Sellbyville, DE -- (SBWire) -- 10/17/2018 --A report by Global Market Insights, Inc., forecasts cosmetic contact lenses market to surpass USD 1.3 billion by 2024.Growing usage in entertainment sector is expected to boost cosmetic contact lens market size. These lenses are primarily utilized in the entertainment industry owing to the need for more dramatic makeup. Increasing customer inclination towards colored contact lenses will further drive the segment demand. Growing disposable incomes encourages consumer purchasing power on lifestyle products, thus supporting the contact lenses demand.
Surging penetration through online medium coupled with the relaxation in regulatory approval is expected to boost cosmetic contact lens market size. The FDA characterizes these products under the medical devices category and mandated prescription for purchase A noteworthy upturn in light of swelling demand for altering the aesthetic appearance and growing disposable income are the supporting factors driving the market growth.
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Online stores distribution channel segment is expected to account for over 20% revenue share by 2024. These stores provide products at lower prices along with on-time delivery which will foster new opportunities for the industry growth.
Spherical design segment will grow at over 6.5% from 2018 to 2024 owing to factors such as enhanced clarity in vision and correction of conditions such as nearsightedness & farsightedness. These product designs offer high level of comfort and customization which further support the business growth.
Daily disposable lens is expected to hold revenue of approximately USD 500 million by 2024. These cosmetic lenses have gained a strong attention from young owing to ease of utilization thereby, propelling segment demand.
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According to a report by the Centers for Disease Control & Prevention, an estimated of 45 million people in the United States wear contact lens, and two-thirds of these wearers are females who are relatively young. Colored contact lens in this regard, are by far one of the leading modalities used for daily purpose, and several companies are expected to invest in this field in the years ahead.
Alcon, for instance, an acclaimed cosmetic contact lens market player has recently introduced the AIR OPTIX® COLORS Contact Lenses Gemstone Collection, further strengthening its presence in the cosmetic contact lens market. Reportedly, its Gemstone Collection of contact lenses, including colors Amethyst, Turquoise, and True Sapphire is effectively offering consumers new color palette while also providing them with more ways to experiment and play with their eye color to enhance their look.
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Global cosmetic contact lens market share is moderately consolidated with top four players accounting for 57% of the industry share in 2017. Johnson & Johnson, Novartis, Cooper Vision, Bausch & Lomb (Valeant Pharmaceuticals), Ciba Vision are among the major industry players with significant market shares. The global market also consists of several regional players mainly including Asian manufacturers contributing to fragmented share.
Other notable players include Grand Vision, Lagado Corporation, InnoVision, Qualimed and Metro Optics. Mergers & acquisitions, production capacity expansions, innovations, joint ventures and supply agreements are among the strategies adopted by industry participants. For instance, in December 2017, Cooper Vision acquired Paragon Vision Sciences an U.S. based specialty contact lens company to strengthen its foothold in the industry.
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Cosmetic Contact Lenses Market Growing at 6.5% CAGR by 2024 : Bausch & Lomb, Novartis, Johnson & Johnson, Ciba Vision, GrandVision NV, CooperVision
Cosmetic contact lenses market to emerge as a highly lucrative hub for investors over 2018-2024, escalating demand for magnificently colored contact lenses to impel the industry growth