Global Cosmetic Contact Lenses Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global cosmetic contact lenses market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--Technavio analysts forecast the global cosmetic contact lenses market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global cosmetic contact lenses market for 2017-2021. The market is segmented based on distribution channel (retail outlets and online stores) and geography (the Americas, EMEA, and APAC).

The global cosmetic contact lenses market is expected to grow moderately during the forecast period primarily due to the fashionable appeal of these lenses. The major consumers in 2016 were the younger segment of the population aged 18-35 years. Fashion is a driving force in the market leading to a rise in the demand for colored contact lenses. The increase in acceptance of cosmetic contact lenses has created niche segments such as contact lenses with different colors for Halloween dress up. The major revenue source in the segment is the corrective colored contact lenses and will continue to fuel the growth of the market during the forecast period.

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Technavio research analysts highlight the following three factors that are contributing to the growth of the global cosmetic contact lenses market:

  • Rise in number of people with eye disorders
  • Gaining popularity of contact lenses over spectacles
  • Rising popularity of silicone hydrogel contact lenses

Rise in number of people with eye disorders

Eye disorders, such as refractive error, cataract, and glaucoma are increasingly leading to visual impairment or blindness. Some of the reasons for such disorders include an increase in smoking, ultraviolet light exposure, or natural conditions. The increase in the use of digital appliances and gadgets such as gaming consoles, computers, and other electronic products has been one of the major causes for the rise of eye disorders among the youth.

Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “The increase in diabetic population is another reason for the rise in the number of eye disorders. Diabetes can result in glaucoma, retinopathy, cataract, temporary blurring of the vision, or even severe or permanent loss of vision.

Gaining popularity of contact lenses over spectacles

There are many advantages of contact lenses over regular glasses. Contact lenses provide better all-round vision allowing clear peripheral vision, unlike glasses where only the objects in front of the person are visible. Contact lenses not only eliminate glare but are also more comfortable and fashionable to wear and carry around than glasses.

Contact lenses are more common among sportspeople and athletes where, unlike glasses, they are not distracting in any way and do not slip or steam up that could be a disadvantage during a match or event. These advantages of contact lenses have led to the growing preference for contact lenses over glasses.,” adds Amber.

Rising popularity of silicone hydrogel contact lenses

Silicone hydrogel is the latest in the development of cosmetic contact lens materials. Silicone hydrogel lenses are healthier than conventional, decorative, or cosmetic soft lenses since they allow up to six times more oxygen to pass through them. Most eye doctors believe that in the next five years, more individuals will be wearing silicone hydrogel lenses than any other lens material.

The advantages of silicone hydrogel lenses over conventional soft lenses include more resistance to protein deposits, less drying of the lenses, lower risk of eye infection, easier handling due to increased rigidity of material, and lower incidence of complications with extended wear use.

Top vendors:

  • Cooper Companies
  • Johnson & Johnson
  • Novartis
  • Valeant

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global cosmetic contact lenses market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com