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 The global coloured contact lenses market is on an upward trajectory, poised to witness significant growth over the coming years. As of 2022, the market size stands at $3.27 billion, and projections suggest a rise to $3.62 billion in 2023, with a compound annual growth rate (CAGR) of 10.6%. This surge is expected to continue, reaching $5.19 billion by 2027, demonstrating a steady CAGR of 9.4%. Several factors contribute to this expansion, making the coloured contact lens industry an intriguing space to watch.

Eye Disorders Driving Market Growth
An escalating number of eye disorders is a primary catalyst for the burgeoning coloured contact lens market. Eye disorders encompass a range of issues leading to blindness and low vision, caused by factors such as infection, allergy, or vitamin deficiency. According to the Global Eye Health report published by The Lancet Global Health in February 2021, an estimated 596 million people worldwide suffer from distance vision impairment, with 43 million facing blindness. This scenario, compounded by the lack of reading glasses, affects an additional 510 million people. The anticipated rise in population, aging, and urbanization paints a concerning picture, projecting 895 million individuals with distance vision impairment by 2050, including 61 million blind. Coloured contact lenses offer a practical solution to address visual disorders like astigmatism, nearsightedness, and farsightedness, propelling market growth.

Key Players in the Coloured Contact Lenses Market
The coloured contact lenses market is a competitive landscape with key players spearheading innovation and market dominance. Notable companies include CooperVision Inc., Alcon, Bausch + Lomb, Menicon Co. Ltd., Johnson & Johnson, Carl Zeiss AG, Novartis AG, Hoya Corporation, QualiMed Srl, Essilor International, UltraVision CLPL, Clearlab SG Pte Ltd., Oculus Private Limited, Camax Optical Corp., and SEED Co. Ltd. These industry giants play a pivotal role in shaping the market dynamics and driving technological advancements.

Technological Advancements: A Key Trend
Technological advancements emerge as a crucial trend shaping the coloured contact lens market. Major companies are investing in innovative technologies to secure their market positions. An exemplar case is the partnership between Perfect Corp., a US-based beauty tech solutions provider, and Johnson & Johnson, a multinational corporation. In July 2020, they launched a groundbreaking contact lens AR virtual try-on within the ACUVUE flagship Taobao and WeChat mini-programs. Leveraging cutting-edge facial recognition technology, this virtual try-on service enables a realistic experience, enhancing the consumer journey. The integration of augmented reality (AR) and artificial intelligence (AI) not only transforms the virtual makeup try-on landscape but also provides customers with a comprehensive, immersive, and hyper-realistic augmented reality beauty experience.

Market Segmentation for Targeted Growth

The coloured contact lenses market is segmented to cater to diverse consumer needs and preferences:

1. By Product Type:
   • Soft Contact Lenses
   • RGP Lenses
   • Hybrid Lenses
2. By Material:
   • Polymer
   • Hydrogen
3. By Application:
   • With Vision Correction
   • Without Vision Correction
4. By End-Users:
   • Retail Stores
   • Online Stores
   • Other Stores

Regional Dominance: North America Leads the Way
In 2022, North America emerged as the largest region in the coloured contact lenses market, underscoring the region’s significance in shaping industry trends. This regional dominance is a result of factors such as technological innovation, robust healthcare infrastructure, and a high level of consumer awareness.

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The Coloured Contact Lenses Global Market Report 2023  provides a comprehensive overview on the coloured contact lenses market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

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