South Korea Colored Contact Lenses Market Size, Share, and COVID-19 Impact Analysis, By Application (With Vision Correction, Without Vision Correction), By Distribution Channel (Retail Stores, Hospitals & Clinics, Online), and South Korea Colored Contact Lenses Market Insights Forecasts to 2033

Industry: Healthcare

RELEASE DATE Jan 2024
REPORT ID SI3457
PAGES 200
REPORT FORMAT PathSoft

South Korea Colored Contact Lenses Market Insights Forecasts to 2033

  • The South Korea Colored Contact Lenses Market Size was valued at USD 338.60 Million in 2023.
  • The Market Size is Growing at a CAGR of 8.5% from 2023 to 2033.
  • The South Korea Colored Contact Lenses Market Size is Expected to Reach USD 765.50 Million by 2033.

South Korea Colored Contact Lenses Market

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The South Korea Colored Contact Lenses Market Size is expected to reach USD 765.50 Million by 2033, at a CAGR of 8.5% during the forecast period 2023 to 2033.

 

Market Overview

Colored contact lenses have become a popular fashion accessory, allowing people to change or brighten the color of their eyes for cosmetic reasons. These lenses are made with a layer of colored tint that covers the iris, creating a subtle or dramatic transformation depending on the wearer's preferences. The availability of a wide range of hues, from natural shades like brown, green, and blue to more vibrant and unconventional colors, allows users to express their individual style and personality. One of the primary benefits of colored contact lenses is their versatility. They can be worn by people with prescription and non-prescription needs. This means that even people with perfect vision can experiment with different eye colors to achieve a specific aesthetic effect. Furthermore, for people who need vision correction, colored contacts provide both clear vision and the ability to change their eye color, eliminating the need for separate prescription and cosmetic lenses. Colored contact lenses are also popular because they are temporary and allow users to change their eye color whenever they want.

 

Report Coverage

This research report categorizes the market for South Korea colored contact lenses market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea colored contact lenses market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea colored contact lenses market.

 

South Korea Colored Contact Lenses Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 338.60 Million
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:8.5%
2033 Value Projection:765.50 Million
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Application, By Distribution Channel
Companies Covered:Alcon Korea Ltd., Bausch & Lomb Korea Inc, Interojo Inc, CooperVision Korea Inc, Johnson & Johnson Korea Co Ltd, Menicon Korea Co. Ltd., Dreamcon Co. Ltd, G&G Contact lens, Hoya Lens Korea Co. Ltd, EssilorLuxottica SA, and other key companies.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

The growing influence of social media is benefiting the South Korean Coloured Contact Lens market in a variety of ways. First and foremost, social media platforms provide effective marketing channels for contact lens manufacturers and distributors. Influencers, beauty bloggers, and makeup artists frequently feature various colored contact lenses as part of their beauty routines, reaching a large number of potential customers. This exposure not only raises awareness of the availability and variety of colored lenses, but also emphasizes their ability to improve one's appearance. Furthermore, the visual nature of social media platforms such as Instagram and TikTok complements the visual impact that colored contact lenses provide. Influencers and users can easily demonstrate the transformative effect of colored lenses by posting photos and videos of the before and after results. This visual appeal appeals to consumers, prompting them to consider incorporating colored lenses into their own style and beauty routines. Social media platforms also allow for direct interaction between brands and consumers. Users can ask questions, get recommendations, and share their personal experiences with colored contact lenses.

 

Restraining Factors

The South Korean coloured contact lens market restrain due to the risks associated with their use. While colored contact lenses can be a fun and expressive accessory, improper use or failure to follow safety precautions can lead to serious complications. One of the primary risks is poor hygiene, which can lead to eye infections or irritations. Failure to clean, disinfect, and store lenses properly can introduce harmful bacteria or contaminants into the eyes.

 

Market Segment

  • In 2023, the without vision correction segment accounted for the largest revenue share over the forecast period.

Based on the application, the South Korea colored contact lenses market is segmented into with vision correction and without vision correction. Among these, the without vision correction segment has the largest revenue share over the forecast period. A large proportion of the South Korean population has good vision and does not require prescription lenses. For these people, colored contact lenses are primarily a fashion accessory rather than a vision correction tool. The availability of coloured lenses without vision correction directly targets this demographic, allowing them to enhance or change their eye colour for aesthetic reasons. Furthermore, South Korea has a thriving beauty and fashion industry, which is known for setting trends and pushing the boundaries of style.

 

  • In 2023, the retail stores segment accounted for the largest revenue share over the forecast period.

Based on the distribution channel, the South Korea colored contact lenses market is segmented into retail stores, hospitals & clinics and online. Among these, the retail stores segment has the largest revenue share over the forecast period. Retail stores have long been a reliable and familiar source for consumers to purchase contact lenses. Consumers frequently prefer to shop in person, where they can interact with trained employees, receive personalized recommendations, and physically inspect products before making a purchase. This tangible experience builds confidence and trust in the product's quality and authenticity.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea colored contact lenses market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Alcon Korea Ltd.
  • Bausch & Lomb Korea Inc
  • Interojo Inc
  • CooperVision Korea Inc
  • Johnson & Johnson Korea Co Ltd
  • Menicon Korea Co. Ltd.
  • Dreamcon Co. Ltd
  • G&G Contact lens
  • Hoya Lens Korea Co. Ltd
  • EssilorLuxottica SA
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In March 2023, South Korean researchers achieved a significant technological milestone by developing smart contact lenses that can use Augmented Reality (AR) to navigate. This feat was accomplished using a novel 3D printing process, demonstrating the cutting-edge capabilities of South Korean scientists and engineers. These smart contact lenses represent a significant advancement in wearable technology, combining the potential of AR with the convenience of contact lens use. The incorporation of AR-based navigation into these lenses holds enormous promise for a wide range of applications, from assisting people with visual impairments to improving the abilities of professionals in a variety of fields.

 

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the South Korea colored contact lenses market based on the below-mentioned segments:

 

South Korea Colored Contact Lenses Market, By Application

  • With Vision Correction
  • Without Vision Correction

 

South Korea Colored Contact Lenses Market, By Distribution Channel

  • Retail Stores
  • Hospitals & Clinics
  • Online

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