The research study on GCC Contact Lens Market, recently released by Markntel Advisors comprises facts and information obtained from various legitimate sources to provide an explained and effortless interpretation of the future state of the market according to past data. Analysts at Markntel Advisors evaluated the obtained material and data, gaining insights and the working of the industry to provide the data in a systematic order along with the predictions and future insights presented to the shareholder based on the past evaluation.
Market Overview –
- Country Wise Market Dividation: Saudi Arabia Has Been Portraying A Noticeable Market Growth
The GCC Contact Lens market is divided across the countries like UAE, Saudi Arabia, Bahrain, Kuwait, Oman, and 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.
- Market Ongoing Trends: 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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-21 |
| 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 |
- Covid-19 Impact Analysis
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.
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Further Significant Questions We Answered in Our Report –
- Who are the key participants in the industry, and how have they sculpted the market?
- What are the market players’ current strategies, business plans, and initiatives to continue their foothold in the industry and expand further?
- Which segment of the market is most profitable and why?
- What are the current trends that are driving the industry?
- What are the opportunities and obstacles in the growth of the market?
Report Table of Content
- Introduction
- Product Definition
- Research Process
- Assumptions
- Executive Summary
- Impact of COVID-19 on GCC Contact Lenses Market
- GCC Contact Lenses Market Trends & Insights
- GCC Contact Lenses Market Dynamics
- Growth Drivers
- Challenges
- GCC Contact Lenses Market Policies, Regulations, Product Standards
- GCC Contact Lenses Market Hotspot & Opportunities
- GCC Contact Lenses Market Import-Export Statistics, 2017-21
- GCC Contact Lenses Market Value Chain Analysis
- GCC Contact Lenses Market Consumer Behavior Analysis
- By Age Group
- By Income Group
- By Usability Preference
- By Buying Channel
- GCC Contact Lenses Market Outlook, 2017-2027F
Market Growth Driver and Upcoming Challenges –
- 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.
- 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.
Industry Divisions and Distributions
By dividing and bifurcating the industry based on varying Segments, the reports help breaks down the market into sections to help shareholders point out their focus of attention and figure out the most profitable quarters.
The GCC Contact Lens market is diversely fragmented and spread across various bifurcations. The report aims to categorize and systematically present the data in an organized, easy-to-interpret format by dividing the bifurcations into segments. Each segment is then further presented with historical data, market growth, expansion, technological advancement, and other factors affecting it. The prediction of its future growth depends on current trends and further development. The industry segmentations bifurcate across the following segments:
By Material Type
- Soft Contact Lenses
- Silicone Hydrogel
- Hydrogel
- Hard Contact Lenses
- Rigid Gas-Permeable Lenses (RGP)
- Polymethyl Methacrylate (PMMA)
- Hybrid Contact Lenses
By Design
- Spherical
- Toric
- Multifocal
- Others (Monovision, Color lenses, etc.)
By Usability
- Reusable
- Disposable
By Application
- Cosmetics
- Corrective
- Others (Prosthetic, Orthokeratology, etc.)
By Sales Channel
- Offline
- Optical Stores
- Hospital & Clinics
- Others (Pharmacies, Beauty Centres, etc.)
- Online
- Company-owned Portals
- E-commerce Platforms
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Examination of The Market’s Top Leaders
To explain the dominance of competitors and the market, the report provides the major moves, developments, acquisitions, launches, and more performed by the key players influencing the market. The prominent players profiled in the report include: –
- – 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
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