Pune, India, Dec. 20, 2021 (GLOBE NEWSWIRE) -- The global colored contact lenses market size is expected to gain momentum owing 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 mostly used for aesthetic purposes and are available in a variety of colors and sizes. The demand for the product has increased due to the growing relevance of aesthetic value among the younger generation. The product's demand is rising considerably due to the increasing effect of social media presence. Due to technological advancements, artificial lenses now have a more natural appearance.
- June 2019: Alcon launched colored contact lenses called DAILES for its customers.
Detrimental Impact of Covid-19 on Market Growth
The impact of COVID-19 is expected to be felt more severely in the consumer durables market due to the substantial reliance on imports by many global businesses. The demand for colored contact lenses is decreasing as the COVID-19 pandemic reduces end-user demand for daily packaging products over the world. The COVID-19 had a big impact on industrial plants that are currently running with a smaller crew. At the same time, the global supply chain has slowed due to the restrictions implemented by the government.
Drivers & Restraints-
Increasing Numbers of Eye Disorders to Stimulate Growth
The global colored contact lenses market growth is expected to grow due to the increasing numbers of eye disorders during the projected period. Refractive error, cataracts, and eye problems are all conditions that can cause visual impairment or blindness. An increase in smoking, ultra violet exposure, or natural factors are some of the causes of such diseases. One of the key causes of the growth in eye problems among the youth is the increased use of digital gadgets such as game consoles, laptops, and other electronic products.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
By product type, the market is segmented into soft contact lenses, RGB lenses, and hybrid lenses. On the basis of material, the market is segregated into polymer, and hydrogel. On the basis of 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, and the Middle East & Africa.
Increasing Investment to Promote Growth in North America
North America is expected to hold the largest global colored contact lenses market share during the forecast period. The increasing awareness of product, increasing investment, and R&D activities are expected to fuel the market growth.
Europe is expected to have a sizable share of the market. This is due to favorable reimbursement policies, government initiatives, and active government funding in the healthcare sector is expected to drive the market in the region.
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Increasing Number of Mergers to Spur Demand Opportunities
New product launches, acquisitions, mergers, and agreements are expected to help companies increase market share. The colored contact lens industry's higher profit margins have prompted manufacturers and vendors to expand their supply chain networks and increase product production. Companies in the sector are constantly innovating and forming strategic alliances to maintain their market dominance.
List of Key Players in Coloured Contact Lenses Market:
- Johnson and Johnson Services, Inc.
- Bausch & Lomb
- Innovision Lens
- among others.
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