Colored contact lenses are specialty eye accessories designed to alter the appearance of the eye's iris, offering a wide array of colors and effects to match the user's aesthetic preferences. These products cater to both individuals seeking vision correction and those desiring a cosmetic change without the need for corrective power.
The colored contact lenses market consists of sales of colored contact lenses by entities (such as organizations, sole traders or partnerships) primarily engaged in the production for various cosmetic and corrective vision applications within the eyewear and healthcare sectors.
The global colored contact lenses market was valued at $2,648.61 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 6.0%.
Increased Disposable Income Per Capita
Increased disposable incomes per capita fueled the growth of the colored contact lenses market during the historic period. Higher disposable incomes afford individuals the financial flexibility to invest in products enhancing their appearance and lifestyle, with colored contact lenses being a discretionary purchase. This aligns with the increasing emphasis on personal style and self-expression, driving demand for colored contact lenses as consumers seek creative avenues to express themselves in fashion and beauty. For instance, in November 2023, according to the Bureau of Economic Analysis (BEA), a US-based government agency that provides official macroeconomic and industry statistics, disposable personal income per capita in the United States increased to $61,047 in November 2023 from $57,339 in November 2022. Additionally, in February 2023, according to estimates from the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI), India's per capita net national income was INR 172,000 ($2,077.35). This is a nearly 100% increase over the INR 86,647 ($1,046.49) per capita income in 2014-15. Therefore, increased disposable incomes per capita drove the growth of the colored contact lenses market.
Strategic Partnerships And Collaborations Among Market Players
Companies in the colored contact lenses market are focusing on strategic partnerships and collaborations to strengthen their market position, enhance product offerings and expand their geographic reach. Through these partnerships and collaborations, companies can take advantage of emerging technologies, integrate complementary skills and reach emerging markets. For instance, in April 2021, Menicon Co., Ltd., a Japan-based ophthalmic products manufacturing company, announced a strategic collaboration with Johnson & Johnson Vision, a US-based eye healthcare company, to strengthen Menicon's commitment to help society combat the rising myopia epidemic. Johnson & Johnson Vision will work on global distribution expansion of the lenses, while Menicon will concentrate on developing and producing therapeutic contact lenses for myopia management in children, alongside supporting existing and new clients.
The global colored contact lenses market is concentrated, with large players dominating the market. The top ten competitors in the market made up to 41.7% of the total market in 2022.
Colored Contact Lenses Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global colored contact lenses market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for colored contact lenses? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The colored contact lenses market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider colored contact lenses market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by material, by application and by end-users.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the colored contact lenses market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product type, by material, by application and by end-users in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for colored contact lenses providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Soft Contact Lenses; RGP Lenses; Hybrid Lenses; Other Products
- 2) By Material: Silicone Hydrogel; Hydrogel; Other Materials
- 3) By Application: Vision Correction; Without Vision Correction
- 4) By End Users: Retail Stores; Online Stores; Other Stores
- Companies Mentioned: Essilor International; Johnson & Johnson Vision Care Inc.; Bausch + Lomb; HOYA Corporation; CooperVision Limited
- Countries: China; Australia; India; Indonesia; Japan; South Korea; Malaysia; Singapore; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; colored contact lenses indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.