Philippines Contact Lenses Market Analysis

Philippines Contact Lenses Market Executive Summary

Philippines Contact Lenses Market was valued at $37.71 Mn in 2023 and is predicted to grow at a CAGR of 9.4% from 2023 to 2030, to $70.72 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 the Philippines, a population-based study found that 26.6% of adults aged 40 and older have myopia (≤-0.50 D), 18.3% have hyperopia (≥+0.50 D), and 34.5% have astigmatism (≥0.75 D). Cataracts are the leading cause of blindness, responsible for 62.6% of all cases, with a prevalence of 47.9% among those aged 50 and older. Diabetic retinopathy affects 32.2% of Filipinos with diabetes, with 6.2% experiencing sight-threatening proliferative retinopathy. Glaucoma affects 3.5% of adults aged 40 and above, with open-angle glaucoma being the most common type, accounting for 85.7% of cases.

The market therefore is driven by significant factors like the rising prevalence of refractive errors, growing disposable income, growing preference for convenience and aesthetics, and technological advancements. However, limited public insurance coverage, competition from eyeglasses, and limited access to 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 Refractive Errors: Statistics from the National Institutes of Health (NIH) indicate a significant portion of Filipinos experience refractive errors like myopia (near-sightedness) and hyperopia (farsightedness). Research suggests that over 20% of Filipinos aged 15 and above have myopia. This creates a demand for vision correction solutions, including contact lenses.

Increasing Disposable Income: The Philippine economy is expanding, leading to rising disposable income for many Filipinos. The World Bank estimates the Philippines' GDP per capita at $4,390 in 2023. This allows people to spend more on discretionary items like contact lenses.

Growing Preference for Convenience and Aesthetics: Contact lenses offer a convenient alternative to eyeglasses for many Filipinos, especially those with active lifestyles or who prefer a certain aesthetic. This trend is gaining traction, particularly among younger demographics.

Technological Advancements: The introduction of new materials and technologies, such as silicone hydrogel and daily disposable lenses, is making its way into the Filipino market. These advancements provide enhanced comfort, better wearability, and a superior user experience, thereby increasing the popularity of contact lenses among consumers.

Market Restraints

Limited Public Insurance Coverage: Contact lenses are generally not covered by PhilHealth, the Philippines' national health insurance program. This can be a barrier for some Filipinos, particularly those with limited financial resources.

Limited Access to Eye Care Professionals: The availability of qualified eye care professionals like ophthalmologists and optometrists, particularly in rural areas, might not be sufficient to meet the growing demand for contact lens fittings and aftercare.

Competition from Eyeglasses: In the Philippines, eyeglasses are a favored option for vision correction, influenced by cultural norms, cost-effectiveness, and concerns regarding the safety of contact lenses.

Regulatory Landscape and Reimbursement Scenario

In the Philippines, the regulatory oversight for contact lenses is managed by the Food and Drug Administration (FDA) under the Department of Health (DOH). All types of contact lenses, whether corrective or cosmetic, must be registered with the Philippine FDA before they can be imported, distributed, or sold in the country. The registration process requires submitting technical documentation to demonstrate compliance with local medical device regulations. Contact lenses are classified based on risk, with most falling under Class II, necessitating detailed registration regarding materials, design, and intended use. Higher-risk Class III lenses, such as those for specific eye diseases or extended wear, require stricter registration procedures. Additionally, manufacturers and distributors are required to implement a Quality Management System (QMS) in line with international standards like ISO 13485 to ensure product quality and patient safety, along with post-market surveillance to monitor and report any adverse events to the FDA.

Regarding reimbursement, the Philippines' national health insurance system, PhilHealth, generally does not cover the cost of contact lenses for routine vision correction. Exceptions exist for medically necessary lenses, such as those required for conditions like keratoconus or severe myopia, which are not adequately corrected by eyeglasses. In these cases, an ophthalmologist must deem the lenses medically necessary, potentially qualifying for partial coverage depending on the specific PhilHealth program and the individual's situation.

Competitive Landscape

Key Players

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