Cosmetic contact lens market size is estimated to exceed USD 13 billion by 2023

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Cosmetic Contact Lens Market Size, Share,
Industry Outlook Forecast 2016-2024
Cosmetic contact lens market size is estimated to
exceed USD 13 billion by 2023
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Global 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.

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Continue

• 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.

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Research Methodology
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Products 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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Regional 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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