Malaysia Contact Lenses Market to be Dominated due to the Rising Disposable Income of Malaysians through 2028
Rising availability of diverse
eye-care products in Malaysia might boost the growth of the Malaysia contact lenses market.
According to TechSci Research
report, “Malaysia Contact Lenses Market- By Region, Competition, Opportunities, and Forecast, 2028”, the Malaysia contact lenses
market is anticipated to register a high CAGR during the forecast period. This
can be ascribed to increasing number of applications of contact lenses in the
country and growth in establishment of various ophthalmology hospitals. The growing government
support in Malaysia is playing a significant role in driving the contact lenses
market in the country. The Malaysian government has taken various initiatives
to promote the use of contact lenses among the people which includes providing
subsidies on contact lenses, launching awareness campaigns on the benefits of
contact lenses, and promoting the use of contact lenses in the healthcare
sector. Moreover, the government is also
working to improve access to eye care services in Malaysia by increasing the
number of eye care professionals and providing training for these professionals
to offer specialized services, such as fitting contact lenses. Growing focus of
Malaysian government in improving the quality of ophthalmic facilities in the
country and introduction of new policies and health insurance for benefit of
people is driving the growth of Malaysia contact lenses market in the forecast
period. Moreover, expansion of various distribution sources in Malaysia such as
retail stores, online stores, hospitals, and clinics are faciliating purchase
of contact lenses in the country, which is in turn expected to register an
impressive growth for the Malaysia contact lenses market in the forecast
period.
The growing application of contact lenses is also driving the Malaysia
contact lenses market in several ways. Contact lenses offer several advantages
over traditional eyeglasses, including improved vision, increased convenience,
and enhanced aesthetics. As a result, many people in Malaysia are turning to
contact lenses as a viable alternative to eyeglasses. Developing revenue of the
country due to manufacture and production of contact lenses among various
regions of the country is also leading to the growth of contact lenses market
in Malaysia. According to a report published by Statista, the revenue generated
by the contact lens market in Malaysia was estimated to be around 246 million
U.S. dollars in 2020. Moreover, rise in disposable income invested by people in
purchasing optical wears such as sunglasses and contact lenses are also
developing the economy of the country which is further expected to propel the
growth of Malaysia contact lenses market in the forecast period. Healthcare
system of Malaysia is one of the leading systems around the world with a total
of 355 hospitals present in the country. With growing establishment of various
hospitals and optical centers in the country people are getting more conscious
about eye related diseases which is leading to the production of more contact
lenses in the country and is thereby fueling the growth of Malaysia contact
lenses market. Moreover, growing number of campaigns organized in the country to
spread the awareness of visual care among the people of the country is also
expected to drive the contact lenses market in Malaysia during the futuristic
period.
However, availability of
alternative treatments for refractive errors in Malaysia, various side-effects
associated with the extensive use of contact lenses and lack of eye specialists
practicing in the country are expected to slow down the growth of the market in
the coming years.
Browse over XX market data Figures and spread through XX Pages and an in-depth TOC on "Malaysia contact lenses market”
The Malaysia contact
lenses market segmentation is based on modality, design, material type,
application, distribution channel, company, and region.
Based on modality, the
market is further divided into reusable and disposable. Reusable contact lenses
are likely to dominate the market in the forecast period. This can be ascribed to
distinctive property of these lenses such as intaking more oxygen into eyes to
keep them moist and healthy.
Some of the major
companies operating in the Malaysia contact lenses market include:
- Johnson &
Johnson Sdn. Bhd.
- Ciba Vision Johor Sdn. Bhd.
- Bausch & Lomb (Malaysia) Sdn. Bhd.
- Oculus (M) Sdn. Bhd.
- CooperVision Contact Lens Malaysia Sdn. Bhd.
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“Certain regions are expected to dominate the demand for
contact lenses in Malaysia. Establishment of new companies which are excelling
in manufacturing efficient contact lenses and more people maintaining their
visual health nowadays is expected to propel the growth of Malaysia contact
lenses market in the forecast period. Moreover, growing production of affordable,
easy-to-use, and reusable contact lenses in the country is also fueling the
growth of contact lenses market in Malaysia," said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Malaysia Contact Lenses Market By Modality (Reusable
and Disposable), By Design (Spherical, Toric, Multifocal, and
Others), By Material Type (Silicone Hydrogel, Hydrogel, Gas Permeable, and
Others), By Application (Corrective, Therapeutic,
Cosmetic, and Others), By Distribution Channel (Retail Stores, Online,
Hospitals, & Clinics), By Region, Competition, Forecast, &
Opportunities, 2018”, has evaluated the future growth
potential of Malaysia contact lenses market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide innovative 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 Malaysia contact lenses market.
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