Singapore Contact Lenses Market Analysis

Singapore Contact Lenses Market Executive Summary

Singapore Contact Lenses Market was valued at $20.57 Mn in 2023 and is predicted to grow at a CAGR of 9.5% from 2023 to 2030, $38.82 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 Singapore, eye diseases are prevalent, with significant rates of refractive errors, cataracts, diabetic retinopathy, and glaucoma. A study revealed that 38.7% of adults aged 40 and older have myopia, 13.1% have hyperopia, and 38.1% have astigmatism. Cataracts are a leading cause of blindness, accounting for 45.5% of cases, with a prevalence of 30.8% in those aged 60 and above. Diabetic retinopathy affects 35% of Singaporeans with diabetes, including 7.7% with sight-threatening proliferative diabetic retinopathy. Glaucoma affects 3.2% of adults aged 40 and above, with primary angle-closure glaucoma being the most common type (58.6%). Additionally, 13.5% of adolescents wear contact lenses primarily for improved vision (84.5%) and cosmetic reasons (57.7%), though complications such as corneal infiltrates (18.2%) and corneal staining (15.9%) are reported.

The market therefore is driven by significant factors like the rising prevalence of vision problems, the desire for enhanced aesthetics and convenience, the growing popularity of daily disposable lenses, and technological advancements. However, cost, eye care awareness, online sales regulations, and competition from alternative vision correction methods 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: Singapore has a high prevalence of myopia, especially among young people. A 2020 study by the Singapore National Eye Institute found that over 80% of students aged 16 to 18 are myopic. This increasing need for vision correction fuels the demand for contact lenses.

Desire for Enhanced Aesthetics and Convenience: Contact lenses offer an alternative to eyeglasses, providing a more natural look and greater freedom of movement. This appeals to many, particularly those who participate in active lifestyles or want a specific aesthetic.

Growing Popularity of Daily Disposable Lenses: Daily disposables offer convenience and hygiene benefits, driving their market share. According to Euromonitor International, daily disposable lenses remain a key contributor to the growth of the Singapore contact lens market.

Technological Advancements: New materials and lens designs are constantly being developed. These advancements offer improved comfort, breathability, and vision correction for wearers.

Market Restraints

Cost: Contact lenses can be expensive, especially specialty lenses or those requiring frequent replacement. This can be a barrier for some consumers.

Eye Care Awareness: Improper contact lens use can lead to eye infections and other complications. Raising awareness about proper lens care and hygiene practices is crucial.

Online Sales Regulations: Singapore has regulations around online sales of contact lenses to ensure proper prescriptions and eye care. This can create hurdles for some online retailers.

Competition from Alternative Vision Correction Methods: Technological advancements in LASIK surgery and other vision correction procedures could pose a long-term challenge to the contact lens market.

Regulatory Landscape and Reimbursement Scenario

Singapore's regulatory framework for contact lenses, managed by the Health Sciences Authority (HSA), ensures their safety, quality, and efficacy. Key regulations include mandatory product registration with the HSA, requiring detailed data on safety and use, and a valid prescription from a registered ophthalmologist or optometrist for dispensing. Online sales are permitted but must comply with specific regulations, including validating prescriptions. Additionally, labeling requirements mandate specific information such as lens material, power, replacement schedule, and safety warnings.

In terms of reimbursement, Singapore's healthcare system comprises public and private options. Public healthcare schemes like MediShield Life and Medisave offer limited coverage for vision correction, including contact lenses, but typically only for medically necessary procedures. Private health insurance plans may provide some coverage for contact lenses, though it is not a standard benefit and varies by plan. Consequently, most individuals bear the cost of contact lenses and associated eye examinations out of pocket.

Competitive Landscape

Key Players

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