Cosmetic Contact Lenses Market by Products, Applications & Regional Growth by 2018-2024

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Cosmetic Contact Lenses Market Update, Analysis,
Forecast, 2018 2024
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Global Market Scenario of Cosmetic Contact Lenses
Industry

• Cosmetic Contact Lenses Market from Online stores
  distribution channel segment is expected to
  account for over 20 revenue share by 2024. These
  stores provide products at lower prices along
  with on-time delivery which will foster new
  opportunities for the industry growth.
• Cosmetic Contact Lenses Market size is set to
  exceed USD 1.3 billion by 2024. Growing usage in
  entertainment sector is expected to boost
  cosmetic contact lens market size. These lenses
  are primarily utilized in the entertainment
  industry owing to the need for more dramatic
  makeup.
• Increasing customer inclination towards colored
  contact lenses will further drive the segment
  demand. Growing disposable incomes encourages
  consumer purchasing power on lifestyle products,
  thus supporting the contact lenses demand.
• Surging penetration through online medium coupled
  with the relaxation in regulatory approval is
  expected to boost cosmetic contact lens market
  size. The FDA characterizes these products under
  the medical devices category and mandated
  prescription for purchase A noteworthy upturn in
  light of swelling demand for altering the
  aesthetic appearance and growing disposable
  income are the supporting factors driving the
  market growth.

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• The increasing acceptance of corrective LASIK
  surgery is expected to negatively affect the
  market size. Additionally, an increase in the
  overall geriatric population along with
  occurrences of visual inaccuracies will further
  hinder the industry growth.
• Circle product segment accounted for over 70
  revenue share in 2017 owing to the availability
  of diverse designs coupled with its ability to
  blend in naturally with the usual appearance of
  eyes. This segment has gained tremendous
  popularity over the last few years among the
  teens and young adults population.
• RGP segment will witness significant gains at
  approximately 6 over the forecast period. This
  can be attributed to associated benefits such as
  high oxygen permeability, sharp vision,
  durability, and cost-effectiveness. Other
  noticeable factors include moving capacity,
  smooth surface, and ability to maintain shape are
  fueling the business growth.

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360 Industry Analysis

• Online stores distribution channel segment is
  expected to account for over 20 revenue share by
  2024. These stores provide products at lower
  prices along with on-time delivery which will
  foster new opportunities for the industry growth.
• Spherical design segment will grow at over 6.5
  from 2018 to 2024 owing to factors such as
  enhanced clarity in vision and correction of
  conditions such as nearsightedness
  farsightedness. These product designs offer high
  level of comfort and customization which further
  support the business growth.
• Asia Pacific cosmetic contact lenses market
  accounted for over 70 of revenue share in 2017,
  owing to growing acceptance by the
  image-conscious population to cope up with the
  current fashion trends. Major countries including
  China, Japan, and Taiwan are contributing
  primarily towards the regional industry
  expansion.
•  

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Industry Background
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• Competitive Analysis
• Global cosmetic contact lens market share is
  moderately consolidated with top four players
  accounting for 57 of the industry share in 2017.
  Johnson Johnson, Novartis, Cooper Vision,
  Bausch Lomb (Valeant Pharmaceuticals), Ciba
  Vision are among the major industry players with
  significant market shares. The global market also
  consists of several regional players mainly
  including Asian manufacturers contributing to
  fragmented share.
• Other notable players include Grand Vision,
  Lagado Corporation, InnoVision, Qualimed and
  Metro Optics. Mergers acquisitions, production
  capacity expansions, innovations, joint ventures
  and supply agreements are among the strategies
  adopted by industry participants. For instance,
  in December 2017, Cooper Vision acquired Paragon
  Vision Sciences an U.S. based specialty contact
  lens company to strengthen its foothold in the
  industry.

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