Colored Contact Lenses Market Global Industry Analysis, Development, Revenue, Future Growth, Business Prospects and Forecast to 2027

The Global Colored Contact Lenses market size is expected to showcase considerable growth backed by the growing awareness regarding aesthetic value amongst the millennials and the increasing spending capacity of the millennials that drive the demand for innovative colored contact lenses. This information is published by Fortune Business Insights in its latest report, titled, “Colored Contact Lenses Market Size, Share & Industry Analysis, By Product Type (Soft contact lenses, RGB lenses, Hybrid lenses), By Material (Polymer, Hydrogel), By End-user (Retail stores, Online stores, Others) and Regional Forecast 2020-2027.”

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

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Colored contact lenses are types of lenses that allow the user to change their eye color. Following safe handling practices, these colored lenses are totally safe for consumption and can be adorned for daily wear or some special occasion. The growing western influence has boosted the demand for such lenses across the globe.

What does the Report Include?

The market report includes in-depth qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth.

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DRIVING FACTORS

High Spending Capacity of Millennials to Augment Growth

The growing social media influence is driving the need for bettering the aesthetic values of themselves amongst the generation Z. This is likely to bode well for the demand of innovative colored contact lenses as a style statement. Moreover, high spending capacity of the millennials backed by high disposable income is anticipated to boost the global colored contact lenses market growth during the forecast period. For instance, according to the Modern Wealth Report 2019 by Schwab, the millennials spent on an average about USD 478 on luxury items, vacations, and entertainment purposes.   

REGIONAL INSIGHTS

 

North America to Remain at Forefront; Large Investment in R&D in North America to Augment Growth

 

Among all the regions, North America is expected to hold the highest position in the global colored contact lenses market in the forthcoming years. This is attributable to the high investment in R&D activities by the major colored contact lenses manufacturers to cater to the growing consumer demand.

 

On the other hand, Europe is expected to hold the second position in the market backed by the increasing government funding in the healthcare sector that is favorable for the adoption of innovative colored contact lenses in the region between 2020 and 2027.

 

COMPETITIVE LANDSCAPE:

 

Increasing Investment in R&D Activities by Key Players to Strengthen Their Market Position

 

The global colored contact lenses market is consolidated by the presence of key players focusing on investing in R&D activities to introduce innovative colored contact lenses. Furthermore, other key players are striving to maintain their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that will contribute to the growth of the market during the forecast period.   

 

Industry Development:

 

·         June 2019 - Alcon introduced its new DAILIES colored contact lenses that deliver color enhancement in a single disposable lens pack. The company reports that the lenses are available in hazel, green, blue, and gray colors that help to amplify glamour and style quotients of the wearer.

 

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List of the Companies Profiled in the Global Market for Colored Contact Lenses:

 

·         Johnson and Johnson Services, Inc.

·         Coopervision

·         Bausch & Lomb

·         Alcon

·         Innovision Lens

·         VIEWELL.INC

·         Grandvision

·         QualiMed

·         Among others

 

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About the Author

Name: Shridhar Patil

Shridhar Patil is part of a talented team of content writers working at Fortune Business Insights™, one of the promising market research firms in the industry. With quality experience in developing content, he is actively involved in writing articles, press releases, and blogs for the company. He is highly motivated and works towards seeking knowledge from every possible source, with a penchant for updating himself to valuable information around him.