Industry Background:
Over the past couple of years, the adoption of colored contact lenses has been increased due to the increasing penetration in the consumer sector. Initially, colored contact lense businesses were concentrated on the entertainment industry only but nowadays with increasing availability across the globe the color contact lenses will generate lucrative demand over the forecasted period. The use of colored contact lenses enables its users to change the eye anomalies & appearances by changing the eye color. Due to the increasing fashion and appearance trends, the market will experience substantial growth. However, risks involved in wearing colored contact lenses might stagnate the demand.This growth is primarily driven by The Use of Colored Contact Lenses to Enhance Eye Colour and Growing Adoption from the Entertainment Sector.
Globally, a noticeable market trend is evident Increasing Technological Advancements in Minimizing the Risks of Colored Contact Lenses
. The Personal Products sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Johnson & Johnson (United States), Novartis International AG (Switzerland), Bausch Health Companies Inc. (Canada), CooperVision, Inc. (United States), Menicon (Japan), Ciba Vision (United States), Bausch + Lomb (United States), Carl Zeiss AG (Germany), Essilor International S.A. (France) and Hoya Corporation (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On November 12, 2018, “The Singapore National Eye Centre (SNEC), the Singapore Eye Research Institute (SERI) and Johnson & Johnson Vision has announced a USD 26.35 million research collaboration to tackle myopia, or nearsighted vision, the largest threat to eye health this century. By 2050, half of the world’s population is projected to be myopic, with one billion expected to have high myopia, a severe state of the condition that can lead to retinal disease with an increased risk of blindness.”
On August 26, 2019, CooperVision has launched an initiative in Sweden to offer consumers free soft contact lens recycling for all brands and manufacturers. The CooperVision Contact Lens Recycle Program aims to reduce plastic waste by providing a practical and easy way for wearers to recycle lenses as well as blister and foil packaging.
Regulatory Insights:
According to FDA and the Federal Trade Commission (FTC), before consumers buy any contact lenses from some vendors or distributors other than eye care professionals, in such cases a valid contact lens prescription should be available with the consumer. Similarly, when consumers purchases contact lenses from stores, the Internet, over the phone or by mail, then Contact Lens consumer should provide E prescriptions.
Market Drivers
- The Use of Colored Contact Lenses to Enhance Eye Colour
- Growing Adoption from the Entertainment Sector
Market Trend
- Increasing Technological Advancements in Minimizing the Risks of Colored Contact Lenses
- Adoption of Colored Contact Lenses with Optimal Comfort and Durability
Restraints
- Improper Uses might Lead to Severe Eye Infections and Irritation
- Lack of Awareness from Undeveloped Countries
Opportunities
Rising Significance of Looks & Appearances is leading to Increased Demand for Fashionable and Stylish Contact Lenses and Growing Availability of Coloured Lenses for General Public
Challenges
Comparatively Expensive than the Conventional Contact Lenses and Availability of Fashionable and Safe Substitute Products
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Color Contact Lenses Study Sheds Light on
The Color Contact Lenses Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Color Contact Lenses industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Color Contact Lenses industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.