Malaysia
eye care market is anticipated to grow significantly in the projected period of
2028. This can be attributed to several factors, including an aging population,
increased prevalence of eye diseases, and greater awareness of the importance
of eye health. As a result, the demand for eye care services and products has
risen, creating a thriving market for Malaysia eye care market. One of the key
drivers of growth in the Malaysian eye care market is the aging population. As
people age, the risk of developing eye diseases such as cataracts, glaucoma,
and age-related macular degeneration increases. According to the World Bank,
in 2020, more than 7% of the population was over 65, which met the standard
definition of an "ageing society" used internationally. Malaysia will
be an "aged society" by 2044, where 14% of the population is
predicted to be over 65 and by 2056. Malaysia will be a "super-aged
society" with more than 20% of the population being over 65. Another
factor contributing to the growth of the Malaysian eye care market is the
increased prevalence of eye diseases. In addition to age-related eye diseases,
there has been a rise in the incidence of myopia among children and young
adults in Malaysia. In addition to an aging population and increased prevalence
of eye diseases, greater awareness of the importance of eye health is also
driving growth in the Malaysian eye care market. With the rise of social media
and other digital channels, information about eye health and the importance of
regular eye exams is more widely available than ever before. This has led to an
increase in the number of people seeking out eye care services and products,
including glasses, contact lenses, and corrective surgery. The Malaysian eye
care market is also attracting investment from domestic and international
companies. In recent years, several multinational companies have entered the
market, bringing with them advanced technologies and products leading to the
expansion of the Malaysian eye care market in the forecast period. In addition
to the factors mentioned above, the increasing disposable income of the
population has also contributed to the growth of the eye care market in
Malaysia. With higher disposable incomes, people are more likely to spend money
on eye care services and products, such as contact lenses, glasses, and eye
drops which is expected to grow the Malaysian eye care market.
Rising
Prevalence of Eye Diseases is Booming the Malaysia Eye Care Market
The
growing prevalence of eye diseases is one of the major driving forces behind
the growth of the Malaysia eye care market. Through the prolonged period of
morbidity, diseases that cause visual impairment are known to significantly
change the person's quality of life. The primary causes of eye problems have
been identified as geographic, economic, social, and political variables of the
susceptible population, environmental risks, and trauma. Numerous factors
within the population, including age and gender, affect the prevalence of eye
disorders. As the population ages and lifestyles become more sedentary, the
incidence of eye diseases such as cataracts, glaucoma, and age-related macular
degeneration (AMD) is increasing, which results in the growth of The Malaysian
eye care market. According to the National Library of Medicines, in 2022,
the prevalence of cataract among older people was 26.8%. Premature
retinopathy, diabetic retinopathy, glaucoma, cataract, and refractive errors
are the most frequent causes of blindness and impaired vision. There are
numerous treatment options, including surgical procedures such corneal
transplantation and osteo-ordonto-keratoprosthetics as well as eyeglasses,
contact lenses, low vision aids, and osteo-ordonto-keratoprosthetics. The
adoption of computer-based technologies, such as voice browsers that help the
blind learn faster and smart phones with braille keyboards, is another way to
assist these people. The Ministry of Education operates special schools for
blind children to provide educational facilities and rehabilitation services
for the blind. The Malaysian Association for the Blind offer’s facilities for
vocational training programs, skill development for financial support for
oneself and one's family, and assistance to parents of blind children. The rise
in eye diseases has created a significant demand for eye care services and
products in Malaysia. Surgical procedures and treatments for eye diseases are
also the growing segments of the Malaysia eye care market. Cataract surgery is
the most performed surgical procedure in Malaysia, accounting for a significant
portion of the revenue generated. Other surgical procedures such as LASIK and
corneal transplantation are also becoming more popular as people seek to
correct refractive errors or treat more complex eye diseases. The Malaysia eye
care market is highly competitive, with both local and international players
competing for market share leading to the growth of the Malaysian eye care
market.
Rising
Technological Advancements and Digitalization Leads to Increased Demand for Eye
Care
The
eye care market in Malaysia has been witnessing significant growth in recent
years. One of the key drivers behind this growth is the increased
digitalization and changing lifestyle of Malaysians. With the rise of
technology and the internet, people are spending more time on digital devices,
which has led to a surge in eye-related problems. This has prompted a rise in
demand for eye care products and services in the country. One of the major
reasons for the increased demand for eye care products and services in Malaysia
is the changing lifestyle of Malaysians. With the advent of technology, people
are spending more time in front of screens, be it smartphones, tablets,
laptops, or televisions. This prolonged exposure to screens has led to a
significant increase in eye-related problems such as dry eyes, eye strain, and
blurry vision, among others which results in the growth of the Malaysian eye
care market. The digitalization of the eyewear industry has also played a
significant role in the growth of the eye care market in Malaysia. With the
rise of e-commerce platforms, it has become easier for people to purchase
eyewear online. This has led to an increase in the number of online optical
stores, offering a wide range of eyewear products and services at competitive
prices. Technological advancements in the eye care industry have also
contributed to the growth of the market in Malaysia. The use of advanced
technology such as artificial intelligence and machine learning in the
diagnosis and treatment of eye-related problems has improved the accuracy and
efficiency of eye care services. This has led to a higher demand for advanced
eye care products and services. According to the International Trade
Administration, the digital economy’s contribution to the Malaysia’s GDP is
22.6% which is expected to rise by 25.5% by 2025.
Rising
Geriatric Population is Expanding the Malaysian Eye Care Market
The
geriatric population in Malaysia is growing rapidly and this demographic shift
is driving the demand for eye care services in the country. As people age,
their risk of developing vision problems such as cataracts, age-related macular
degeneration, and glaucoma increases. This has led to an increase in demand for
eye care services in Malaysia. The rise in the geriatric population has also led
to an increase in demand for eyewear such as prescription glasses, contact
lenses, and reading glasses leading to the expansion of the Malaysian eye care
market.
Recent
Development
- In
November 2019, CooperVision announced approval of its innovative MiSight 1
day contact lens by U.S. Food and Drug Administration (FDA). This daily
wear and single use contact lens is the first and only FDA-approved
product1 clinically proven to slow the progression of myopia
(nearsightedness or short-sightedness) when initially prescribed for
children 8 to 12 years old. It is the cornerstone of a comprehensive
myopia management approach provided by CooperVision.
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Market
Segmentation
Malaysia
eye care market is segmented into product type, coating, lens material,
distribution channel, region, and company. Based on product type, Malaysia eye
care market is divided into eyeglasses, contact lens, intraocular lens, eye
drops, eye vitamins, and others. Based on coating, the market is categorized
into anti-glare, UV, and others. Based on lens material, the market is
categorized into normal glass, polycarbonate, trivex, and others. Based on
distribution channel, Malaysia eye care market is categorized into retail
stores, e-commerce, clinics, and hospitals. Based on region, the Malaysia eye
care market is segmented into the East Malaysia and West Malaysia.
Company
Profiles
Malaya
Optical, Johnson & Johnson, CooperVision Contact Lens Malaysia Sdn Bhd,
Metro optical Group Eyeware, Factory Eyeware, TRB CHEMEDICA, Eye Nation Medical
Sdn Bhd, AXIAN HEALTHCARE, Systane, and Rohto are some of the key players of
Malaysia eye care market.
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Attribute
|
Details
|
|
Base Year
|
2022
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Historic Data
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2018 – 2021
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report Coverage
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Revenue forecast,
volume forecasting, company shares, competitive landscape, growth factors,
and trends
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Segments Covered
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Product Type
Coating
Lens Material
Distribution Channel
|
|
Country Scope
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The East Malaysia
and The West Malaysia
|
|
Key Companies Profiled
|
Malaya
Optical, Johnson & Johnson, CooperVision Contact Lens Malaysia Sdn Bhd,
Metro optical Group Eyeware, Factory Eyeware, TRB CHEMEDICA, Eye Nation
Medical Sdn Bhd, AXIAN HEALTHCARE, Systane, Rohto
|
|
Customization Scope
|
10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
|
|
Pricing and Purchase
Options
|
Avail customized
purchase options to meet your exact research needs.
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report
Scope:
In this report,
the Malaysia eye care market has been segmented into the following categories,
in addition to the industry trends, which have also been detailed below:
- Malaysia Eye Care Market, By
Product Type:
- Eyeglasses
- Contact Lens
- Intraocular Lens
- Eye Drops
- Eye Vitamins
- Others
- Malaysia Eye Care Market, By
Coating:
- Malaysia Eye Care Market, By Lens
Material:
- Normal Glass
- Polycarbonate
- Trivex
- Others
- Malaysia Eye Care Market, By
Distribution Channel:
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
- Malaysia Eye Care Market, By
Region:
- The East Malaysia
- The West Malaysia
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies in Malaysia eye care market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Malaysia eye
care market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]