The global coloured lenses market in 2022 is valued at USD 5403.28 Million. This market is projected to grow with a CAGR of 9.92% in the forecast duration. The coloured contact lenses market is expected to surpass a valuation of USD13,913 Million by the end of 2032. The major growth in the market is likely due to a surge in eye disorders. Rising incidences of eye disorders are a major contributor to the demand for lenses. Moreover, the expectations of natural vision drive sales of coloured contact lenses. The greater aesthetic value associated with coloured contact lenses is a major driver for growth in the global coloured contact lenses market. The affordability of these lenses has made them reach a wide range of the public, belonging to even the middle class.
Unlike prior usage limited to the film and entertainment industry, now these lenses are also demanded by the general public for the look and benefits these lenses offer. Companies in coloured lens making are expected to benefit from this rising demand in the forecast duration, provided players do not compromise on quality.
The players are increasing reach with third-party distribution channels such as e-commerce platforms, drug stores, and retail pharmacy stores. The majority of customer age groups targeted by coloured contact lens vendors are 18 to 40, which is considerably focused on the young generation.
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What are factors likely to limit sales of colored contact lenses?
Due to the presence of counterfeit products in the market, there is an aggregate inclination towards LASIK surgeries, which is likely to affect colored contact lenses market share. Colored contact lens producers have to face issues regarding online sales related to prescription release and its verification and state licensing. These manufacturers have to fulfil consumer protection guidelines.
The growth of non-practitioners as sellers in contact lens markets has raised concerns about quality lenses and authentic brands. These incidents have led to rising tensions among states’ federal laws affecting the supply chain network of colored contact lens manufacturers.
RGP lenses are preferred more for durability while soft lenses offer more comfort
Based on the types, colored contact lenses are categorized into soft, hybrid, and RGP lenses. Soft contact lenses have the advantage of comfort to wear. Rigid gas-permeable lenses are more durable than that soft lenses. These lenses are being demanded because they are more breathable, which permits more oxygen to the cornea. Even though soft lenses are comfortable, they need frequent replacements failing to, which can invite the risk of eye infections.
Rigid Gas Permeable and Hybrid lenses offer more stable vision when compared to soft lenses as the center of lenses is rigid and doesn’t change shape on the application, which helps treat corneal irregularities.
Based on the type of lenses, the visibility tint is used for a small amount of tint that does not alter the natural color of the user’s eyes. As these lenses are tinted, it’s easy to identify them while removing or inserting them into the eyes. On the other hand, enhanced ones are tinted that intend to give new eye color. Plano-coloured contact lenses are intended to give changed color to eyes without any corrective benefits. These contacts are meant to change iris color.
Millennials Riding the Trend-train in the U.S. Makes North America a Popular Market
The colored contact lenses market is spread across North America, Europe, Asia Pacific, and Africa region. North America reigns the sales of colored contact lenses due to trend seeking population. The rising per-person income has contributed to the ability to spend on lenses and stimulated demand for more variety in colored contact lenses.
After North America, Europe is likely to become the second-largest market for colored contact lenses. The region will likely mark a rise in lens vendors owing to favourable government support, rising public awareness, and operational funding by the government in the healthcare sector.
The Asia Pacific is expected to become the region of moderate to high demand for colored contact lenses in the forecast period as this region has the majority of the population belonging to youth. Further, this region has risen no of people facing issues with eyes owing to the increased sun and smart device screen exposures.
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The contact lens business is very competitive in terms of the brands, colors, and cost of lenses. There are key brands dominating this market with the introduction of a range of colored contact lenses. These players are trying to get more market share by bringing new shades and product launches. Strategic partnership and acquisition are prime business moves by colored contact lens makers. There is potential for earning higher profit margins that attract vendors to enhance their value chain and supply network globally.
Johnson and Johnson have introduced cutting-edge eye lenses such as multifocal fit for pupil size, intraocular lenses for digital world comfort, and personalized options for customer comfort making it the leading manufacturer in contact lenses.
Novartis in 2019 has launched AcrySofIQ Pan Optix trifocal lens which gives super visual performance after cataract surgery.
Colored Contact Lenses Market: Segmentation
By Type :
- Visibility Tint
- Enhancement Tint
- Opaque Tint
By Distribution Channel :
- Optical Stores
- Retail Pharmacies
By Region :
- North America
- Latin America
- Asia Pacific
- Middle-East & Africa
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