Press Release / Health and Fitness / Cosmetic contact lens market size is estimated to exceed USD 13 billion by 2023
Cosmetic contact lens market size is estimated to exceed USD 13 billion by 2023
By Rahul Varpe on September 07 2016 | 549 Views
Cosmetic contact lens market size was valued at over USD 900 million in 2015 and is expected to grow at a CAGR of around 6.5% over the forecast period.
Global cosmetic contact lens market size was valued at over USD 900 million in 2015 and is expected to grow at a CAGR of around 6.5% over the forecast period. Increasing demand for changing aesthetic appearance without vision correction is anticipated to drive industry growth. Contact lenses market size is estimated to exceed USD 13 billion by 2023.
U.S. cosmetic contact lens market share was valued at over USD 250 million in 2015, and is expected to grow faster than the global average over the forecast period. Increasing usage of these products for enhancing overall aesthetic appeal is expected to propel demand over the forecast period.
Surging usage in the entertainment sector is expected to boost cosmetic contact lens market size growth. Furthermore, continuous innovation for developing products that display information to the user using various processes such as laser cutting and injection molding is expected to positively impact the industry over the forecast period. Increased standard of living and higher disposable income are also estimated to fuel growth.
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Features such as ease of adjustability and high comfort are forecast to boost the cosmetic contact lens industry from 2016 to 2023. Since these products are targeted at the younger demographic, increased elderly population and general increase in the percentage of population with visual inaccuracies is expected to hinder growth.
The Food and Drug Administration (FDA) characterizes these products as medical devices that need a prescription for purchase. Products made overseas may contain dyes not approved by the FDA. Using non-prescribed products can result in decreased vision, corneal infection, pink eye, or even blindness.
Asia Pacific cosmetic contact lens market volume is expected to grow at a CAGR of over 4% from 2016 to 2023. Japan is predicted to contribute considerably to the regional industry. Growing internet availability along with online retailing services is expected to positively impact demand. However, growth in internet retailing has lowered unit prices, which may affect revenue generation to some extent. Growing purchase volumes are expected to curb the impact of this trend over the next six years.
The Chinese State Food and Drug Administration (SFDA) intend to regulate the sale of colored lenses as Class III (highest risk) medical devices. This is mainly due to increased popularity of these products in the region, which has led to safety and quality issues. Since they are inserted in the eye, any regulatory loopholes may result in adverse impact on consumers’ health. Possible ban on the manufacture and sale without legitimate licenses and registration may restrain the regional industry over the forecast period.
Key industry players include CooperVision, Bausch & Lomb, Ciba Vision (Alcon), and Johnson & Johnson. Contact lens market share is consolidated, and leading players have accrued high degree of brand loyalty. Long term agreements, global coverage and ensuring robust marketing and branding operations are expected to remain the key growth strategies. The industry comprises a large number of local manufacturers, especially from Asia Pacific.
Other prominent participants in include Allied Medical, Carl Zeiss, Blanchard, Conforma, Eagle Optics, Contamac U.S., GKB, Hydrogel Vision, Hoya, Iridex, Medicure Instruments, Medennium, Nidek, Wesley Jessen, X-CEL Contact and Synergeyes.
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