Australia contact lens market is
expected to grow at a significant CAGR during the forecast period. Rise in
geriatric population is the major driving factor for contact lenses market as
with growing age their natural vision capabilities start to deteriorate
gradually.
Contact lenses are used to treat the
vision defects such as myopia, hypermetropia, astigmatism and presbyopia. Surge
in occurrence of myopia and other ocular disorders is boosting the demand for
contact lenses. There are different lenses available designed to meet specific
needs of patient and are called specialty lenses. For instance, scleral lenses
which have large diameters are used in treatment of corneal irregularities. With
the rise in penetration of internet, there is increase in usage of electronic
devices such as smart phones, tablets, laptops among others which is affecting
the eye vision adversely. Growing preference for contact lenses over the
prescription eyeglasses due to changing trends and beauty standards is
accelerating the growth of the contact lenses market in Australia. Growing
e-commerce and customer’s demand for online shopping and convenient access to
contact lens in less time and effective price will enhance the growth of market
in forecast period.
Increase in health awareness and
adoption of healthy lifestyle and exercises is contributing to high preference
for contact lenses as use of spectacles during the physical exercise which cause
discomfort and contact lenses provide solution for clear vision.
The increasing technological advancement
in contact lenses is also driving the market over the coming years. Technological
advancements such as moisture seal technology, Centurian phacoemulsification
technology, etc. Usage of artificial intelligence in contact lenses, increased
the adoption of contact lens in Australia.
The side effects of contact lens are
hampering the growth of market. The main side effects of wearing contact lens
are red eye, dry eye, infection, corneal vascularization, eye ulcers,
conjunctivitis, among others. Additionally, the lack of awareness regarding the
usage and care of contact lens is also restricted the market.
Increased Incidences of Myopia
Incidence of Myopia is significantly
increasing in Australia. This is due to the increase in online screen time. The
changing lifestyle patterns has made people spend more time on different social
media platforms. The incidence of COVID-19 has changed the scenario and has
made work from home and online education new normal. As a result of this people
are spending more time in front of the screen, leading to prevalence of
different eye problems. According to the World Health Organization, the
prevalence of myopia will climb to 31.8 percent in 2030, 40 percent in 2040,
and 48.1 percent in 2050 in Australia. The need for contact lenses is
increasing as the number of people with refractive disorders rises. Additionally,
Australia’s population is ageing due to increasing life expectancy. According
to Australian Bureau of Statistics, as of 30th June 2020, there were
approximately 4.2 million aged population comprising 16% of total population of
Australia.
Technological Advancements
Many technological advancements in
contact lens are driving the futuristic growth of market. Technological
advancement such as light adaptive lens, multifocal toric lens, etc.are
expected to create new prospects for the growth of contact lens market in
Australia. For instance, Bausch + Lomb Ultra launched its Multifocal for
Astigmatism (Bausch + Lomb) contact lens.
Additionally, research is being
conducted to use contact lens as drug delivery system because contact lens
directly touches the surface of eye and can provide medicine where it is
required in the eye. Contact lens to monitor the health of eye is also launched
in the market. In the health monitoring contact lens, the lens monitors the
intraocular pressure for the patients at risk of glaucoma. All these factors
will create lucrative opportunities for the market growth in the coming years.
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Market Segmentation
Australia Contact Lens market can be
segmented by material type, by design, by wear type, by application, by distribution
channel and by region. Based on material type, the market can be divided into Silicone
Hydrogel, Hydrogel, Gas permeable, and Others. Based on design the market is
divided into Spherical, Toric, Multifocal, and Others. Based on wear type the
market is divided into Disposable v/s Reusable. Based on application the market
split into Corrective, Therapeutic, Cosmetic, Others. Based on distribution
channel the market is divided into Retail Stores, Hospitals & Clinics, and Online.
Market Players
The major players operating in the Australia
contact lens market are 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, among others. Major companies are developing
advanced technologies and launching new products & services to stay
competitive in the market. Other competitive strategies include mergers &
acquisitions and new service developments.
Years
considered for this report:
Historical Years: 2018-2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024–2028
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Attribute
|
Details
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|
Base Year
|
2022
|
|
Historical Years
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2018 – 2021
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|
Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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·
Material Type
·
Design
·
Wear Type
·
Application
·
Distribution
Channel
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|
Region Scope
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Australia Capital Territory & New South Wales, Northern
Territory & Southern Australia, Western Australia, Queensland, Victoria
& Tasmania
|
|
Key Companies Profiled
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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
|
|
Customization Scope
|
10% free report customization with purchase. Addition or
alteration to regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, Australia contact lens market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
·
Australia Contact Lens Market, By Material
Type:
- Silicone
hydrogel
- Hydrogel
- Gas
permeable
- Others
- Australia Contact Lens Market, By Design:
- Spherical
- Toric
- Multifocal
- Others
- Australia Contact Lens Market, By Wear Type:
- Australia Contact Lens Market, By Application:
- Corrective
- Therapeutic
- Cosmetic
- Others
- Australia Contact Lens Market, By Distribution Channel:
- Retail
Stores
- Hospitals
& Clinics
- Online
- Australia Contact Lens Market, By
Region:
o Australia Capital Territory & New
South Wales
o Northern Territory & Southern
Australia
o Western Australia
o Queensland
o Victoria & Tasmania
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in Australia contact lens market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).