India Multifocal Contact Lenses Market to Grow at a Significant Rate through FY2027
Increasing awareness of eye disorders
and rise in per capita spending capacity is expected to drive the India multifocal
contact lenses market for the forecast period.
According to TechSci Research report, “India
Multifocal Contact Lenses Market By Design (Simultaneous Vision Designs v/s
Segmented Designs) By Usability (Disposable v/s Reusable) By Material Type
(Hydrogel, Silicone Hydrogel, HEMA, Others) By Distribution Channel (Retail
Stores, Hospitals & Clinics, Others) By Application (Astigmatism,
Presbyopia, Myopia, Others) By Company, By Region, Forecast &
Opportunities, FY2027”, India multifocal contact lenses market is expected
to witness steady growth for the next five years. Multifocal lenses are majorly
used in performing cataract surgeries. Some patients prefer to replace the
natural lenses with multifocal lenses before the development of cataract
disease and this process is known as refractive lens exchange and these lenses
improve near, intermediate and far-distance vision. Multifocal lenses have
etched concentric rings which allow image formation at retina from a variety of
distances. Multifocal contact lenses provide improved vision and eliminate or
reduce the need of wearing corrective eyewear. Standard lenses do not provide
any solution to astigmatism whereas multifocal contact lenses provide the
solution for astigmatism correction and thereby offers a broad range of vision correction
solution which is the major factor contributing to high demand of multifocal
contact lenses in India. Multifocal contact lenses reduce the need for wearing
computer glasses or glasses after the cataract surgery is performed. These
lenses expand the range of vision, and the patient can see near and far without
the need of additional eyewear. Multifocal lenses when are implanted into the
eyes do not require routine replacement or additional care and are long lasting
which are the other two significant factors accelerating the multifocal contact
lenses market growth.
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 measures.
Imposition of strict regulations and policies by leading authorities, business
had to suffer huge losses. Also, the demand for multifocal contact lenses has
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 setback. After the lifting of lockdown
restrictions, manufacturing companies are expected to pick up the pace and grow
eventually.
However, multifocal lenses are not suitable for
intermediate vision and development of glare after night thereby reducing the
chances of nighttime vision which may hamper market growth for the next five
years.
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India multifocal contact lenses market is segmented into
design, usability, material type, distribution channel, application, regional
distribution, and company. Based on usability, market can be further bifurcated
into disposable and reusable. The disposable segment is expected to dominate
the market for the forecast period, FY2023-FY2027. Rise in awareness regarding
the advantages of using disposable contact lenses and their role in decreasing
the adverse effects of contact lenses is driving the growth of this segment.
Increase in the occurrence of infections and affordable nature of disposable
contact lenses is boosting the demand for disposable multifocal contact lenses.
Based on application, multifocal contact lenses market can be divided into
astigmatism, presbyopia, myopia, and others. The presbyopia segment is expected
to account for major market share for the next five years due to rising old age
population and high occurrence of ocular disorder.
Bausch & Lomb India Private Limited, Alcon Laboratories
(India) Private Limited, Johnson & Johnson Private Limited, CVI Contact
Lenses India Private Limited, Hoya Medical India Pvt. Ltd. are the leading
players operating in India multifocal contact lenses 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 multifocal contact lenses manufacturers are
coming up with their technologically advanced offerings.
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“Rise
in awareness regarding the eye healthcare is creating lucrative opportunities
for the development of technologically advanced lenses which is contributing to
the rise in multifocal contact lenses market growth. Major market players are
introducing the products over the online platforms to widen the product reach
and hire well-known celebrities for brand endorsement to surge the sales of
multifocal contact lenses. Offering of attractive discounts and the convenience
of home delivery and easy exchange facility is expected to propel the
multifocal contact lenses market growth until FY2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India Multifocal
Contact Lenses Market By Design (Simultaneous Vision Designs v/s Segmented
Designs) By Usability (Disposable v/s Reusable) By Material Type (Hydrogel,
Silicone Hydrogel, HEMA, Others) By Distribution Channel (Retail Stores,
Hospitals & Clinics, Others) By Application (Astigmatism, Presbyopia,
Myopia, Others) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the
future growth potential of India multifocal contact lenses 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 India multifocal contact lenses market.
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