Spain Contact Lenses Market Analysis

Spain Contact Lenses Market Executive Summary

Spain Contact Lenses Market was valued at $330.80 Mn in 2023 and is predicted to grow at a CAGR of 7.9% from 2023 to 2030, to $563.27 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 Spain, cataracts are a major cause of visual impairment, with about 400,000 surgeries performed annually. Age-related macular Degeneration (AMD) is also significant, with a European prevalence of 25.3% for early or intermediate AMD and 2.4% for late AMD among those aged 60 and older. Diabetic Retinopathy (DR), a priority eye disease, is increasingly prevalent among Europeans of working age, while glaucoma accounts for 20.5% of blindness cases in Europe. In 2020, Spain had approximately 2.59 Mn people with moderate-severe vision loss and nearly 250,000 classified as blind.

The market therefore is driven by significant factors like the high prevalence of refractive errors, increasing demand for convenience, technological advancements, and rising disposable income. However, high cost, improper care and hygiene practices, and competition from refractive surgery 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

High Prevalence of Refractive Errors: Statistics from Spain's National Institute of Statistics (INE) indicate a significant portion of the population experiences refractive errors. A study published in the Investigative Ophthalmology & Visual Science journal suggests that around 23% of Spanish adults have myopia (nearsightedness). This creates a large demand for vision correction solutions like contact lenses.

Growing Demand for Convenience: Contact lenses offer a convenient alternative to eyeglasses for many people, especially those with active lifestyles or who prefer a certain aesthetic. The Spanish Association of Contact Lens Manufacturers (AELCC) report suggests a rising preference for contact lenses.

Technological Advancements: Introducing new materials and technologies like silicone hydrogel and daily disposables has significantly improved comfort, wearability, and user experience in Spain's contact lens market. This attracts more people to choose contact lenses.

Rising Disposable Income: Spain's economy is experiencing growth, leading to increasing disposable income for many Spaniards. The World Bank estimates Spain's GDP per capita at $40,370 in 2023. This allows people to spend more on discretionary items like contact lenses.

Market Restraints

High Cost: In Spain, contact lenses, particularly specialty types or those requiring frequent replacements, can be quite costly. This expense can pose a challenge for some consumers despite the increase in disposable income.

Improper Care and Hygiene Practices: Studies show that a significant portion of contact lens wearers may not adhere to proper hygiene and care practices, potentially leading to complications and infections.

Competition from Refractive Surgery: Advancements in laser vision correction procedures like LASIK are becoming increasingly accessible in Germany. While not suitable for everyone, these options present some competition for the contact lens market for specific demographics.

Regulatory Landscape and Reimbursement Scenario

In Spain, the regulatory oversight for contact lenses is managed by the Spanish Agency for Medicines and Medical Devices (AEMPS). All contact lenses, including corrective and cosmetic types, must be registered with AEMPS before they can be marketed. This process involves submitting technical documentation to demonstrate compliance with the European Union (EU) Medical Device Regulation (MDR) 2017/745. Contact lenses are classified based on their risk: Class I for low-risk, Class IIa for medium-risk, and Classes IIb & III for high-risk lenses, which require more stringent conformity assessments. Manufacturers and distributors must maintain a Quality Management System (QMS) adhering to international standards such as ISO 13485 to ensure quality and safety. Additionally, they must conduct post-market surveillance to monitor lens performance and report any adverse events to AEMPS.

Regarding reimbursement, Spain's public health insurance system generally does not cover contact lenses. However, partial coverage might be available if an ophthalmologist deems the lenses medically necessary for certain eye conditions, depending on the specific health insurance plan. Private health insurance plans in Spain may offer partial or full coverage for contact lenses. Still, the extent of coverage and eligibility criteria vary significantly based on the specific plan details.

Competitive Landscape

Key Players

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

• Abbott Medical Optics, Inc.
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• Acuvue
• Dailies
• Hoya
• Biofinity
• Air Optic
• Medennium
• Seed Co., Ltd.