The colored contact lenses market has experienced rapid growth, increasing from $3.56 billion in 2023 to $3.95 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.9%. This growth in the historical period is attributed to factors such as celebrity endorsements, increasing disposable income, the influence of social media, globalization trends, and shifting societal attitudes towards cosmetic enhancements. Looking ahead, the market is expected to maintain its rapid growth, projected to reach $5.85 billion by 2028, with a CAGR of 10.3%. The anticipated growth is driven by factors including the rising aging population, expansion of e-commerce platforms, strategic partnerships with influencers, increased focus on personal appearance, health, and safety concerns regarding eye health. Major trends during the forecast period include the adoption of biodegradable materials, integration of virtual try-on technologies, introduction of subscription services, innovations in lens designs, and enhancements in wellness packaging solutions.
Major Driver In The Coloured Contact Lenses Market
An increasing number of eye disorders is expected to propel the growth of the colored contact lens market going forward. An eye disorder refers to various eye problems resulting in blindness and low vision that may be caused by infection, allergy, or vitamin deficiency. Colored contact lenses improve or change the appearance of the eye and can be used to address common visual disorders such as astigmatism, nearsightedness, or farsightedness. For instance, in February 2021, according to the Global Eye Health report published by The Lancet Global Health, a US-based, internationally trusted source of global public health knowledge, a projected 596 million people globally, including 43 million blind people, have distance vision impairment. Another 510 million people had uncorrected nearsightedness due to a lack of reading glasses. As a result of population aging, growth, and urbanization, a projected 895 million individuals will have distance vision impairment by 2050, of whom 61 million will be blind. Therefore, an increasing number of eye disorders are driving the growth of the colored contact lens market.
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Coloured Contact Lenses Market Competitive Landscape
Johnson & Johnson, Novartis AG, Essilor International, Alcon, Hoya Corporation, Bausch + Lomb, CooperVision Inc., Carl Zeiss AG, Clalen, TTDeye, Olens, QualiMed Srl, Menicon Co. Ltd., NEO Vision, SEED Co.Ltd., Vassen, Desio, Barbie Eyesland, UltraVision CLPL, Solotica, Camax Optical Corp., Oculus Private Limited, Clearlab SG Pte Ltd, FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, PIAA Corporation, FourVision, ICK Contacts, Beuberry, Princess Pinky, InnoVision, EyeCandys, Dreamcon
Key Coloured Contact Lenses Market Trend
Major companies in the colored contact lens market are focused on innovating new products, such as spooky colored contact lenses, to sustain their position in the market. Spooky-colored contact lenses create eerie, supernatural effects. For instance, in September 2022, Unicoeye launched Spooky Colored Contact Lenses to gear up for Halloween. The line features styles for frightening evil creatures and creative cosplay looks, including unique color combinations and spooky patterns, complementing any costume.
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Coloured Contact Lenses Market Segmentation
The colored contact lenses market covered in this report is segmented –
1) By Product Type: Soft Contact Lenses, RGP Lenses, Hybrid Lenses
2) By Material: Polymer, Hydrogen
3) By Application: With Vision Correction, Without Vision Correction
4) By End-Users: Retail Stores, Online Stores, Other Stores
By Geography:The regions covered in the coloured contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the colored contact lenses market in 2023.
The Coloured Contact Lenses Global Market Report 2024 furnishes information about the global coloured contact lenses market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
