DUBLIN--(BUSINESS WIRE)--The "Australia Contact Lens Market By Material Type By Design By Wear Type, By Application, By Distribution Channel, Region, Competition, Forecast & Opportunities, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
Australia contact lens market is expected to grow at a significant CAGR to 2028.
The rise in the geriatric population is the major driving factor for the 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. The surge in the occurrence of myopia and other ocular disorders is boosting the demand for contact lenses. There are different lenses available designed to meet the specific needs of patients, and are called specialty lenses.
For instance, scleral lenses, which have large diameters, are used in the treatment of corneal irregularities. With the rise in penetration of the internet, there is an increase in usage of electronic devices such as smartphones, tablets, and laptops, among others which are affecting eye vision adversely.
Growing preference for contact lenses over prescription eyeglasses due to changing trends and beauty standards is accelerating the growth of the contact lens market in Australia. Growing e-commerce and customer demand for online shopping and convenient access to contact lenses in less time and effective prices will enhance the growth of the market in the forecast period.
An increase in health awareness and adoption of healthy lifestyles and exercises is contributing to a high preference for contact lenses as the use of spectacles during physical exercise cause discomfort, and contact lenses provide a 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. The usage of artificial intelligence in contact lenses increased the adoption of contact lenses in Australia.
The side effects of contact lenses are hampering the growth of the market. The main side effects of wearing contact lenses are red eye, dry eye, infection, corneal vascularization, eye ulcers, and conjunctivitis, among others. Additionally, the lack of awareness regarding the usage and care of contact lenses has also restricted the market.
Increased Incidences of Myopia
The incidence of Myopia is significantly increasing in Australia. This is due to the increase in online screen time. The changing lifestyle patterns have 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 the new normal.
As a result of this, people are spending more time in front of the screen, leading to the 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 aging due to increasing life expectancy. According to the Australian Bureau of Statistics, as of 30th June 2020, there were approximately 4.2 million aged population comprising 16% of the total population of Australia.
Technological Advancements
Many technological advancements in contact lenses are driving the futuristic growth of the market. Technological advancements, such as light adaptive lenses, multifocal toric lenses, etc., are expected to create new prospects for the growth of the 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 a drug delivery system because contact lens directly touches the surface of the eye and can provide medicine where it is required in the eye. Contact lenses to monitor the health of the eye is also launched in the market.
In the health monitoring contact lens, the lens monitors the intraocular pressure of the patients at risk of glaucoma. All these factors will create lucrative opportunities for market growth in the coming years.
Competitive Landscape
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.
Company Profiles: Detailed analysis of the major companies present in Australia contact lens market.
A selection of companies mentioned in this report includes
- 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
Market Trends & Developments
- Recent Developments
- Merger Acquisition
- Product launches
- Policy & Regulatory Landscape
- Economic Profile
- SWOT Analysis
- Porter's Five Forces Analysis
- Pricing Analysis
Competitive Landscape
- Business Overview
- Product Offerings
- Recent Developments
- Financials (As Reported)
- Key Personnel
- SWOT Analysis
- Strategic Recommendations
Report Scope:
Years considered for this report:
- Historical Years: 2018-2021
- Base Year: 2022
- Estimated Year: 2023
- Forecast Period: 2024-2028
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:
- Disposable
- Reusable
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:
- Australia Capital Territory & New South Wales
- Northern Territory & Southern Australia
- Western Australia
- Queensland
- Victoria & Tasmania
For more information about this report visit https://www.researchandmarkets.com/r/83tjtz
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