Global Cosmetic Contact Lens Market Report 2019, Competitive Landscape, Trends and Opportunity
The cosmetic industry is going through its golden period, with investors pumping billions into the market. This has led to the innovation of new products with a central focus on consumers. People, irrespective of location, color, and other global stigmas, have been using the products extensively, which has further accelerated the growth prospects of the industry.
One such segment that has recently gained much attention is the cosmetic contact lens. Cosmetic contact lens is generally used by models and actors to add a dramatic effect to their entire dress up. On the other hand, people all across the globe have been adopting a cosmetic contact lens to add charm to their personality.
The global cosmetic contact lenses hit a major high in the year 2018 and are expected to grow further at a compound annual growth rate of xx percent for the forecasted period. The industry is expected to cross a major mark by the year 2025.
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The entire industry can be segmented into several categories, with each part playing a specific role. Based on the disposability, the industry can be broke down into 1-2 months disposable and 1-3 month disposable.
On the other hand, based on the application, the global cosmetic contact lens can be broken down into corrected vision and cosmetic lens. These segments come with their own set of advantages and disadvantages.
Factors affecting the growth prospects
There is a slew of factors that affect the growth prospects of the global cosmetic lenses industry. The rise in awareness, easy availability coupled with robust supply chain has helped the industry grow at an astounding rate. On the other hand, the presence of e-commerce, even in the most remote corners of the world, has helped the industry grow by leap and bound. The low prices have also worked out in favor of the consumers, and with time, the industry is expected to grow exponentially.
However, a cosmetic contact lens is quite delicate to handle has been discouraging the new users. But the rise in technological advancements is expected to dampen the effect. With each passing year, more and more people are in search of modern solutions that can replace the traditional ones while making sure they look attractive at the same time.
The cosmetics industry is influenced by several factors and has a global presence. The product is a huge hit in major continents across the globe and has the largest market share in the United States.
However, the rapid adoption of the device is propelling the growth of the segment in the Asia Pacific region. China, with its large population and great per capita, has been the major regions driving the growth prospects of the industry. On the other hand, India comes second in the list followed by Europe and other major nations of the world.
Key Industry Players
The global cosmetic contact lens industry has some of the world’s best companies into it. Some of the leading names in the industry are NEO Vision, X-CEL, GEO, C&G Contact Lens, PEGA Vision, and a few others. These companies have been in the industry for long enough and know the market inside out.
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