Contact lenses,
or simply contacts, are thin lenses placed directly on the surface of the eyes.
Contact lenses help to correct refractive errors and perform this function by
adjusting the focusing power of the eye's cornea and lens. Contact lenses are
made up of various kind of plastics and can be bifurcated into two categories
hard contact lenses and soft contact lenses. Some of the common contact lenses
which come under the variety of soft contact lenses include daily wear
contacts, extended wear contacts, toric contacts, colored contacts, and
decorative contacts. Most extended wear contact lenses are made up of silicone
hydrogel which combines the water absorbing plastic of soft lenses with
silicone. The contact lenses market in Malaysia is a growing industry with a
range of local and international brands available. In Malaysia, it is estimated
that 6-7% of the population wear contact lenses and most of them are in the
20-30 years age group. CooperVision is one of the world's leading contact lens
companies, serving opticians and lens wearers in over 130 countries. Growing
prevalence of eye diseases such as cataract and glaucoma are expected to
register an impressive growth to Malaysia contact lenses market in the forecast
period. Various types of contact lenses used to correct the vision of people by
curing various kind of eye diseases in the country is driving the growth of the
market. Moreover, nominal, and affordable price of contact lenses manufactured
in the country is further expected to propel the growth of contact lenses
market in Malaysia. Growing modernization and rising demand of cosmetic lenses
among various parts of the country is also expected to bolster the growth of
Malaysia contact lenses market in the forecast period. According to Health Care
Index, Malaysia is ranked at 30th position due to increase in
development and growing number of facilities provided by the healthcare system
of the country. Rising technological advancements under healthcare sector of
the country and innovation in treatment of various eye related diseases in the
country is further expected to boost the growth of contact lenses market in
Malaysia. Growth in geriatric population with every passing year across all the
regions of the country is further expected to propel the growth of Malaysia contact
lenses market during the futuristic period.
Growing
Prevalence of Eye Diseases
The growing
prevalence of eye diseases in Malaysia is one of the key drivers of the contact
lenses market in the country. With the increasing incidence of eye diseases
such as myopia, hyperopia, astigmatism, and presbyopia, there has been a rise
in the demand for vision correction products, including contact lenses. Contact
lenses offer a convenient and effective way to correct vision problems,
especially for those who do not wear glasses or are planning to undergo
surgery. Additionally, contact lenses are more comfortable and provide better
visual acuity than glasses, especially for those with higher prescriptions or
complex eye conditions.
According to research conducted by the National
Eye Survey Malaysia, 15,000 individuals were examined for blindness in 2018,
and 58.6 per cent of them were diagnosed with untreated cataracts that could
have been prevented if they had been detected earlier. Moreover, as per the
report published by The Star in 2022, growing prevalence of eye diseases in the
country have resulted in diagnosis of around 1.2% of total population in Malaysia
with blindness. Among various ophthalmic diseases, cataract accounted for 58.6%
of total cases, followed by 10.4% of diabetic retinopathy and 6.6% of glaucoma
cases. This recognizable increase in
instances of various eye diseases prevailing in the country is expected to
propel the growth of Malaysia contact lenses market in the futuristic period.
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Affordable Cost
of Contact Lenses
The affordable
cost of contact lenses is a major factor driving the Malaysia contact lens
market. With the increasing availability of cheaper contact lenses now, more
people can afford them and therefore are more likely to use them as a vision
correction option. Additionally, contact lenses offer many benefits over
traditional eyeglasses, such as improved peripheral vision, increased comfort,
and the ability to participate in sports and other physical activities without
fear of losing or damaging their glasses. Biofinity, Air Optix HydraGlyde and
Ultra contact lenses are some of the monthly contact lenses which are commonly
available at low cost in Malaysia. Moreover, the affordability and convenience
of contact lenses, especially disposable lenses, has led to increased demand in
Malaysia, fueling the growth of the country's contact lens market.
Growth in
Demand of Cosmetic Lenses
Cosmetic
contact lenses are typically used to enhance or alter the color of the eye.
Colored lenses also known as cosmetic lenses come in a variety of colors and designs
which enhances the natural color of the eyes, change the eye color entirely, or
create a specific effect or pattern on the iris. The Malaysian contact lenses
market is also benefiting from the increasing awareness about eye health and
the convenience that contact lenses offer compared to traditional eyeglasses. 16mm
Barbie Eyesland are the most common type of cosmetic lenses worn by majority of
Malaysians across all the regions of the country. Increasing modernization and
growing fashion trends in the country is propelling the growth of Malaysia contact
lenses market in the forecast period.
Rise in
Technological Advancements
The growing
technological development has had a significant impact on the Malaysia contact
lenses market. Technological advancements have led to the development of
contact lenses that are more comfortable, convenient, and safe for users,
leading to increased demand for these products in the market. For instance, the
development of silicone hydrogel materials has revolutionized the contact lens
industry. These materials allow for more oxygen to reach the cornea, reducing
the risk of eye infections and other complications associated with traditional
contact lenses. In 2021, Johnson & Johnson Inc. has developed its most
advanced intraocular lens using its TECNIS platform which is a proprietary
combination of materials and design for intraocular lenses. The TECNIS Synergy
is a presbyopia-correcting intraocular lens (PCIOL) that combines the best of extended
depth-of-focus and multifocal technologies to deliver the widest range of
continuous vision with the best near vision among leading PCIOLs. Moreover,
growth in technological advancements to improve the properties of contact
lenses using various innovative techniques is expected to bolster the growth of
Malaysia contact lenses market in the forecast period.
Increase in
Geriatric Population
With growing
age, people are more likely to experience vision problems such as presbyopia,
cataracts, and age-related macular degeneration. However, cataract is the most
common disease prevailing among people in Malaysia at the age of 60-70 years
old. According to data released by The Malaysian Reserve, Malaysia is
officially classified as an aging country as the population aged sixty-five and
over is expected to reach 7.3% of the country's population by 2023. In
addition, the Malaysian Department of Statistics (DoSM) predicts that
Malaysia's aging population is growing faster than expected, with more than 15%
of the population is predicted to increase over sixty-five by 2050. Increase
in rate of geriatric population and various visual problems associated with
them in their elder age is expected to propel the growth of Malaysia contact
lenses market in the forecast period.
Malaysia contact lenses
market is segmented based on modality, design, material type, application,
distribution channel, company, and region. In terms of modality, the contact
lenses market is categorized into reusable and disposable. Based on design, the
market is divided into spherical, toric, multifocal, and others. On basis of
material type, contact lenses market is segmented into silicone hydrogel,
hydrogel, gas permeable, and others. Based on application, the market is
fragmented into corrective, therapeutic, cosmetic, and others. Based on
distribution channel, contact lenses market is segmented into retail stores,
online, and hospitals & clinics.
Market Players
Johnson & Johnson Sdn.
Bhd., Ciba Vision Johor Sdn. Bhd., Bausch & Lomb (Malaysia) Sdn. Bhd.,
Oculus (M) Sdn. Bhd., and CooperVision Contact Lens Malaysia Sdn. Bhd.
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Attribute
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Details
|
|
Base Year
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2022
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Historic Data
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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, Volume in Tons,
and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue
forecast, Volume forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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Modality
Design
Material Type
Application
Distribution Channel
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Regional Scope
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East Coast
Region, Southern Region, Northern Region, East Region, and Central Region
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Key Companies Profiled
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Johnson & Johnson Sdn. Bhd., Ciba
Vision Johor Sdn. Bhd., Bausch & Lomb (Malaysia) Sdn. Bhd., Oculus (M)
Sdn. Bhd., and CooperVision Contact Lens Malaysia Sdn. Bhd.
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|
Customization Scope
|
10% free report
customization with purchase. Addition or alteration to country, 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, Malaysia contact lenses market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
·
Malaysia Contact Lenses Market,
By Modality:
o
Reusable
o
Disposable
·
Malaysia Contact Lenses Market,
By Design:
o
Spherical
o
Toric
o
Multifocal
o
Others
·
Malaysia Contact Lenses Market,
By Material Type:
o
Silicone Hydrogel
o
Hydrogel
o
Gas Permeable
o
Others
·
Malaysia Contact Lenses Market,
By Application:
o
Corrective
o
Therapeutic
o
Cosmetic
o
Others
·
Malaysia Contact Lenses Market,
By Distribution Channel:
o
Retail Stores
o
Online
o
Hospitals & Clinics
Competitive Landscape
Company Profiles: Detailed analysis
of the major companies is present in Malaysia contact lenses 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).
Malaysia
contact lenses market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]