Increasing awareness of eye disorders and rise in per capita spending capacity is expected to drive the India multifocal contact lenses market for the forecast period.
According to TechSci Research report, “India Multifocal Contact Lenses Market By Design (Simultaneous Vision Designs v/s Segmented Designs) By Usability (Disposable v/s Reusable) By Material Type (Hydrogel, Silicone Hydrogel, HEMA, Others) By Distribution Channel (Retail Stores, Hospitals & Clinics, Others) By Application (Astigmatism, Presbyopia, Myopia, Others) By Company, By Region, Forecast & Opportunities, FY2027”, India multifocal contact lenses market is expected to witness steady growth for the next five years. Multifocal lenses are majorly used in performing cataract surgeries. Some patients prefer to replace the natural lenses with multifocal lenses before the development of cataract disease and this process is known as refractive lens exchange and these lenses improve near, intermediate and far-distance vision. Multifocal lenses have etched concentric rings which allow image formation at retina from a variety of distances. Multifocal contact lenses provide improved vision and eliminate or reduce the need of wearing corrective eyewear. Standard lenses do not provide any solution to astigmatism whereas multifocal contact lenses provide the solution for astigmatism correction and thereby offers a broad range of vision correction solution which is the major factor contributing to high demand of multifocal contact lenses in India. Multifocal contact lenses reduce the need for wearing computer glasses or glasses after the cataract surgery is performed. These lenses expand the range of vision, and the patient can see near and far without the need of additional eyewear. Multifocal lenses when are implanted into the eyes do not require routine replacement or additional care and are long lasting which are the other two significant factors accelerating the multifocal contact lenses market growth.
Due to the ongoing pandemic COVID-19, lockdown restrictions were imposed all over the country. Complete shutdown was observed, and people started practicing social distancing and following the precautionary measures. Imposition of strict regulations and policies by leading authorities, business had to suffer huge losses. Also, the demand for multifocal contact lenses has gone down. Manufacturing units were shut down and loss of availability of skilled labors led to market decline. Number of units imported or exported to other countries also suffered setback. After the lifting of lockdown restrictions, manufacturing companies are expected to pick up the pace and grow eventually.
However, multifocal lenses are not suitable for intermediate vision and development of glare after night thereby reducing the chances of nighttime vision which may hamper market growth for the next five years.
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India multifocal contact lenses market is segmented into design, usability, material type, distribution channel, application, regional distribution, and company. Based on usability, market can be further bifurcated into disposable and reusable. The disposable segment is expected to dominate the market for the forecast period, FY2023-FY2027. Rise in awareness regarding the advantages of using disposable contact lenses and their role in decreasing the adverse effects of contact lenses is driving the growth of this segment. Increase in the occurrence of infections and affordable nature of disposable contact lenses is boosting the demand for disposable multifocal contact lenses. Based on application, multifocal contact lenses market can be divided into astigmatism, presbyopia, myopia, and others. The presbyopia segment is expected to account for major market share for the next five years due to rising old age population and high occurrence of ocular disorder.
Bausch & Lomb India Private Limited, Alcon Laboratories (India) Private Limited, Johnson & Johnson Private Limited, CVI Contact Lenses India Private Limited, Hoya Medical India Pvt. Ltd. are the leading players operating in India multifocal contact lenses market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several multifocal contact lenses manufacturers are coming up with their technologically advanced offerings.
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“Rise in awareness regarding the eye healthcare is creating lucrative opportunities for the development of technologically advanced lenses which is contributing to the rise in multifocal contact lenses market growth. Major market players are introducing the products over the online platforms to widen the product reach and hire well-known celebrities for brand endorsement to surge the sales of multifocal contact lenses. Offering of attractive discounts and the convenience of home delivery and easy exchange facility is expected to propel the multifocal contact lenses market growth until FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Multifocal Contact Lenses Market By Design (Simultaneous Vision Designs v/s Segmented Designs) By Usability (Disposable v/s Reusable) By Material Type (Hydrogel, Silicone Hydrogel, HEMA, Others) By Distribution Channel (Retail Stores, Hospitals & Clinics, Others) By Application (Astigmatism, Presbyopia, Myopia, Others) By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India multifocal contact lenses market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India multifocal contact lenses market.
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