The GCC Contact Lenses market is expected to grow at a CAGR of around 4.42% during the forecast period, 2022-27, says MarkNtel Advisors in their recent research report. The factors responsible for the market growth are the high prevalence of vision impairments & diseases that result in poor vision has fueled the demand for contact lenses. In addition, the growing geriatric population across the GCC region has increased the risks of individuals with underlying eye disorders, such as myopia, hypermetropia, diabetic macular edema, cataracts, and glaucoma, among others, resulting in escalating the market growth. Moreover, the changing preferences of the youth population in GCC for contact lenses over spectacles due to their attractive appearance & variety of color options resulted in increased demand for contact lenses to a greater level.
Furthermore, rising cases of diabetes & high blood pressure, which are the primary causes of vision problems in the region, have increased the prevalence of diseases such as diabetic retinopathy, diabetic retinopathy, cataracts, and glaucoma, among the elderly population. In addition, the initiatives such as Saudi Vision 2030 & the UAE Vision 2021, among others initiated by the GCC countries to strengthen their healthcare infrastructure, have increased the number of healthcare facilities & ophthalmology centers. This further resulted in an increased number of healthcare facilities & eye care centers in the region. As a result, the demand for contact lenses in these eye care health units has increased significantly.
Besides, the requirement for health insurance in countries such as the United Arab Emirates, Saudi Arabia, and Qatar, among others, has increased the number of patients seeking treatment in the region's healthcare facilities. Hence, there was a significant increase in demand for contact lense. Further, as a result of the growing number of new healthcare facilities in the region, the demand for contact lenses is expected to escalate in the coming years.
Soft Contact Lenses Held a Significant Share in the GCC Contact Lenses Market
Based on the material type, the market is divided into Soft Contact Lenses, Hard Contact Lenses, and Hybrid Contact Lenses. Among them, soft contact lenses witnessed substantial growth in the GCC Contact Lenses market. The high use of silicone hydrogel material in the fabrication of soft contact lenses is one of the major factors driving the market growth during 2017-21. In addition, soft contact lenses have seen a significant increase in demand due to their flexibility, ease of adaptation to the eyes, and increased comfort.
Furthermore, the nature of the material used to make soft contact lenses allows a large quantity of oxygen to pass through the eye surface, thereby increasing the overall comfort by minimizing dryness & itching in the eyes. As a result, soft contact lenses are expected to have a favorable impact on the GCC Contact Lenses market during the forecast period.
Saudi Arabia to Dominate the Market in the Coming Years
Geographically, the Saudi Arabia Contact Lenses market experienced significant growth during 2017-19, owing to an increase in the prevalence of ocular disorders & a rise in the number of eye injuries among the population. Furthermore, Saudi Arabia has a well-developed healthcare system, and the country is constantly working to improve healthcare standards, both in terms of services & the availability of a variety of medical treatments for its citizens.
As a result, the demand for contact lenses for correcting vision has increased significantly. Moreover, the growing technological advancements & various research & development done by the leading market players for improving technologies of the contact lens would stimulate the market growth, reveals MarkNtel Advisors in their research report, "GCC Contact Lenses Market Analysis, 2027."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the GCC Contact Lenses Market are Johnson & Johnson Middle East FZ-LLC,Bausch + Lomb, CooperVision, Hydrogel Vision Corp., Abbott Medical Optics Inc., Alcon Laboratories Inc., Carl Zeiss Middle East & North Africa FZE, CIBA Vision, Essilor International, Contamac, Others.
Key Questions Answered in the Study