Singapore Contact Lenses Market Insights Forecasts to 2033

• The Singapore Contact Lenses Market Size was valued at USD 21.5 Million in 2023.
• The Market Size is Growing at a CAGR of 9.34% from 2023 to 2033
• The Singapore Contact Lenses Market Size is expected to reach USD 52.5 Million by 2033

The Singapore Contact Lenses Market Size is anticipated to Exceed USD 52.5 Million by 2033, Growing at a CAGR of 9.34% from 2023 to 2033. The increasing incidence of vision problems, enhanced aesthetics & convenience, the popularity of daily disposable lenses, and technological advancements are driving the growth of the contact lenses market in Singapore.     

Market Overview

Contact lenses are thin, round lenses that are placed on the eye surface to mediate clear vision. The main purpose of contact lenses has been to treat conditions relating to vision. It offers a convenient and non-invasive solution for individuals seeking clearer vision without the need for eyeglasses. Singapore has one of the highest rates of myopia in the world. Ten percent of Singaporean children anticipated having myopia by the age of five, sixty percent by the age of twelve, and eighty percent by the age of eighteen, according to multiple studies conducted by the Singapore National Eye Centre (SNEC). Recent technological developments, the availability of new biomaterials, and several unmet ophthalmology needs have significantly increased the possible application areas for contact lenses, thereby providing lucrative market opportunities for contact lenses.   

Report Coverage

This research report categorizes the market for the Singapore contact lenses market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Singapore contact lenses market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Singapore contact lenses market.

Driving Factors

The increased incidence of vision-associated disorders among the Singapore population is driving the market demand for contact lenses. The vast choices of contact lenses as per lifestyle, convenience, comfort, and aesthetics with increased comfort and ease of use are promoting the market growth. The increasing popularity of daily disposable contact lenses owing to user convenience, durability, and versatility are propelling the market growth. The latest advancements in contact lenses range from smart lenses that monitor health metrics to customizable and environmentally friendly options including extended wear lenses, multifocal solutions, or enhanced UV protection features are driving the market growth.    

Restraining Factors

The high cost of lenses and eye care awareness are responsible for restraining the market. Further, the online sales regulations and alternative vision correction methods are challenging the Singapore contact lenses market.

Market Segmentation

The Singapore Contact Lenses Market share is classified into modality, material, design, and distribution channel.

• The reusable segment dominated the Singapore contact lenses market in 2023.

The Singapore contact lenses market is segmented by modality into reusable and disposable. Among these, the reusable segment dominated the Singapore contact lenses market in 2023. Reusable contact lenses are stored in fresh contact lens solution and must be rinsed, cleaned, and disinfected regularly. The growing numbers of patients with refractive problems and lens wearers are significantly driving the market.

• The soft segment dominated the Singapore contact lenses market in 2023.

The Singapore contact lenses market is segmented by material into soft, gas permeable, and others. Among these, the soft segment dominated the Singapore contact lenses market in 2023. Soft contact lenses are flexible plastic, adjustable, and more comfortable than rigid gas-permeable lenses. The hydrogels in the lenses enable superior breathability, allowing oxygen to pass through to the cornea. The rising awareness about the potential benefits of lenses and ease of use, storage, and cleaning is responsible for propelling the market.

• The spherical segment accounted for the largest revenue share of the Singapore contact lenses market in 2023.

The Singapore contact lenses market is segmented by design into toric, multifocal, and spherical. Among these, the spherical segment accounted for the largest revenue share of the Singapore contact lenses market in 2023. The most common conditions treated with spherical contact lenses are presbyopia (age-related farsightedness), myopia (nearsightedness), and hyperopia (farsightedness). The rising geriatric population and cases of refractive disorders as well as its ease of accessibility are driving the market.

• The retail stores segment dominated the Singapore contact lenses market with the largest market share in 2023.       

Based on the distribution channel, the Singapore contact lenses market is divided into ophthalmologists, retail stores, and online stores. Among these, the retail stores segment dominated the Singapore contact lenses market with the largest market share in 2023. Contact lenses are dispensed by qualified optometrists in retail stores. Consumers’ growing preference for retail establishments as they provide convenient access for those who require instant availability to trial is propelling the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore contact lenses market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Johnson & Johnson
• Alcon Vision LLC
• Bausch & Lomb, Incorporated
• ZEISS International
• CooperVision, Inc.
• Hoya Corporation
• Essilor International S.A.
• Seed Co., Ltd.
• Medennium
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2024, Singapore scientists developed an ultra-thin battery powered by tears for smart contact lenses.

• In June 2024, Singapore-based Temasek and Fidelity purchased shares worth $200 million in the Indian eyewear startup Lenskart. Singapore's Temasek, Fidelity buys $200 million worth of stake in Peyush Bansal-led Lenskart at $5 billion valuation.

• In October 2023, XPANCEO, a deep tech startup, raised a $40 million seed round to launch the first contact lenses with AR vision features. The round was led by Hong Kong-based Opportunity Ventures (Asia). The funds would be invested to launch the next prototype, in which the company will gather several features in one device.

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Singapore Contact Lenses Market based on the below-mentioned segments:

Singapore Contact Lenses Market, By Modality

• Reusable
• Disposable

Singapore Contact Lenses Market, By Material

• Soft
• Gas Permeable
• Others

Singapore Contact Lenses Market, By Design

• Toric
• Multifocal
• Spherical

Singapore Contact Lenses Market, By Distribution Channel

• Ophthalmologists
• Retail Stores
• Online Stores