Vietnam Contact Lenses Market was valued at $85.70 Mn in 2023 and is predicted to grow at a CAGR of 9.13% from 2023 to 2030, $157.98 Mn by 2030. The key drivers of this industry include the rising vision problems, growing disposable income, increased awareness and convenience, and shifting preference towards daily disposables. The industry is primarily dominated by Bausch and Lomb, CooperVision, Alcon Vision, and Essilor among others.
Vietnam Contact Lenses Market was valued at $85.70 Mn in 2023 and is predicted to grow at a CAGR of 9.13% from 2023 to 2030, $157.98 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.
Vietnam faces significant eye disease prevalence, with around 2 Mn people living with blindness, 80% of which is preventable or treatable, according to the International Agency for Prevention of Blindness (IAPB). Cataracts, the leading cause of blindness, account for approximately 66% of cases, especially in older populations, as the Ministry of Health and the World Association of Eye Hospitals (WAEH) reported. Other major causes include fundus diseases such as diabetic retinopathy, and glaucoma, a chronic disease damaging the optic nerve. Refractive errors, particularly myopia, are increasingly common, affecting 15-20% of rural students and 30-40% in urban areas, as noted by the WAEH.
The market therefore is driven by significant factors like rising vision problems, growing disposable income, increased awareness and convenience, and shifting preference towards daily disposables. However cost, limited eye care awareness, regulations and distribution 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 Growth Drivers
Rising Vision Problems: Vietnam faces a growing prevalence of myopia, particularly among young people. Estimates suggest 15-20% of rural students and 30-40% in cities are myopic. This increasing need for vision correction fuels demand for contact lenses.
Growing Disposable Income: Vietnam's economic growth leads to rising disposable incomes, allowing more people to afford contact lenses. The Vietnamese economy is projected to grow at a 6.57% CAGR between 2024 and 2032, increasing consumer spending power.
Increased Awareness and Convenience: Consumers are becoming more aware of contact lenses as a vision correction option. Compared to glasses, their convenience and aesthetic appeal attract active individuals and those seeking a specific look.
Market Restraints
High Cost: Contact lenses can remain costly, particularly specialty lenses or those necessitating frequent replacement. This can present a hurdle for some consumers; however, the market for private-label lenses, which are typically more budget-friendly, is expanding.
Limited 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. Studies suggest a knowledge gap exists regarding proper hygiene practices.
Regulations and Distribution: While not a major hurdle, Vietnam's regulations for contact lens registration and distribution require adherence, potentially slowing down market entry for some brands.
The Vietnamese contact lens market is regulated by multiple bodies, including the Ministry of Health (MOH), the Vietnam National Institute of Drug Quality Control (VNIDQC), and the General Department of Market Management (GDM). The MOH mandates registration for all contact lenses sold in Vietnam, involving the submission of technical documentation and samples for testing. The VNIDQC verifies the safety and quality of these medical devices, while the GDM oversees labeling, advertising, and distribution compliance. Key regulatory requirements include Vietnamese language labeling, truthful advertising, and sales through licensed retailers and pharmacies.
In Vietnam's multi-payer healthcare system, contact lenses are generally not covered by health insurance, leading to out-of-pocket expenses for patients. Contact lenses are often classified as non-essential compared to corrective glasses, and the healthcare system prioritizes preventative care and treatment of chronic illnesses. Public insurance plans usually cover essential medical services, leaving limited coverage for non-essential items like contact lenses.
Key Players
Here are some of the major key players in the Vietnam Contact Lenses Market
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Material
By Design
By Application
By Distribution Channel
By Usage
Methodology for Database Creation
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