Australia Contact Lens Market to grow at Steady Rate till 2026
Increase in spending for ophthalmic
products and rising old age population is expected to drive the demand for Australia
contact lens market in forecast period.
According to TechSci Research report, “Australia
Contact Lens Market By Material Type (Silicone Hydrogel, Hydrogel, Gas
permeable, Others) By Design (Spherical, Toric, Multifocal, Others) By Wear
Type (Disposable v/s Reusable) By Application (Corrective, Therapeutic,
Cosmetic, Others) By Distribution Channel (Retail Stores, Hospitals &
Clinics, Online) By Company, By Region, Forecast & Opportunities, 2026”,
The Australia contact lens market is expected to witness steady growth in the
next five years. Rise in preference for adoption of contact lenses as they
provide more confidence to people rather than wearing heavy and thick
eyeglasses. Consumption of omega-3 supplements on a daily basis improves the
tear film present in eye lenses.
Patients suffering from eye disorders who were not able to wear contact
lenses for long duration can wear the contact lenses due to their improved
daily routine. Introduction of better
contact lenses products to increase the comfort and wearability of contact
lenses by enhancing the moisture content present in contact lenses is further
expected to accelerate the demand for contact lenses for the next five years. Contact
lenses are directly placed upon the cornea thereby have wider visual access
than the eyeglasses. Contact lenses reduce the glare reflections and image
distortions which is expected to boost the product demand.
Due to the ongoing pandemic COVID-19, lockdown restrictions
were imposed all over the country. Complete shutdown was observed, and people
started practicing social distancing and following the precautionary
guidelines. Imposition of strict regulations and policies by leading
authorities, which led to huge losses of business industries. Also, the demand
for contact lenses have gone down. Manufacturing units were shut down and loss
of availability of skilled labors led to market decline. Number of units
imported or exported to other countries also suffered huge loss. After the
lifting of lockdown restrictions, the companies are again operational with
lower production volume and the market is expected to pick up the pace
eventually.
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Australia contact lens market is segmented into material
type, design, wear type, application, distribution channel, regional
distribution, and company. Based on design, market can be further divided into
spherical, toric, multifocal, and others. The spherical segment is expected to
hold large market share for the forecast period, 2022-2026. Increase in
occurrence of myopia and high adoption rate of these lenses by optometrists and
patients Spherical contact lenses provides clear vision, improves contrast
sensitivity, and reduces the blur which are the other contributing factors for
high demand of spherical contact lenses in Australia. Based on application,
market can be divided into corrective, therapeutic, cosmetic, and others. The
cosmetic segment is expected to witness growth in the next five years due to
high demand for enhanced aesthetic appeal of eyes. Based on wear type, market
can be fragmented into disposable and reusable. The disposable segment is
expected to dominate the contact lenses market for the forecast period as new
set of contact lenses provide more comfort to the patient. These lenses are
prescribed by eye care professionals as they are considered the safest option
and disposable contact lenses prevent the problems relating to longer placement
of lens over the eyes.
CooperVision Australia, SAS ONE PTY LTD., Johnson &
Johnson Australia, Alcon Laboratories (Australia) Pty Ltd., Capricornia Contact
Lens Pty Ltd., Gelflex Australia, Bausch & Lomb (Australia) Pty Ltd,
Menicon Australia Pty Ltd., ColourVUE Australia, Contact Lens Centre Australia are
the leading players operating in Australia contact lens market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several contact lens manufacturers are coming up
with their technologically advanced offerings.
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“High-end
investments by major market players for technological advancements of contact
lenses to improve the eye health and comfort of patients is driving the market
growth. Incorporation of silicone in polymers used as materials to make contact
lenses offers superior oxygen breathability as they can afford oxygen ten times
more oxygen to cornea than the previously used contact lenses is expected to
boost the demand for contact lenses for the forecast period. Advances in
re-wetting technology to increase the duration of wearing of contact lenses in
a single go while performing visually demanding tasks is further expected to
propel the growth of the eye lenses market until 2026” said Mr. Karan Chechi,
Research Director with TechSci Research, a global research-based management
consulting firm.
“Australia Contact Lens
Market By Material Type (Silicone Hydrogel, Hydrogel, Gas permeable, Others) By
Design (Spherical, Toric, Multifocal, Others) By Wear Type (Disposable v/s
Reusable) By Application (Corrective, Therapeutic, Cosmetic, Others) By
Distribution Channel (Retail Stores, Hospitals & Clinics, Online) By
Company, By Region, Forecast & Opportunities, 2026” has evaluated the
future growth potential of Australia contact lens market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of Australia contact lens market.
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