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Coloured contact lenses is a predominantly used for aesthetic value. There are various colur and size options available for colured contact lenses. The increasing importance of aesthetic value in the younger population has skyrocketted the demand for colored contact lenses. The rise in the influence of social media presence has dramatically increase the demand for coloured lenses. Technological advancements have helped develop a natral look to these artificial lenses
Owing to the increase in the influence of social media, the generation Z population have increasingly accepted the use of color contact lenses to enhance or alter their appearance. Additionally, owing to the increase in number of players offering economic value to these products have assisted in the growth of accessibility to its customers. All these factors are estimated to drive the market of coloured contact lenses in the coming years.
However, an increasing popularity of these coloured contact lenses have increase the risks associated with the use of the product. The improper use of these highly sensitive product has led to adverse reaction in customers. These factors are estimated to hamper the growth of the market in globally.
Key Market Driver -
Increasing adoption of cosmetic lenses
Key Market Restraint -
Risks involved with the inappropriate use of coloured lenses
Globally, the coloured contact lenses market can be segmented on the basis of product type, by material, by distribution channel, and region. Based on the product type, the market can be segmented into soft contact lenses, RGB lenses and hybrid lenses. By the segmentation of material, the market can be categorised into hydrogel and polymers. Based on the distribution channel, retail stores, online stores and others.
Geographically, the coloured contact lenses market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the coloured contact lenses market are Johnson and Johnson Services, Inc., Coopervision, Bausch & Lomb, Alcon, Innovision Lens, VIEWELL.INC, Grandvision, QualiMed, among others.
Based on segmentation of geography, the coloured contact lenses market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is likely to dominate the coloured contact lenses market and is projected to follow the same trend over the projected timeframe. The growth is attributed to the high awareness regarding new product launches and trends in colored contact lenses. Combined with this, higher investment in R&D for such products is anticipated to foster the coloured contact lenses market in the North America. Europe is projected to be the second highest valued market globally over the forecast duration. Favorable reimbursement policies, robust government initiative for public awareness regarding Coloured Contact Lenses and active government funding in healthcare sector is projected to bolster the market growth in the region. China and countries like South Korea is estimated to witness the highest growth in the coloured contact lenses market. Increasing influence of K-pop culture in the countries of Asia-Pacific is estimated to impellthe growth of the market. The market in Latin America and the Middle East and Africa are expected to capture lower share in the global coloured contact lenses market owing to lower availability of coloured contact lenses in the regions.
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