Market Definition
Contact lenses are thin, curved lenses that are worn on the eye's cornea. It conforms to the curvature of the eye, which provides a wider field of view & causes fewer vision distortions & obstructions. Contact lenses are the next best alternative to eyeglasses that are prone to damage easily due to mishandling or scratches on the glass. Therefore, the growing demand for contact lenses in GCC as a result of increasing awareness, easy availability, and the introduction of new ranges for cosmetic purposes has widened the scope of contact lenses in the region.
Market Insights
The GCC Contact Lenses market is projected to grow at a CAGR of 4.42% during the forecast period, 2022-27. Some crucial factors responsible for the market growth are the high prevalence of eyesight disorders & diseases leading to weak eyesight has catalyzed the demand for contact lenses. In addition, the growing geriatric population across the region with the rapid occurrence of age-related diseases has further propelled the demand for contact lenses in the region. On the other hand, the inclination of the younger population, from using spectacles to contact lenses, due to their appealing look and a range of color options has stimulated the demand for contact lenses to a greater extent.
Moreover, the rising cases of diabetes & high blood pressure, which are the leading cause of eyesight disorder in the region, has further propagated the prevalence of diseases, such as diabetic retinopathy, diabetic macular edema, cataracts, glaucoma, etc., among the older populace. Furthermore, regional countries' initiatives, such as the UAE Vision 2021, Saudi Arabia Vision 2030, and others, undertaken by the governments of countries such as the UAE, Saudi Arabia, and Kuwait, among others, to strengthen their healthcare infrastructure has resulted in an increase in the number of healthcare facilities & ophthalmology centers.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR | 4.42% |
| Country Covered | The UAE, Saudi Arabia, Bahrain, Kuwait, Oman, Qatar |
| Key Companies Profiled | (Johnson & Johnson Middle East FZ-LLC,Bausch + Lomb, CooperVision, Hydrogel Vision Corp., Abbott Medical Optics Inc., Alcon Laboratories Inc Other |
| Unit Denominations | USD Million/Billion |
Consequently, the demand for contact lenses in these healthcare units has elevated notably. Additionally, mandatory health insurance in countries such as the UAE, Saudi Arabia, Qatar, etc., has heightened the count of a patient getting treatment in the region’s healthcare settings, due to which the demand for contact lenses has also flourished notably. Therefore, with the increasing development of new healthcare facilities in the region, the requirement for contact lenses would surge during the forecast period.
Key Trend in the Market
The colored contact lenses have been gaining notable momentum among the youth population in GCC as a fashion statement & have been increasingly getting popular. Due to this, various players have been actively involved in unique marketing strategies to heighten their brand awareness. Furthermore, the manufacturers & even the retailers have been campaigning, providing offers, discounts, etc., in order to attract more & more customers. In addition, the rising adoption of disposable contact lenses has further supported the growth of colored contact lenses. Hence, this trend is expected to gain thrust & would offer potential growth opportunities in the GCC Contact Lenses market during the forecast period.
Impact of COVID-19 on the GCC Contact Lenses Market
The implementation of stringent mobility measures to control the spread of COVID-19 in the GCC Contact Lenses Market in 2020 had a negative impact on the revenue growth. The manufacturers of contact lenses in the countries such as the UAE, Saudi Arabia, and Qatar, among others, slowed down their production pace as a result of low demand from the end-users. In addition, the unavailability of raw materials for production caused by the supply chain disruption saw a considerable nosedive during 2020. On the other hand, during 2020, the healthcare settings, such as hospitals, clinics, etc., shifted their emphasis on COVID-19 patients, which led to a decline in the demand for contact lenses.
Moreover, the major part of the market is operated through the offline channel in the region, thus the mobility restrictions imposed by the government led to the closedown of optical stores, beauty centers, etc., which impacted the revenue growth adversely. However, in 2021, the market witnessed a growth in demand for contact lenses with the relaxation of movement restrictions, which increased the footfall in retail stores, and healthcare settings, among others. Hence, the COVID-19 would not cause a lasting impact on the sales of contact lenses in the forthcoming years.
