Colored Contact Lenses Global Market Opportunities and Strategies to 2033

This report describes and explains the colored contact lenses market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global colored contact lenses market reached a value of nearly $3.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.11% since 2018. The market is expected to grow from $3.6 billion in 2023 to $5.6 billion in 2028 at a rate of 9.56%. The market is then expected to grow at a CAGR of 8.66% from 2028 and reach $8.5 billion in 2033.

Growth in the historic period resulted from increased disposable income, rise in awareness about eye health and hygiene and celebrity endorsements and influencer marketing. Factors that negatively affected growth in the historic period were the lack of awareness about proper lens care and hygiene practices.

Going forward, the increasing myopia prevalence, expansion of e-commerce and retail sales and social media influence on beauty standards will drive the market growth. Factors that could hinder the growth of the colored contact lenses market in the future include high cost of specialty or custom-designed lenses.

The colored contact lenses market is segmented by product type into soft contact lenses, RGP lenses, hybrid lenses and other products. The soft contact lenses market was the largest segment of the colored contact lenses market segmented by product type, accounting for 78.3% or $2.8 billion of the total in 2023. Going forward, the RGP lenses segment is expected to be the fastest growing segment in the colored contact lenses market segmented by product type, at a CAGR of 11.09% during 2023-2028.

The colored contact lenses market is segmented by material into silicone hydrogel, hydrogel and other materials. The silicone hydrogel market was the largest segment of the colored contact lenses market segmented by material, accounting for 57.1% or $2 billion of the total in 2023. Going forward, the other materials segment is expected to be the fastest growing segment in the colored contact lenses market segmented by material, at a CAGR of 10.71% during 2023-2028.

The colored contact lenses market is segmented by application into with vision correction and without vision correction. The with vision correction market was the largest segment of the colored contact lenses market segmented by application, accounting for 89.1% or $3.2 billion of the total in 2023. Going forward, the without vision correction segment is expected to be the fastest growing segment in the colored contact lenses market segmented by application, at a CAGR of 11.07% during 2023-2028.

The colored contact lenses market is by end-users into retail stores, online stores and other stores. The retail stores market was the largest segment of the colored contact lenses market segmented by end users, accounting for 60.1% or $2.1 billion of the total in 2023. Going forward, the online stores segment is expected to be the fastest growing segment in the colored contact lenses market segmented by end users, at a CAGR of 10.76% during 2023-2028.

North America was the largest region in the colored contact lenses market, accounting for 35% or $1.2 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the colored contact lenses market will be South America and Middle East, where growth will be at CAGRs of 14.3% and 10.6% respectively. These will be followed by Eastern Europe and North America where the markets are expected to grow at CAGRs of 9.9% and 9.8% respectively.

The global colored contact lenses market is concentrated, with large players dominating the market. The top ten competitors in the market made up to 41.7% of the total market in 2022. Essilor International was the largest competitor with a 11.6% share of the market, followed by Johnson & Johnson Vision Care Inc. with 7.7%, Bausch + Lomb with 7%, HOYA Corporation with 5.8%, CooperVision Limited with 4.9%, Alcon Inc. with 3.4%, Menicon Co. Ltd. with 0.7%, GINKO INTERNATIONAL Co. Ltd with 0.3%, SynergEyes Inc. with 0.2% and TTDeye with 0.1%.

The top opportunities in the colored contact lenses market segmented by product type will arise in the soft contact lenses segment, which will gain $1.6 billion of global annual sales by 2028. The top opportunities in the colored contact lenses market segmented by application will arise in the with vision correction segment, which will gain $1.8 billion of global annual sales by 2028. The top opportunities in the colored contact lenses market segmented by end-users will arise in the retail stores segment, which will gain $1.2 billion of global annual sales by 2028. The top opportunities in the colored contact lenses market segmented by material will arise in the silicone hydrogel segment, which will gain $1.1 billion of global annual sales by 2028. The colored contact lenses market size will gain the most in the USA at $664.3 million.

Market-trend-based strategies for the colored contact lenses market include focusing on launching new products to tap into evolving consumer preferences, expand their product portfolios and stay ahead of competitors, focusing on strategic partnerships and collaborations to strengthen their market position, innovating new products such as spooky colored contact lenses, developing colored contact lenses with UV (ultraviolet) protection, introducing a flat rate contact lens subscription system and offering a diverse selection of colored contact lenses.

Player-adopted strategies in the colored contact lenses market include focus on strengthening business capabilities through new product launches and focus on enhancing operational capabilities through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the colored contact lenses companies to focus on product innovation to drive growth, focus on UV protection integration for enhanced safety, focus on soft and RGP contact lenses for market expansion, focus on without vision correction segment, focus on silicone hydrogel segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, focus on online stores segment for market growth, provide competitively priced offerings, participate in trade shows and events, focus on digital engagement for enhanced market visibility, focus on flat-rate subscription services for enhanced convenience and focus on consumers with myopia.