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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