Colored Contact Lenses Global Market Report 2024

The colored contact lenses market size has grown rapidly in recent years. It will grow from $3.56 billion in 2023 to $3.95 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The expansion during the historical period can be credited to celebrity endorsements, rising disposable incomes, the impact of social media, globalization, and evolving societal perspectives toward cosmetic enhancements.

The colored contact lenses market size is expected to see rapid growth in the next few years. It will grow to $5.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the upcoming period is expected due to an increasing aging population, the continual expansion of e-commerce, strategic partnerships with influencers, heightened emphasis on personal appearance, and growing concerns regarding health and safety. Notable trends projected in this period encompass the use of biodegradable materials, advancements in virtual try-on technologies, the rise of subscription-based services, innovations in lens designs, and the integration of wellness-focused packaging.

The anticipated rise in eye disorders is poised to drive the expansion of the colored contact lens market. Eye disorders encompass various conditions leading to impaired vision or blindness, stemming from causes such as infection, allergies, or deficiencies in essential nutrients. Colored contact lenses serve a dual purpose of enhancing eye appearance and addressing common visual ailments such as astigmatism, nearsightedness, and farsightedness. Notably, in February 2021, The Lancet Global Health's Global Eye Health report highlighted staggering statistics, projecting a global count of 596 million individuals, including 43 million who are blind, grappling with distance vision impairment. Moreover, an additional 510 million people experienced uncorrected nearsightedness due to a lack of appropriate corrective glasses. The report forecasts a concerning trajectory, indicating that by 2050, an estimated 895 million individuals, including 61 million who will be blind, could face distance vision impairment due to factors such as population aging, expansion, and urbanization. Consequently, the escalating prevalence of eye disorders is a key driver behind the growth of the colored contact lens market.

The anticipated surge in cosmetic and aesthetic trends is set to propel the expansion of the colored contact lens market. These trends encapsulate the evolving preferences and innovations within the beauty and aesthetics sector. Colored contact lenses play a pivotal role in these trends, offering users a platform to challenge conventional beauty standards by experimenting with diverse eye colors, ranging from subtle enhancements to striking transformations. This empowers individuals to express their distinct identities and defy societal expectations. Notably, in August 2023, The Aesthetic Society, a prominent organization dedicated to aesthetic plastic surgery and cosmetic medicine, reported that Americans allocated over $11.8 billion towards aesthetic procedures, marking a 2% increase from the previous year. Hence, the burgeoning cosmetic and aesthetic trends stand as a driving force behind the growth witnessed in the colored contact lens market.

Key players within the colored contact lens market are actively engaged in innovating new products, exemplified by the introduction of spooky-colored contact lenses, as part of their strategy to maintain a competitive edge. Spooky-colored contact lenses represent a category designed to evoke eerie and supernatural effects. A case in point is the September 2022 launch by Unicoeye, a renowned China-based colored contact lens brand, unveiling their Spooky Colored Contact Lenses line, strategically timed for Halloween. This collection features designs catering to frightening depictions of supernatural entities and imaginative cosplay appearances. It encompasses unique color blends and eerie patterns intended to flawlessly complement various costumes. Positioned as an ideal complement to eye makeup or face paint concepts, whether for costume parties or to enhance a Halloween-themed look, this collection showcases unconventional color combinations and haunting designs.

Prominent companies within the colored contact lens market are directing their efforts towards innovative products, such as colored contact lenses, to align with the burgeoning trend of makeovers among India's populace. Colored contact lenses serve as a popular choice, allowing for the alteration or enhancement of eye color while simultaneously addressing vision correction needs. Notably, in April 2022, Johnson & Johnson Vision, a leading US-based ophthalmology company, unveiled BUBBLE POP, a novel lineup of colored contact lenses tailored to offer an affordable and effortless means of achieving eye makeovers for daily use. The lenses are segmented into two distinct categories: The Neon range (featuring Neon Gray, Neon Blue, and Neon Hazel) delivers bold hues, exuding a glamorous aura suitable for nighttime wear, while the Pastel range (comprising Pastel Gray, Pastel Purple, and Pastel Green) offers subtle colors designed for daytime use. Crafted as monthly disposable soft contact lenses, Bubble POP lenses cater to users seeking the convenience of a fresh pair each month. With a water content of 38%, these lenses ensure sustained moisture and comfort throughout the day, enhancing the user experience.

In September 2022, Black Pearl Global Investments, a US-based asset management firm specializing in healthcare investments, completed the acquisition of Hydrogel Vision Corp. (HVC) for an undisclosed sum. Following this acquisition, HVC will rebrand as Black Pearl Vision, marking a significant distinction as the sole company worldwide owned and operated by individuals from diverse backgrounds, encompassing people of color and women. Hydrogel Vision Corp. (HVC), previously a US-based entity, served as a manufacturer and distributor of high-performance contact lenses tailored for both men and women.

Major companies operating in the colored contact lenses market report are Johnson & Johnson, Novartis AG, Essilor International, Alcon, Hoya Corporation, Bausch + Lomb, CooperVision Inc., Carl Zeiss AG, Clalen, TTDeye, Olens, QualiMed Srl, Menicon Co. Ltd., NEO Vision, SEED Co.Ltd., Vassen, Desio, Barbie Eyesland, UltraVision CLPL, Solotica, Camax Optical Corp., Oculus Private Limited, Clearlab SG Pte Ltd., FreshKon, Maxvue Vision, ColourVue, Sweety Plus, Adore Lenses, LensMe, EOS Lenses, Dueba, Geo Medical, PIAA Corporation, FourVision, ICK Contacts, Beuberry, Princess Pinky, InnoVision, EyeCandys, Dreamcon.

North America was the largest region in the colored contact lenses market in 2023. The regions covered in the coloured contact lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the colored contact lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Colored contact lenses encompass three primary product types: soft contact lenses, RGP lenses, and hybrid lenses. Soft contact lenses, made of flexible plastic, facilitate corneal oxygenation. These lenses, crafted from polymers and hydrogen, serve diverse purposes including vision correction and non-corrective applications. Distribution channels for these lenses include retail stores, online platforms, and various other outlets.

The colored contact lenses market research report is one of a series of new reports that provides colored contact lenses market statistics, including the colored contact lenses industry's 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.

The colored contact lens 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.