Malaysia Contact Lenses Market Analysis

Malaysia Contact Lenses Market Executive Summary

Malaysia Contact Lenses Market was valued at $27.56 Mn in 2023 and is predicted to grow at a CAGR of 9.1% from 2023 to 2030, to $50.70 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 Malaysia, visual impairment affects a notable portion of the population, with prevalence rates varying between rural (2.9%) and urban areas (2.5%), as reported in the National Eye Survey and RAAB survey, showing bilateral blindness at 1.2%, moderate visual impairment at 5.9%, and severe visual impairment at 1%. Regions like Sabah and Sarawak exhibit higher prevalence rates, likely due to limited access to eye care services.

The market therefore is driven by significant factors like the rising prevalence of myopia, growing disposable income, and technological advancements. However, limited public insurance coverage, competition from eyeglasses, and availability of eye care professionals 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 Myopia: Statistics from the National Institute of Health Malaysia (NIHM) indicate a high prevalence of myopia (nearsightedness) in the population. Studies suggest that over 30% of Malaysians aged 12 and above are myopic. This creates a significant demand for vision correction solutions, including contact lenses.

Growing Disposable Income: Malaysia's economy is expanding, leading to rising disposable income for many Malaysians. The World Bank estimates Malaysia's GDP per capita at $12,409 in 2023. This allows people to spend more on discretionary items like contact lenses.

Technological Advancements: Introducing new materials and technologies like silicone hydrogel and daily disposables is reaching the Malaysian market. This offers improved comfort, wearability, and user experience, attracting more people to contact lenses.

Market Restraints

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

Competition from Eyeglasses: Eyeglasses remain a popular choice for vision correction in Malaysia due to cultural preferences, affordability, and concerns about contact lens safety.

Availability of Eye Care Professionals: The number of qualified eye care professionals like ophthalmologists and optometrists might not be sufficient to meet the growing demand for contact lens fittings and aftercare.

Regulatory Landscape and Reimbursement Scenario

In Malaysia, the regulatory oversight of contact lenses is managed by the Ministry of Health (MOH) through the Drug Control Authority (DCA) and the Medical Device Authority (MDA). Contact lenses, whether corrective or cosmetic, require registration with the DCA or MDA depending on their risk classification. Most contact lenses fall under Class II (medium risk) and need DCA registration, involving detailed information on materials, design, and safety. High-risk Class III lenses, such as specialty lenses for eye diseases, require MDA registration with stricter regulatory requirements. Additionally, manufacturers and distributors must adhere to a Quality Management System (QMS) aligned with international standards like ISO 13485 and are responsible for post-market surveillance to monitor and report adverse events.

Malaysia's public health insurance typically does not cover routine vision correction with contact lenses. However, exceptions exist for medically necessary lenses, such as those required for keratoconus or severe myopia, which may receive partial coverage based on the health insurance plan and specific circumstances. Nonetheless, even when deemed medically necessary, the extent of reimbursement is limited and unlikely to cover the full cost of the lenses.

Competitive Landscape

Key Players

Here are some of the major key players in the Malaysia 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.