Saudi Arabia Contact Lenses Market Analysis, Size, Share, Growth ⅼ Forecast (2024 - 2032) ⅼ Renub Research
According to Renub Research, Saudi Arabia contact lens market was worth US$115.79 Million in 2023 and is anticipated to reach US$ 212.88 Million by 2032, developing at a CAGR of 7% from 2024 to 2032.
The Saudi Arabian contact lens market is increasing because of the rising occurrence of ocular diseases, increasing awareness about the blessings of contact lenses, and the desire for daily disposable lenses. The market is regulated to ensure protection, efficacy, and high quality. There are untapped marketplace segments, which include rural regions, where demand is anticipated to increase. Emerging trends, inclusive of the younger population's adoption of touch lenses for cosmetic purposes, ought to force marketplace growth. Overall, the future outlook for the Saudi Arabian contact lens market is superb, with a sustained boom anticipated.
Recent Product Launches in Saudi Arabia Contact Lenses
- Menicon Co., Ltd. delivered new monthly replacement contact lenses beneath its MelsME logo in December 2023.
- Oct 2023, UAE-primarily based deep tech startup called XPANCEO these days raised $40 million in a seed funding spherical led by Opportunity Ventures (Asia). The startup plans to use the investment to release the first contact lenses with AR vision features and broaden the subsequent prototype, combining several functions in one device.
- ACUVUE brought a new daily disposable contact lens for Astigmatism sufferers in 2023. It became launched via unique occasions for Eye Care Professionals in key Middle Eastern markets, which includes Saudi Arabia, UAE, Kuwait, Qatar, and Bahrain, highlighting the lens's specific functions and advantages.
- Titan Eye+ opened its first international store in UAE in January 2023.
- In October 2023, Alcon released TOTAL30 Multifocal, the first monthly Water Gradient multifocal contact lens. It's now to be had in the US and pick out global markets.
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Northern Saudi Arabia Contact Lenses Market
The northern region of Saudi Arabia is a promising contact lens market due to its high population densities, urbanization, and economic development. Urban areas have a higher concentration of eye care professionals and retail outlets, making it more accessible for consumers to purchase contact lenses. A robust healthcare infrastructure can improve contact lens usage, and if the Northern regions have better-developed healthcare facilities, it could lead to a higher prevalence of contact lens adoption. According to the World Data Atlas, the region boasts a higher population density than different areas, with approximately 288,921 people. Urbanization is enormous, with 86.7% of the Northern Borders being urbanized, per the UN-Habitat. Urbanization improves access to eye care experts and contact lens retailers while expanding the consumer base. However, new entrants face existing competition and must understand the competitive landscape to succeed.
The northern Saudi Arabia is a promising contact lens market due to its excessive populace densities, urbanization, and economic development. Urban areas have a better attention of eye care professionals and retail outlets, making it more accessible for purchasers to purchase contact lenses. A strong healthcare infrastructure can improve contact lens usage, and if the Northern regions have higher-advanced healthcare centers, it may result in a better occurrence of contact lens adoption. According to the World Data Atlas, the area boasts a better population density than special regions, with about 288,921 people. Urbanization is substantial, with 86.7% of the Northern Borders being urbanized, according to the UN-Habitat. Urbanization improves access to eye care specialists and demand lens shops whilst increasing the purchaser base. However, new entrants face current competition and should recognize the aggressive landscape to be successful.
Saudi Arabia Contact Lenses Company Analysis
The companies operating in the Saudi Arabia contact lens market include Alcon, Menicon Co. Ltd, Al-Jamil Optical Co., Yateem Opticians, and Ray-Ban.
Saudi Arabia Contact Lenses Company News
- Dec 2023, Menicon Co., Ltd. Is launching two new variations of monthly substitute contact lenses under its logo, MelsME. They are designed to provide users with improved moisturization and wearing comfort.
- In October 2023 - Alcon launched the first reusable contact lens with Water Gradient material for astigmatic wearers, known as TOTAL30 for Astigmatism.
- In May 2023, EssilorLuxottica and Chalhoub Group formed a joint mission to amplify their eyewear retail presence in the GCC location.
- In December 2022, Bausch + Lomb's Biotrue Hydration Boost Contact Lens Rehydrating drops acquired FDA clearance. The preservative-free drops can rehydrate each gentle and rigid fuel-permeable contact lenses.
- In December 2022, Swarovski and EssilorLuxottica signed a distinct agreement for the layout, manufacture, and global distribution of Swarovski Eyewear.
Material – Saudi Arabia Contact Lenses Market breakup in 3 viewpoints:
- Gas Permeable
- Silicone Hydrogel
- Hybrid
Usage – Saudi Arabia Contact Lenses Market breakup in 4 viewpoints:
- Daily Disposable
- Disposable
- Frequently Disposable
- Traditional (Reusable) Lenses
Design – Saudi Arabia Contact Lenses Market breakup in 3 viewpoints:
- Spherical
- Toric
- Multifocal
Application – Saudi Arabia Contact Lenses Market breakup in 2 viewpoints:
- Vision Correction
- Cosmetic
Distribution Channel – Saudi Arabia Contact Lenses Market breakup in 3 viewpoints:
- Online Pharmacy
- Retail Pharmacy
- Hospital Pharmacy
Region – Saudi Arabia Contact Lenses Market breakup in 4 viewpoints:
- Eastern
- Western
- Northern & Central
- Southern
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
- Alcon
- Menicon Co. Ltd
- Al-Jamil Optical Co.
- Yateem Opticians
- Ray-Ban
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