Advancing healthcare industry is driving the growth of Saudi Arabia Eye Care Market, in the forecast period, 2022-2026.
Saudi Arabia eye care market owes its growth to the factors like rapidly evolving healthcare facility in the country. Kingdom of Saudi Arabia is supporting and evolving the healthcare industry with advanced technology and extended research and the factor is driving the growth of the market. Moreover, rising geriatric population of the country along with the young population inclined toward prolonged screen exposure like smart phones, laptops, televisions etc. is further substantiating the growth of the market in the next five years.
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The Saudi Arabia eye care market is segmented by product type, coating, lens material, distribution channel, competitional landscape, and regional distribution. Based on coatings, the market is further sub-segmented into anti-glare, UV, and others. Anti-glare coatings over the optic devices like glasses and lenses is anticipated to hold the largest revenue shares of the market and dominate the segment in the next five years. The growth can be attributed to the growing demands of eye glasses and contact lenses for the prolong exposure to the screens.
With the extended work-schedules and the entertainment sector involving long duration exposure to various screens, the demand for the anti-glare glasses in rapidly increasing and aiding the growth of the market in the next five years. UV is a popular method of eyesight repair and correction and thus is anticipated to hold significant growth of the market segment in the next five years. These factors are further aiding to the growth of the market in the subsequent five years.
Based on product type, the market is further bifurcated into eyeglasses, contact lens, intraocular lens, eye drops, eye vitamins, and others. Eye glasses are anticipated to hold the largest shares of the revenue in the market segment. The sub-segment might dominate the market segment on the account of rapidly increasing cases of weak eyesight among the population. Rising geriatric population, and increased cases of weak eye sight in the young children are the major driving factor for the market growth.
Lifestyle of the population and their involvement in the activities like prolong exposure to the screen like smartphones, television, laptops, gaming station etc. is aiding to the extensive growth of the demand for eyeglasses in the subsequent five years. Contact lenses are anticipated to register fastest growing CAGR in the next five years on the grounds of consumer inclination toward contact lenses for the weaker eyesight. Also, due to the trend of multiple colored eye lenses for the aesthetics and makeovers, the demand for the same is rapidly increasing and substantiating the growth of the Saudi Arabia eye care market in the upcoming five years.
A partial list of market player in the Saudi Arabia eye care market includes Bausch Health Companies, Inc. (Saudi Arabia), Alcon, Inc. (Saudi Arabia), Johnson & Johnson, Cooper Vision, Inc. (Saudi Arabia), Essilor Luxottica Group (Saudi Arabia), AbbVie Inc. (Saudi Arabia), Carl Zeiss, Inc. (Saudi Arabia), Novartis Saudi Arabia, Pfizer Saudi Limited, Al Barakat Group Company Ltd. (TRIANO Lab) among others. These market players hold larger shares of the market than the new market players.
With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products and services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Research and technological advancement for the best available product manufacturing is going to be golden rules for the growing and expanding eye care market in Saudi Arabia. The consumers in need of healthcare facility for the best possible eyecare is further anticipated to drive the market growth. New market players are advised to study the market thoroughly. The product demand is ever evolving therefore they must invest in the advanced material for the eye care that is aesthetically pleasing like multi-color lenses as well as advanced technology and satisfy the consumer demands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Eye Vitamins, Others) By Coating (Anti-Glare, UV, Others) By Lens Material (Normal Glass, Polycarbonate, Trivex, Others) By Distribution Channel (Retail Stores, E-Commerce, Clinics, Hospitals) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia eye care market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia eye care market.
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