MarkWide Research

Sale!

Coloured Contact Lenses Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

During the forecast period, the global market for coloured contact lenses is expected to grow at a rapid pace. The major factors driving market growth are rising disposable income and increased awareness of the benefits of coloured contact lenses. Furthermore, changing lifestyles and the increasing popularity of social media platforms are fueling market growth.

The market for coloured contact lenses is divided into three categories: type, material, and geography. The market is divided into four types: daily disposable, two-week disposable, monthly disposable, and quarterly disposable. The market is divided based on material into polymethyl methacrylate (PMMA), silicone hydrogel, and others. The market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

Johnson & Johnson, Bausch + Lomb, CooperVision, Inc., Alcon, Inc., Ciba Vision, Essilor International, Hoya Corporation, and ZEISS are the market leaders in coloured contact lenses. To gain a competitive advantage in the market, these players are focusing on strategies such as product launches, expansions, and acquisitions.

2) Market size and expansion
The global market for coloured contact lenses is expected to be worth USD 3.1 billion by 2025, growing at a revenue-based CAGR of 6.8% during the forecast period. The rising trend of using coloured contact lenses for cosmetic purposes among the youth population is expected to be a major driver of market growth over the forecast period. Other factors expected to drive market growth during the forecast period include an increase in the number of online retailers and the availability of a diverse range of coloured contact lenses.

The market for coloured contact lenses is divided into three categories: type, material, and end user. The market is divided into three types: daily wear, extended wear, and disposable. The daily wear segment is expected to be the market’s largest and to grow at the fastest CAGR during the forecast period. This increase can be attributed to the ease of use of daily-wear coloured contact lenses.

The market for coloured contact lenses is divided into two types: soft lenses and rigid gas-permeable lenses. The soft lenses segment is expected to be the market’s largest and to grow at the fastest CAGR during the forecast period. Consumer preference for soft lenses is expected to be a major driver of growth in this segment over the forecast period.

The coloured contact lenses market is divided into two segments based on the end user: online and offline. Over the forecast period, the online segment is expected to grow at the fastest CAGR. Some of the factors expected to drive market growth during the forecast period include an increase in the number of online retailers and the availability of a diverse range of coloured contact lenses.

Johnson & Johnson, CooperVision, Inc., Bausch + Lomb, Inc., and Alcon, Inc. are the market leaders in coloured contact lenses (a subsidiary of Novartis AG). To gain a competitive advantage in the market, these players are focusing on expanding their product portfolios through product launches and acquisitions. For example, Johnson & Johnson launched 1-day Acuvue Define, a daily disposable coloured contact lens, in the United States and Canada in March 2018.

3) Market segmentation
A market can be segmented in a variety of ways, but the three most common are by geographic region, demographics, and product or service type.

1. Market segmentation based on location

Geography, or more specifically, geographic region, is one of the simplest ways to segment a market. This is frequently done by larger corporations that have the resources to target specific regions. A company that sells winter clothing, for example, would concentrate its marketing efforts in the northern hemisphere during the winter months.

2. Market segmentation based on demographics

Demographic market segmentation is more complicated than geographic segmentation, but it can be equally effective. Demographic segmentation is the process of segmenting a market based on factors such as age, gender, income, and so on.

A company that sells baby clothes, for example, would target mothers with young children with their marketing efforts. Similarly, a company that sells retirement planning services would target people who are nearing retirement age.

3. Segmentation of Product and Service Types

Another common method of market segmentation is by type of product or service. This entails segmenting a market based on the type of product or service being offered.

A company that sells sports equipment, for example, would target people who are interested in sports. Similarly, a pet food company would target people who own pets with their marketing efforts.

4) Market developments
Colored contact lenses are currently one of the hottest trends in the eyewear industry. Whether you want to make a fashion statement or simply change up your look, coloured contacts are an excellent way to do so. However, with so many different colours and styles to choose from, it can be difficult to know where to begin. We’ll look at four of the hottest trends in coloured contact lenses in this blog post so you can make an informed decision about which ones are right for you.

1. Contact lenses with mirrors

Mirrored lenses are one of the hottest trends in coloured contacts right now. These lenses have a reflective coating that gives them a distinctive, high-shine appearance. Mirrored lenses come in a variety of colours, allowing you to select the ones that best suit your personal style. Mirrored contact lenses are an excellent choice for drawing attention to your eyes.

2. Contact Lenses with Glow-in-the-Dark Properties

Glow-in-the-dark contact lenses are ideal for those who want to spice up their appearance. Because these lenses have been charged with light, they will glow in the dark for a short time after being exposed to light. Glow-in-the-dark contact lenses come in a variety of colours, allowing you to select the ones that best suit your personal style.

3. Contact Lenses That Change Color

Color-changing contact lenses are one of the newest and most popular coloured contact lens trends. Because these lenses change colour in response to temperature changes, they can be a great way to add some fun and excitement to your look. Color-changing contact lenses are available in a variety of colours, allowing you to select the ones that best suit your personal style.

4. Contact lenses for cats

Cat-eye contact lenses are a great way to spice up your look. These lenses extend beyond your natural eye shape, giving you a more feline appearance. Cat-eye contact lenses are available in a variety of colours, allowing you to select the ones that best suit your needs.

5) The competitive environment
The global market for coloured contact lenses is highly competitive and expected to grow significantly over the forecast period. Johnson & Johnson Vision Care, Inc., Bausch + Lomb, Inc., CooperVision, Inc., Alcon Laboratories, Inc., and Hoya Corporation are key players in the global coloured contact lenses market. During the forecast period, these players are expected to play a significant role in the growth of the global market for coloured contact lenses.

The growing demand for cosmetic and corrective coloured contact lenses is expected to drive the global coloured contact lens market. The growing preference for coloured contact lenses among young adults and teenagers is expected to drive the market even further. Furthermore, rising disposable income and increased awareness of the benefits of coloured contact lenses are expected to drive the global coloured contact lenses market during the forecast period.

To maintain their market share, the major players in the global market for coloured contact lenses are focusing on various growth strategies, such as product innovation, mergers and acquisitions, and partnerships and collaborations. For example, Johnson & Johnson Vision Care, Inc. acquired TearScience, Inc. in February 2019, a medical device company that manufactures products for the treatment of meibomian gland dysfunction (MGD). This acquisition is expected to assist Johnson & Johnson Vision Care, Inc. in expanding its product portfolio in the global market for coloured contact lenses.

6) Business profiles
The global coloured contact lenses market was worth USD 3.22 billion in 2018 and is expected to grow at a 7.8% CAGR from 2019 to 2026. The growing popularity of coloured contact lenses among the young population, primarily for cosmetic purposes, is expected to drive market growth.

The North American coloured contact lenses market is expected to grow at the fastest rate in terms of revenue during the forecast period. The presence of a large number of contact lens manufacturers in the United States, which is a major producer of coloured contact lenses, is attributed to the region’s growth. Furthermore, the region’s growth can be attributed to consumers’ growing awareness of the benefits of coloured contact lenses.

Johnson & Johnson Vision Care, Inc. (US), CooperVision, Inc. (US), Bausch + Lomb, Inc. (US), HOYA Corporation (Japan), Carl Zeiss AG (Germany), and Essilor International S.A. are some of the key players in the global coloured contact lenses market. (France), The Cooper Companies, Inc., Hydrogel Vision Corporation (US), STAAR Surgical Company (US), and The Cooper Companies, Inc. (US).

The global market for coloured contact lenses is divided into three sections: type, material, and end user.

The market is divided into two types: disposable and reusable. During the forecast period, the disposables segment is expected to grow at the fastest CAGR. This increase can be attributed to consumers’ growing preference for disposable coloured contact lenses, which are comfortable to wear and easy to maintain.

The market is divided into silicone hydrogel and hydrogel based on material. During the forecast period, the silicone hydrogel segment is expected to grow at the fastest CAGR. This increase can be attributed to contact lens manufacturers’ increasing preference for silicone hydrogel material, which is soft and permeable and allows more oxygen to reach the eye.

The market is divided into online and offline segments based on the end user. During the forecast period, the offline segment is expected to grow at the fastest CAGR.

7) Conduct a SWOT analysis.
SWOT Analysis of the Colored Contact Lens Market

1. Strengths:

Because of the increasing popularity of these lenses among young people, the global market for coloured contact lenses is growing at a healthy rate. The lenses come in a variety of colours and designs, making them a popular choice among fashion-conscious customers. Furthermore, the lenses are less expensive than other cosmetic lenses, such as those used for vision correction. As a result, they are an appealing proposition for consumers looking for a less expensive alternative to cosmetic lenses.

2. Weaknesses:

The lack of awareness about the risks associated with coloured contact lenses is one of the market’s major weaknesses. Many consumers are unaware that coloured contact lenses can cause eye infections and other health problems. This lack of awareness is a significant impediment to market growth.

3. Opportunities:

Because of the increasing popularity of these lenses among young people, the market for coloured contact lenses is expected to grow at a healthy rate in the coming years. The lenses come in a variety of colours and designs, making them a popular choice among fashion-conscious customers. Furthermore, the lenses are less expensive than other cosmetic lenses, such as those used for vision correction. As a result, they are an appealing proposition for consumers looking for a less expensive alternative to cosmetic lenses.

4. Threats:

The lack of awareness about the risks associated with coloured contact lenses is one of the major threats to the market’s growth. Many consumers are unaware that coloured contact lenses can cause eye infections and other health problems. This lack of awareness is a significant impediment to market growth.

5. Trends in the Market

Because of the increasing popularity of these lenses among young people, the market for coloured contact lenses is expanding at a healthy rate. The lenses come in a variety of colours and designs, making them a popular choice among fashion-conscious customers. Furthermore, the lenses are less expensive than other cosmetic lenses, such as those used for vision correction. As a result, they are an appealing proposition for consumers looking for a less expensive alternative to cosmetic lenses.

6. Key Market Forces:

The rising tide

8) Prospects for the Future
The contact lens market is expected to grow at a CAGR of around 6% between 2019 and 2024. The market’s major drivers are consumers’ growing preference for contact lenses and the availability of a diverse range of product offerings.

The market for coloured contact lenses is expected to grow at an 8% CAGR between 2019 and 2024. The market’s major drivers are consumers’ growing preference for coloured contact lenses and the availability of a diverse product offering.

During the period 2019–2024, the disposable contact lens market is expected to grow at a CAGR of around 7%. The market’s major drivers are consumers’ growing preference for disposable contact lenses and the availability of a diverse range of product offerings.

The market for daily disposable contact lenses is expected to grow at a CAGR of around 9% between 2019 and 2024. The growing consumer preference for daily disposable contact lenses, as well as the availability of a diverse range of product offerings, are the primary market drivers.

The market for monthly disposable contact lenses is expected to grow at a CAGR of around 6% between 2019 and 2024. The growing consumer preference for monthly disposable contact lenses, as well as the availability of a diverse range of product offerings, are the primary market drivers.

During the period 2019–2024, the multifocal contact lenses market is expected to grow at a CAGR of around 7%. The market’s major drivers are consumers’ growing preference for multifocal contact lenses and the availability of a diverse product offering.

The market for gas permeable contact lenses is expected to grow at a CAGR of around 5% between 2019 and 2024. The market’s major drivers are consumers’ growing preference for gas-permeable contact lenses and the availability of a diverse product offering.

Why Choose MWR

Quality Research

Our goal is to provide high-quality data that stimulates growth and creates a win-win situations

Unlimited User Access 

We offer Corporate User license access on all our reports in which you can share the report with your entire team without any restrictions

Free Company Inclusion 

We give you an option to include 3-4 additional company players of your choice in our report without any extra charges

Post Sale Assistance

Unlimited post sales service with an account manager dedicated to making sure that all your needs are met

Covid-19 Impact Analysis

All our research report includes latest Covid-19 Impact and its analysis

Download Free Sample PDF

444 Alaska Avenue

Suite #BAA205 Torrance, CA 90503 USA

+1 424 360 2221

24/7 Customer Support

Download Free Sample PDF