Pune, India, December 20, 2021 (GLOBE NEWSWIRE) – The global colored contact lens market size is expected to grow due to the increasing adoption of cosmetic lenses during the forecast period. This information is published by Fortune Business Insights ™ in an upcoming report titled “Colored Contact Lenses Market, 2021-2028”. They are mainly used for cosmetic purposes and are available in a variety of colors and sizes. The demand for the product has increased due to the increasing relevance of the aesthetic value among the younger generation. Demand for the product is increasing dramatically due to the increasing effect of social media presence. Thanks to advancements in technology, artificial lenses now look more natural.
- June 2019: Alcon has launched colored contact lenses called DAILES for its customers.
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Adverse impact of Covid-19 on market growth
The impact of COVID-19 is expected to be felt harder in the durable consumer goods market due to the heavy reliance on imports by many global companies. The demand for colored contact lenses is declining as the COVID-19 pandemic reduces end-user demand for everyday packaging products around the world. COVID-19 has had a significant impact on industrial factories that are currently operating with reduced crews. At the same time, the global supply chain has slowed down due to restrictions put in place by the government.
Conductors and constraints-
Increased number of eye disorders to stimulate growth
The growth of the global colored contact lenses market is expected to grow owing to the increasing number of eye disorders during the projected period. Refractive error, cataracts, and eye problems are all conditions that can lead to visual impairment or blindness. Increased smoking, exposure to ultraviolet rays or natural factors are some of the causes of these diseases. One of the main causes of the increase in eye problems among young people is the increased use of digital gadgets such as game consoles, laptops and other electronic products.
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By product type, the market is segmented into soft contact lenses, RGB lenses, and hybrid lenses. On the basis of material, the market is separated into polymer and hydrogel. On the basis of the end user, the market is fragmented into retail stores, online stores and others. Finally, by geography, the market is divided into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Increase investments to promote growth in North America
North America is expected to hold the largest global colored contact lens market share during the forecast period. Growing product awareness, increased investments and R&D activities are expected to fuel the growth of the market.
Europe is expected to have a large share of the market. This is due to favorable reimbursement policies, government initiatives and active government funding in the health sector which is expected to boost the market in the region.
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Increase in the number of mergers to stimulate demand opportunities
New product launches, acquisitions, mergers and deals are expected to help companies increase their market share. The higher profit margins in the colored contact lens industry have prompted manufacturers and suppliers to expand their supply chain networks and increase product production. Companies in the sector are constantly innovating and forming strategic alliances to maintain their dominance in the market.
List of Key Players in Colored Contact Lenses Market:
- Johnson and Johnson Services, Inc.
- Bausch & Lomb
- Innovision objective
- among others.
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