GCC Contact Lens Market Research Report: Forecast (2022-2027)

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.

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

• Rising Fashion Trend of Colored Lenses Among the Youth

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.

Market Segmentation

Based on the Material Type:

• Soft Contact Lenses
• Hard Contact Lenses
• Hybrid Contact Lenses

Of them all, the demand for Soft Contact Lenses experienced considerable growth during 2017-21. The factors responsible for the market growth are the high usage of silicone hydrogel material for the manufacturing of soft contact lenses. Further, due to its flexibility & easy adaptability to the eyes, along with higher comfort, the demand for soft contact lenses has witnessed notable growth during 2017-2021. Additionally, the nature of the material used for making soft contact lenses allows a significant amount of oxygen to penetrate through it, therefore elevating the overall comfortability by reducing the dryness & itching in the eyes. Consequently, it is anticipated to derive a positive trend in the GCC Contact Lenses market from soft contact lenses during 2022-2027.

Based on the Design:

• Spherical
• Toric
• Multifocal
• Others (Monovision, Color lenses, etc.)

Here, Spherical Contact Lenses have grabbed a considerable share in the GCC Contact Lenses market during the historical period due to their design flexibility that allows them to bend in any direction, i.e., horizontally, vertically, etc. In addition, it is the most common type of contact lens prescribed by medical professionals for correcting eye-related diseases, such as myopia, hypermetropia, and astigmatism, among others.

Moreover, spherical contact lenses have the same lens power throughout the optical portion of the lens to correct nearsightedness or farsightedness. Therefore, with the high prevalence of myopia & hyper myopia in youth, adults, and the elderly, the demand for spherical design contact lenses, would continue to hold a significant growth rate during the forecast period.

Based on the Usability:

• Reusable
• Disposable

Among all, the Reusable Contact Lenses acquired a considerable share in the GCC Contact Lenses market during 2017-21, owing to a large consumer base using reusable lenses in the region. However, the shifting demand pattern for disposable lenses has gained notable traction among the youth population of the region that created lucrative growth opportunities for disposable contact lenses with varied timespan, from daily disposables to monthly disposables. In addition, disposable contact lenses do not generally need eye care solutions for frequent cleaning of the lenses.

Moreover, the advent of COVID-19 & the fear of spreading infection through contact lenses among the population has further augmented the demand for disposable contact lenses to avoid contamination. Due to their ease of application, disposable contact lenses would witness flourishing growth in the forecast years.

Regional Landscape

Geographically, the GCC Contact Lenses Market expands across:

• The UAE
• Saudi Arabia
• Bahrain
• Kuwait
• Oman
• Qatar

Of all the countries in the GCC, Saudi Arabia has been portraying a noticeable market growth since 2017 due to the increasing prevalence of ocular diseases & burgeoning incidences of eye injuries among its populace. In addition, Saudi Arabia has a robust & advanced healthcare system, and the region is making constant efforts to elevate the healthcare standards in terms of services & availability of a range of medical treatments for its patients. This led to stimulating the demand for contact lenses for corrective eyesight.

Furthermore, the increasing technological advancement & consistent research done by the leading market players for the better contact lens technologies is also escalating the market growth. Additionally, leading companies such as Al-Jamil Optical Co., and CooperVision, Inc., are heavily invested in providing the best services to customers & devices that help the eye care health of the patients in the Kingdom. Hence, this is projected to propel the demand for contact lenses in various eye care health centers during 2022-2027.

Market Dynamics:

Key Driver: Burgeoning Geriatric Population Across the Region to Escalate the Market Growth

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 various others. This has elevated the requirement for corrective contact lenses for the elderly population, thereby augmenting the sales of contact lenses in the region. Further, the governmental pension relief & retirement schemes, such as retirement in Dubai, etc., along with the low medical treatment costs & mandatory health insurance for elderly individuals & expatriates, have magnified the population in the region. As a result, the demand for contact lenses has been propelled notably during the historical period.

Possible Restraint: Growing Demand for Laser Treatment for Permanent Eyesight Correction to Hamper the Market

The growing demand for laser treatment for permanent eyesight correction in GCC countries such as the UAE, Saudi Arabia, etc., resulted in hindering the demand for contact lenses. In addition, factors such as the increasing availability of laser treatment in various eye care centers & the rising adoption of permanent eyesight correction treatment among consumers are likely to hamper the market growth. Furthermore, the complications associated with the contact lenses, such as infection, corneal edema, superficial keratitis, red eye, and excess mucus production, among others, resulted in the adoption of laser treatments for permanent eye correction in the region, hence hampering the market for contact lenses.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size - By Value, Forecast Numbers, Segmentation, Shares) of the GCC Contact Lenses Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the GCC Contact Lenses Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the GCC Contact Lenses Market based on the competitive landscape?
5. What are the key results derived from surveys conducted during the GCC Contact Lenses Market study?