Asia Pacific Contact Lens - Market Insights, Competitive Landscape, and Market Forecast - 2030

Asia Pacific Contact Lens - Market Insights, Competitive Landscape, and Market Forecast - 2030

Asia-Pacific Contact Lens Market By Applicability (Clear Contact Lens And Coloured Contact Lens) and by country is estimated to register growth at a remarkable CAGR owing to the rising prevalence of refractive errors, growing importance of contact lenses as cosmetics and prosthetics, increasing significance in the sports insudtry, among others in the asia-pacific region during the forecast period 2024-2030.

The Asia-Pacific Contact Lens market was valued at USD 4,511.38 million in 2022 and is likely to register a CAGR of 6.24% during the forecast period from 2024 to 2030 to reach USD 6,482.84 million by 2030. The contact lens market is slated to witness prosperity owing to the increasing prevalence of refractive errors amongst the population, the rising popularity of cosmetic and prosthetic use contact lenses in the region and the rising use of contact lenses in sports among athletes during the forecast period (2024-2030).

Asia-Pacific Contact Lens Market Dynamics:

Among the noteworthy drivers of the Asia-Pacific contact lens market, the rising prevalence of refractive errors turns out to be the major factor accelerating the contact lens market in the region.

For example, as per data cited by the World Health Organization (WHO) in their World Report on Vision (2019), three Asian regions accounted for 62% of the estimated 216.6 million people in the world with moderate and severe distance vision impairment reporting 61.2 million, 52.9 million, and 20.8 million cases in South Asia, East Asia, and South-East Asia respectively in the year 2019.

Henceforth, owing to the large end-user base associated with refractive errors, the market for contact lenses will grow in the Asia-Pacific region in the study period of 2022 – 2028.

Another major driver pertaining to the contact lens market is the development of innovative contact lens for the management and treatment of refractive errors.

For example, in October 2020, Menicon Co., Ltd. announced the launch of daily disposable color contact lenses “1DAY FRUTTIE,” which has already been marketed in Japan, and China for the first time through local agencies.

However, the increasing level of concerns related to eye safety and the availability of substitute products in the market may act as restraining factors for the Asia-Pacific contact lens market growth.

The COVID-19 pandemic had a negative impact on the Asia-Pacific contact lens market owing to the lockdown and the suspension of routine healthcare eye-checkups, as most of the healthcare sector resources were used in the management of the COVID-19 situation. In order to contain the spread of COVID-19 disease, in the early 2020, the APAC market began to implement the “stay at home” orders and business shutdowns that had included the offices of eye care professionals and the deferral of the non-urgent surgical procedures, thereby leading to an economic standstill, affecting the growth of the contact lens market negatively. However, with large number of masses being vaccinated and with the resumption of activities across industries including the healthcare sector, the Asia-Pacific contact lens market is further expected to grow positively during the forecast period from 2024-2030.

Asia-Pacific Contact Lens Market Segment Analysis:

Asia-Pacific contact lens market by applicability (clear contact lens and coloured contact lens) and country (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific).

Based on the applicability segment of the Asia-Pacific contact Lens market, the clear contact lenses category is projected to register a significant growth in revenue which was valued at USD 3,517.59 million in 2022 and is expected to grow at a CAGR of 6.16% during the forecast period 2022–2028 to reach USD 5,030.87 million by 2030.

This can be can be attributed to its various advantages, rising cases of refractive errors and the growing number of product approvals for clear contact lenses among others.

According to the World Health Organization (WHO), World Report on Vision (2019); the overall prevalence of myopia was reported to be the highest in high-income countries of the Asia-Pacific region, 53.4%, followed by East Asia, 51.6% of the global myopia population.

In addition to the large end-user base associated with refractive errors, recent product approvals for clear contact lenses is further expected to boost the demand for clear contact lenses during the forecast period.

For example, In August 2022, the Chinese National Medical Products Administration (NMPA) approved MiSight® 1 day contact lenses manufactured by CooperVision for use within the country following a priority review. The innovative soft contact lenses became the first indicated product of any type in China for slowing the progression and management of myopia.

Hence, the interplay of all the aforementioned factors is anticipated to propel the market for clear contact lenses in Asia-pacific region in the upcoming years.

Japan is expected to dominate the overall Asia-Pacific Contact Lens Market:

Among all the countries, Japan is expected to lead in the revenue generation in the Asia-Pacific contact lens market and was valued at USD 2,080.46 million in 2022 and is projected to rise at a CAGR of 5.55% during the forecast period (2022–2028) to reach USD 2,874.56 million by 2030.

This domination is owing to the region's rising prevalence of myopia and refractive errors. Moreover, the rising introduction of technologically advanced products, growing healthcare spending, and significant investment by leading companies in the country will also aid in the growth of the contact lens market in Japan.

According to the latest study by the American Academy of Ophthalmology, it was estimated that 19 out of every 20 teenagers are myopic in Japan. Other ophthalmic disorders, such as presbyopia, high myopia, astigmatism, and dry eyes, are highly prevalent in the country. Further, age, hypertension, diabetes, and family history of eye disease can be a certain risk factor for ophthalmic disorders.

For instance, The Ministry of Internal Affairs and Communications in 2022 stated that the number of people aged 65 or over in Japan rose further 220,000 from the previous year to a record as high as 36.4 million.

Further, acquisition among the regional players will impact the market's growth. For instance, in October 2019, Menicon Co., Ltd., a Japanese contact lenses manufacturers, acquired FINEKO, which owns SOLEKO Spa. This Italian company manufactures and sells contact lenses and contact lens care products.

Additionally, the rising technological advancements amongst contact lens manufacturers in Japan will also increase the demand of such innovative contact lens in the Japanese market, leading to an overall increase in the Asia Pacific contact lens market growth. For instance, on December 09, 2020, Menicon, Japan's largest contact lens manufacturer, had signed a deal with Mojo Vision to build augmented reality contact lenses.

Therefore, along with the presence of large number of geriatric patients prone to refractive errors in Japan and the increasing focus of manufacturers on launching new products and merger acquisitions, it is expected to bolster the growth of the contact lens market in Japan during the forecast period.

Asia-Pacific Contact Lens Market Key Players:

Some of the key market players operating in the Asia-Pacific contact Lens market include Alcon, Inc., Cooper Companies Inc., Johnson & Johnson, Bausch Health Companies Inc., HOYA Corporation, Brighten Optix Corporation, ZEISS Group, SynergEyes, Gelflex, Menicon Co., Ltd., SEED Co., Ltd, NewBio CO., LTD., Ginko International Co., Ltd., Lucid Korea Ltd., Belmore Korea Company, and others.

Recent Developmental Activities in Asia-Pacific Contact Lens Market:

In February 2022, Johnson & Johnson Vision, a global leader in eye health, announced the launch of BUBBLE POPTM, a new range of colored contact lenses designed to meet the rising trend of eye makeovers in India.

In August 2022, the Chinese National Medical Products Administration (NMPA) approved MiSight® 1 day contact lenses manufactured by CooperVision for use within the country following a priority review.

In October 2020, Menicon Co., Ltd. announced the launch of daily disposable color contact lenses “1DAY FRUTTIE,” which has already been marketed in Japan, in China for the first time through local agencies.

Key Takeaways from the Asia-Pacific Contact Lens Market Report Study

Market size analysis for current Asia-Pacific contact lens market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Asia-Pacific contact lens market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for last 3 years

Key companies dominating the Asia-Pacific contact lens market.

Various opportunities available for the other competitor in the Asia-Pacific contact lens market space.

What are the top performing segments in 2023? How these segments will perform in 2030.

Which is the top-performing country in the current Asia-Pacific contact Lens market scenario?

Which are the countries where companies should have concentrated on opportunities for Asia-Pacific contact lens market growth in the coming future?

Target Audience who can be benefited from this Asia-Pacific Contact Lens Market Report Study

Asia-Pacific contact lens products providers

Research organizations and consulting companies

Asia-Pacific contact lens-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in clear and coloured contact lens in Asia-Pacific

Various end users who want to know more about the Asia-Pacific contact lens market and latest technological developments in the Asia-Pacific contact lens market.

Frequently Asked Questions for Asia-Pacific Contact Lens Market:

1. What are Contact lenses?

Contact lenses are medical devices placed directly on the cornea of the eye for rectifying the refractive errors and irregularities of the corneal surface, such as myopia, presbyopia, and others.

2. What is the market for the Asia-Pacific Contact Lens?

The Asia-Pacific Contact Lens market was valued at USD 4,511.38 million in 2022 and is likely to register a CAGR of 6.24% during the forecast period from 2024 to 2030 to reach USD 6,482.84 million by 2030.

3. What are the drivers for the Asia-Pacific Contact Lens market?

The Asia-Pacific contact lens market is slated to witness prosperity owing to the increasing prevalence of refractive errors amongst the populations, the rising popularity of cosmetic and prosthetic use contact lenses in the market and the rising use of contact lenses in sports among athletes during the forecast period (2024-2030).

4. Who are the key players operating in the Asia-Pacific Contact Lens market?

Some of the key market players operating in the Asia-Pacific contact lens market include Alcon, Inc., Cooper Companies Inc., Johnson & Johnson, Bausch Health Companies Inc., HOYA Corporation, Brighten Optix Corporation, ZEISS Group, SynergEyes, Gelflex, Menicon Co., Ltd., SEED Co., Ltd, NewBio CO., LTD., Ginko International Co., Ltd., Lucid Korea Ltd., Belmore Korea Company, and others.

5. Which country has the highest share in the Asia-Pacific Contact Lens market?

Japan is expected to dominate the overall Asia-Pacific contact lens market during the forecast period, 2024 to 2030. This can be ascribed to the rising prevalence of to the region's rising prevalence of myopia and refractive errors. Moreover, the rising introduction of technologically advanced products, growing healthcare spending, and significant investment by leading companies in the country will also aid in the growth of the contact lens market in Japan.