Global Color Contact Lenses Market Expected to Reach USD 8,670.4 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global color contact lenses market by type, application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 4,067.1 Million in 2019 and is expected to grow at a healthy growth rate of 9.9% by the year 2027. The color contact lenses market volume is anticipated to grow at a considerable CAGR of around 9.3% by the year 2027. The colored contact lenses allow its consumers to precise their eye anomalies and change the eye color to create a look that is refined, bold or anywhere in between whether the users want to improve their routine look or garnish themselves for a special occurrence. Colored contact lenses are available in both Plano (without a corrective power) and prescription forms. Plano colored contact lenses are used purely for decorative purposes to change the eye color without having any vision re-correction properties. Prescription colored contact lenses correct optical glitches such as myopia (nearsightedness) and hyperopia (farsightedness), while completely changing the consumer’s eye color if anticipated.

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The global color contact lenses market is fragmented based on type, application, and region. In terms of type, the market is segmented into visibility tint, enhancement tint, and opaque tint. On the basis of application, the market is segmented into with vision correction, without vision correction. Based on region, the global color contact lenses market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the healthcare industry. Since the COVID-19 pandemic is diminishing the end- user demand for daily packaging products worldwide, the demand for color contact lenses is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.

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As per GMR industry analyst Akshata Ahire, “The global color contact lenses market is anticipated to witness significant growth during forecast period 2021-2027 driven by cost-efficient, increased in disposable income, and rising disorder related to eyes are boosting the market. The color contact lenses market is growing significantly due to the high demand for these color contact lenses during distribution and warehousing. Increasing global emphasis on the use of sustainable materials and the growth of organized retail sectors are key drivers of the healthcare industries.”

Key Takeaways from the Study:

• Coopervision, Johnson & Johnson holds approximately half of the market share of the global color contact lenses market in year 2019.
• North America accounts for a major share of the market in terms of value, followed by Europe. The market in North America is projected to expand at significant CAGR during the forecast period.
•  In terms of value, with vision correction segment is anticipated to expand at a significant CAGR during the forecast period.
• Physical stores require many employees and high fixed costs (rent) to run stores and thus are unable to offer a wide selection of goods due to the presence of limited space, which offers opportunities for online sales channels. Online retailers can deliver a vast selection of products without having to pay as many workers and needing access to shipping companies to sell their products.
• Many businesses with both an online and offline presence (physical stores) view the two different channels as way to increase sales & revenue and expand the business regionally.
• The Middle East & Africa and Latin America are expected to generate large revenue during the forecast period owing to growing population, increasing urbanization, and replacement of many metals by industries such as automobile and home appliances. Color contact lenses consumption has increased considerably in these regions in the past few years.

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Report Scope:

Target Audience:

• Supply-side: Color Contact Lenses manufacturers, raw material suppliers, primary respondents, and distributors.
• Demand Side: research & development facilities, chemical factories, medical equipment, etc.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
• Associations and Industry Bodies: Centers for Disease Control and Prevention (CDC), National Institute of Allergy and Infectious Diseases (NIAID), Food and Drug Administration (FDA), World Health Organization (WHO), Medicines and Healthcare Products Regulatory Agency (MHRA), Therapeutic Goods Administration (TGA), Central Drug Standard Control Organization (CDSCO), Ministry of Health, Labor and Welfare (MHLW), International Federation of Pharmaceutical Manufacturers & Association (IFPMA), World Trade Organization (WTO), Indian Medical Research Council (ICMR).

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