China Contact Lenses Market Analysis

China Contact Lenses Market Executive Summary

China Contact Lenses Market was valued at $1,377.84 Mn in 2023 and is predicted to grow at a CAGR of 10.4% from 2023 to 2030, to $2,754.11 Mn by 2030. 

Contact lenses are versatile medical devices placed directly on the eye, serving both functional and cosmetic purposes. They come in several types: soft lenses, made of flexible plastic allowing oxygen to the cornea; rigid gas permeable lenses for sharper vision; hybrid lenses combining features of both; and scleral lenses covering the cornea and sclera, useful for irregular corneas. They correct refractive errors like myopia and hyperopia and cater to cosmetic needs with colored variants. Fitting by an optometrist or ophthalmologist ensures proper selection based on individual eye health and lifestyle. Regular cleaning and adherence to wearing schedules are crucial for preventing infections and maintaining eye health. Risks include infections, dry eyes, and corneal abrasions if not used correctly. Regulated as medical devices, advancements like silicone hydrogel materials and UV-blocking capabilities enhance safety and comfort, making contact lenses a popular choice for vision correction and aesthetic enhancement globally.

In China, vision impairment is prevalent, with uncorrected refractive errors, cataracts, and macular degeneration being leading causes. As of 2019, the age-standardized prevalence rates were 2.57% for moderate vision impairment, 0.25% for severe vision impairment, and 0.48% for blindness. The burden of eye diseases has persisted despite improvements in the age-standardized disability-adjusted life year (DALY) rate, reflecting challenges posed by population growth and aging. Contact lenses are widely used in China, both for corrective purposes and cosmetic enhancement. While prescription lenses maintain steady demand, there's a growing market for non-prescription colored contact lenses, catering to the country's thriving beauty economy.

The market therefore is driven by significant factors like rising disposable income, growing prevalence of myopia, and shifting preference towards daily disposables. However, limited public insurance coverage, competition from online retailers, and the rising cost of contact lenses restrict the growth and potential of the market.

Prominent players in this field are Bausch and Lomb, which emphasizes daily disposable contact lenses enhanced with comfort technologies and supports sustainability initiatives. On the other hand, CooperVision focuses on innovation through advanced materials, specialized solutions for myopia management, and convenient subscription services for contact lenses. Other contributors include Alcon Vision LLC, and Essilor International S.A. among others.

Market Dynamics

Market Growth Drivers

Rising Disposable Income: China's economy is experiencing steady growth, leading to increasing disposable income for many Chinese citizens. The World Bank estimates China's GDP per capita at $15,030 in 2023. This allows people to spend more on discretionary items like contact lenses.

Growing Prevalence of Myopia: Statistics suggest a significant portion of the Chinese population suffers from myopia (near-sightedness). A report by Euromonitor International indicates that the prevalence of myopia in China is among the highest globally, affecting around 60% of children and young adults. This creates a large demand for vision correction solutions, including contact lenses.

Shifting Preference Towards Daily Disposables: The Chinese contact lens market is witnessing a growing preference for daily disposable lenses. Research and Markets report that the daily disposable segment is expected to reach a market share of over 50% by 2030. This shift is driven by factors like convenience, hygiene, and eye health benefits.

Market Restraints

Limited Public Insurance Coverage: Contact lenses are generally not covered by China's public health insurance system. This can be a barrier for some consumers, particularly those with limited financial resources.

Competition from Online Retailers: While online retailers offer convenience and potentially lower prices, there's a risk of encountering counterfeit or unauthorized contact lenses that could pose health risks. Regulations and enforcement regarding online sales are still evolving.

Rising Cost of Contact Lenses: While disposable lenses are becoming more popular, specialty lenses or frequent replacement schedules can be expensive in China. This can be a barrier for some consumers.

Regulatory Landscape and Reimbursement Scenario

In China, the regulatory oversight of contact lenses falls under the purview of the National Medical Products Administration (NMPA), requiring all varieties—corrective and cosmetic—to undergo rigorous registration processes. Contact lenses are classified into Class II for most types and Class III for specialty lenses, such as those for certain eye diseases, with stringent requirements for safety and performance. Manufacturers and distributors must adhere to international Quality Management System standards to ensure consistent quality and patient safety, with ongoing post-market surveillance mandated to report any adverse events to the NMPA.

Regarding reimbursement, China's public health insurance typically does not cover the cost of contact lenses except under specific circumstances where an ophthalmologist deems them medically necessary for conditions like keratoconus or severe myopia. Even then, coverage is often partial and subject to limitations, varying based on the specific health insurance plan and individual circumstances. Overall, while some exceptions exist for medically necessary lenses, comprehensive coverage remains uncommon under China's healthcare system.

Competitive Landscape

Key Players

Here are some of the major key players in the China Contact Lenses Market

• Shanghai Weicon Co Ltd
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• ZEISS International
• Contamac
• CooperVision, Inc.
• Essilor International S.A.
• Hoya Corporation
• Medennium
• Seed Co., Ltd.