India Contact Lenses Market Analysis

India Contact Lenses Market Executive Summary

India Contact Lenses Market was valued at $311.71 Mn in 2023 and is predicted to grow at a CAGR of 11.9% from 2023 to 2030, $684.79 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 India, eye diseases are prevalent among individuals aged 50 years and above, according to the National Blindness and Visual Impairment Survey. The survey found significant rates of visual impairment, with 1.99% affected by blindness, 1.96% by severe visual impairment (SVI), and 13.76% experiencing various forms of visual impairment. Cataracts, corneal opacity, and glaucoma emerged as leading causes of blindness in this demographic, highlighting the substantial impact of these conditions on vision health in India.

The market therefore is driven by significant factors like the rising prevalence of vision problems, growing disposable income and urbanization, and shifting preferences, and image. However, cost, uneven distribution of eye care professionals, and competition from spectacles 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 Prevalence of Vision Problems: India has a high burden of myopia (near-sightedness), especially among young people. A 2020 study by the National Eye Institute of India found that over 30% of urban schoolchildren are myopic. This increasing need for vision correction fuels the demand for contact lenses.

Growing Disposable Income and Urbanization: Rising disposable incomes, particularly in urban areas, allow more people to afford contact lenses. According to a report by IBEF (India Brand Equity Foundation), India's middle class is projected to reach 547 Mn by 2025, contributing to market growth.

Shifting Preferences and Image:  Contact lenses offer advantages over glasses for some, particularly for those leading active lifestyles or seeking a specific aesthetic. A 2022 survey by YouGov India suggests that around 40% of young adults aged 18-25 prefer contact lenses for cosmetic reasons.

Market Restraints

Cost: Contact lenses, especially specialty lenses or those requiring frequent replacement, can be expensive. A 2023 report indicates the average monthly cost of contact lenses in India is around $6.2 which can be a barrier for some consumers.

Uneven Distribution of Eye Care Professionals: A lack of qualified optometrists and ophthalmologists, particularly in rural areas, can limit access to proper eye examinations and contact lens fitting.

Competition from Spectacles:  Spectacles remain a widely accepted and affordable option for vision correction, posing some competition to the contact lens market.

Regulatory Landscape and Reimbursement Scenario

In India, the regulation of contact lenses falls under the jurisdiction of the Central Drugs Standard Control Organization (CDSCO) under the Ministry of Health and Family Welfare. Strict guidelines mandate that all contact lenses must be registered with the CDSCO, involving rigorous testing and compliance with Good Manufacturing Practices (GMP). Labels must be bilingual in English and Hindi, detailing crucial information such as product name, manufacturer details, ingredients, corrective power specifications, expiration date, and comprehensive usage instructions. Advertising must adhere to truthfulness standards, with specific medical claims requiring prior approval from the CDSCO. Distribution is restricted to licensed pharmacies, opticians, and hospitals, with online sales necessitating a valid pharmacy license and adherence to regulatory norms.

Despite India's multi-payer healthcare system offering both public and private insurance options, contact lenses are generally not covered by health insurance plans. This places the financial responsibility on patients, requiring them to bear out-of-pocket expenses for these non-essential medical devices. Public insurance schemes prioritize essential medical services, leaving vision correction services beyond basic eyeglasses largely uncovered. This lack of comprehensive reimbursement may drive some individuals towards lower-cost alternatives, including privately labeled contact lenses, though safety concerns persist without proper regulatory oversight and manufacturing standards.

Competitive Landscape

Key Players

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

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