Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- 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.
The Australia contact lens market is poised to experience a noteworthy growth trajectory, anticipated to achieve a significant Compound Annual Growth Rate (CAGR) through 2028
This growth is primarily propelled by the escalating geriatric population, where the natural vision capabilities of individuals gradually deteriorate with age. The utilization of contact lenses to address various vision disorders, including myopia, hypermetropia, astigmatism, and presbyopia, has become integral.
The prevalence of myopia and ocular disorders has led to a surge in demand for contact lenses, and specialty lenses tailored to specific patient needs have emerged in response. Notably, specialized lenses like scleral lenses, designed for corneal irregularities, have gained prominence.
Furthermore, the burgeoning penetration of internet-connected devices such as smartphones, tablets, and laptops has contributed to adverse effects on eye vision. In a changing landscape of trends and beauty standards, an increasing preference for contact lenses over prescription eyeglasses is propelling market growth in Australia.
The flourishing e-commerce sector, coupled with heightened customer demand for convenient online shopping for contact lenses, is set to foster market expansion. Health awareness and the adoption of active lifestyles have also fueled the preference for contact lenses, offering a comfortable and clear vision solution during physical activities.
Technological advancements, including moisture seal technology and artificial intelligence integration, are anticipated to play a pivotal role in driving market growth in the foreseeable future. However, challenges associated with contact lens usage, including side effects and limited awareness about proper usage and care, present obstacles to market expansion.
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/9p5xq6
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