing purchase volumes are
expected to curb the impact of this trend over
the next six years. - The Chinese State Food and Drug Administration
(SFDA) intend to regulate the sale of colored
lenses as Class III (highest risk) medical
devices. This is mainly due to increased
popularity of these products in the region, which
has led to safety and quality issues. - Since they are inserted in the eye, any
regulatory loopholes may result in adverse impact
on consumers health. Possible ban on the
manufacture and sale without legitimate licenses
and registration may restrain the regional
industry over the forecast period.
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