New York, United States , July 03, 2024 (GLOBE NEWSWIRE) -- The Global Colored Contact Lenses Market Size is to Grow from USD 4.69 Billion in 2023 to USD 9.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.67% during the projected period.
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Colored contact lenses are the main goal in terms of aesthetic value. There is a wide selection of colors and sizes available for colored contact lenses. Because a growing number of younger people place a premium on aesthetics, the market for colored contact lenses has expanded dramatically. The realistic appearance of these artificial lenses is partially due to recent technological advancements. The primary driver of market expansion is the fashion and beauty sectors increasing requirement for visually appealing solutions. The breathable, comfortable, and highly adjustable lenses produced by advances in technology in the lens-making industry have also contributed to the rising market attractiveness of colored contact lenses. Distributors and makers of contact lenses have access to effective marketing channels through social media networks. When influencers, beauty bloggers, and makeup artists incorporate a variety of colored contact lenses into their regular treatments, the bulk of potential customers arrive. Furthermore, one of the worldwide difficulties facing the colored contact lens market is overcoming issues related to health and safety. The correct use, maintenance, and care of these lenses are essential to maintaining eye health.
Browse key industry insights spread across 240 pages with 123 Market data tables and figures & charts from the report on the "Global Colored Contact Lenses Market Size, Share, and COVID-19 Impact Analysis, By Application (With Vision Correction, Without Vision Correction), By Distribution Channel (Retail Stores, Hospitals & Clinics, Online), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The without vision segment accounted for the largest revenue share of the colored contact lenses market during the projected timeframe.
Based on the application, the colored contact lenses market is divided into with vision correction and without vision correction. Among these, the without vision segment accounted for the largest revenue share of the colored contact lenses market during the projected timeframe. Colored contact lenses serve as less of a useful tool for vision correction and more of an accessory. Specifically for this category of people, colored lenses without vision correction have become accessible, allowing individuals to change or enhance their eye color for cosmetic reasons.
The retail stores segment accounted for the largest revenue share in the colored contact lenses market during the projected timeframe.
Based on the distribution channel, the colored contact lenses market is divided into retail stores, hospitals & clinics, and online. Among these, the retail stores segment accounted for the largest revenue share of the colored contact lenses market during the projected timeframe. During purchasing contact lenses, consumers are trained to view retailers as reliable sources of information. Most customers prefer purchasing in person because they can interact with friendly staff members get individualized advice, and physically inspect things before making a purchase. This visceral feeling reinforces the product's originality and quality.
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North America is expected to hold the largest share of the colored contact lenses market over the forecast period.
North America is expected to hold the largest share of the colored contact lenses market over the forecast period. Several of the factors expected to drive market expansion in the region include the product's dense consumer base's high disposable income, companies' increasing focus on developing color contact lenses, and a rise in government efforts. In addition to meeting medical needs, consumers who want to improve or alter their eye color frequently use cosmetic contact lenses. The market for contact lenses is driven by the incidence of visual diseases including myopia and presbyopia, which are partly brought on by increased screen time.
Asia Pacific is predicted to grow at the fastest pace in the colored contact lenses market during the projected timeframe. Colored contact lenses are in great demand due to the large population, rising disposable income, developing cosmetic trends, and growing awareness of eye health issues in this country. The number of persons in this region who are experiencing vision problems has increased as a consequence of increasing exposure to the sun and screens from smart devices.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the colored contact lenses market include Ciba Vision, Menicon, Belmore Contact, i-COD, VIEWELL, Lensmam, DreamCon, G&G Contact Lens, Coopervision, Johnson & Johnson, Bausch & Lomb, Alcon, Novartis International, T-Garden, and Others.
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Recent Developments
- In January 2024, the official launch of ALTIUS Advanced Performance-Tinted Contact Lenses, the second generation of Nike Maxsight, in the US and a few other markets, has been announced by Performance Vision Technologies Inc.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the colored contact lenses market based on the below-mentioned segments:
Global Colored Contact Lenses Market, By Application
- With Vision Correction
- Without Vision Correction
Global Colored Contact Lenses Market, By Distribution Channel
- Retail Stores
- Hospitals & Clinics
- Online
Global Colored Contact Lenses Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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