Coloured Contact Lenses Global Market Report 2023

Colored contact lenses are specially designed lenses that allow a person to change the colour of their eyes for special event. The primary goal is to enhance the wearer's natural eye colour.

The main types of products covered in colored contact lenses are soft contact lenses, RGP lenses, and hybrid lenses. Soft contact lenses refer to plastic lenses that are flexible and soft, allowing oxygen to reach the cornea. The materials used in the preparation of colored contact lenses are polymer and hydrogen for various applications such as with vision correction and without vision correction. It is distributed through retail stores, online stores, and others.

The global coloured contact lenses market is expected to grow from $3.27 billion in 2022 to $3.62 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The coloured contact lenses market is expected to grow to $5.19 billion in 2027 at a CAGR of 9.4%.

The colored contact lenses market research report is one of a series of new reports that provides colored contact lenses market statistics, including colored contact lenses industry global market size, regional shares, competitors with a colored contact lenses market share, detailed colored contact lenses market segments, market trends and opportunities, and any further data you may need to thrive in the colored contact lenses industry. This colored contact lenses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Technological advancements are a key trend gaining popularity in the colored contact lenses market. Major companies operating in the colored contact lenses market are focused on innovating new technologies to sustain their position in the market. For instance, in July 2020, Perfect Corp., a US-based beauty tech solutions provider, partnered with US-based multinational corporation, Johnson & Johnson, to launch contact lens AR virtual try-on within its ACUVUE flagship Taobao and WeChat mini-programs. This is the first colored contact lens virtual try-on service using AR technology that is available on Taobao and WeChat micro-programs. The precise eye position may be detected using Perfect Corp.'s cutting-edge facial recognition technology, which also enables a realistic AR virtual contact lens try-on. Colored contact lenses AR+AI beauty technology is going beyond virtual makeup try-on. This innovative online solution is expected to provide customers with a comprehensive, immersive, and hyper-realistic augmented reality beauty experience.

In September 2022, Black Pearl Global Investments, a US-based asset management firm focused on investing in healthcare, acquired Hydrogel Vision Corp. (HVC) for an undisclosed amount. With this acquisition, HVC will now be known as Black Pearl Vision, making it the only company in the world that is both owned and operated by people of color and women. Hydrogel Vision Corp. (HVC) is a US-based manufacturer and distributor of high-performance contact lenses for men and women.

North America was the largest region in the coloured contact lenses market in 2022. The regions covered in the coloured contact lenses report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the coloured contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An increasing number of eye disorders is expected to propel the growth of the colored contact lenses market going forward. An eye disorder refers to various eye problems resulting in blindness and low vision that may be caused by infection, allergy, or vitamin deficiency. Colored contact lenses improve or change the appearance of the eye and can be used to address common visual disorders such as astigmatism, nearsightedness, or farsightedness. For instance, in February 2021, according to the Global Eye Health report published by The Lancet Global Health, a US-based internationally trusted source of global public health knowledge, a projected 596 million people globally, including 43 million blind people, have distance vision impairment in 2020. Another 510 million people had uncorrected nearsightedness due to the lack of reading glasses. As a result of population aging, growth, and urbanization, a projected 895 million individuals will have distance vision impairment by 2050, of whom 61 million will be blind. Therefore, an increasing number of eye disorders are driving the growth of the colored contact lenses market.

The colored contact lenses market consists of sales of visibility tint, enhancement tint, and opaque tint. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified) .

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the coloured contact lenses market are CooperVision Inc., Alcon, Bausch + Lomb, Menicon Co. Ltd., Johnson & Johnson, Carl Zeiss AG, Novartis AG, Hoya Corporation, QualiMed Srl, Essilor International, UltraVision CLPL, Clearlab SG Pte Ltd., Oculus Private Limited, Camax Optical Corp., and SEED Co.Ltd.



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