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

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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. Contact lenses market size is estimated to exceed USD 13 billion by 2023. 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. – PowerPoint PPT presentation

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


1
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
2
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.

3
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.

4
Research Methodology
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5
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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oming/280
6
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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7

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sis/cosmetic-contact-lens-market Request
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8
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