Azerbaijan Contact Lenses Market (2023-2029) Industry, COVID-19 Impact, Analysis, Size, Trends, Share, Growth, Companies, Forecast, Value & Revenue:Market Forecast By Material, By Design, By Application, By Distribution Channel, By Usage and Competitive Landscape

Azerbaijan Contact Lenses Market Shipment Analysis

• Azerbaijan Contact Lenses Market registered a decline of -6.61% in value shipments in 2022 as compared to 2021 and a decrease of -9.35% CAGR in 2022 over a period of 2017. In Contact Lenses Market Azerbaijan is becoming less competitive as HHI index in 2022 was 2974 while in 2017 it was 1977. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
• Azerbaijan has reportedly relied more on imports to meet its growing demand in Contact Lenses Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Contact Lenses Market in 2022 was 31.69 while in 2017 it was 30.61. South Korea, China, Ireland, Turkey and USA were among the top players of the market in 2022, where South Korea acquired the largest market share of 38.31% with a shipment value of 0.08 million USD in 2022 South Korea also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Contact Lenses Market. In 2017 Brazil had the largest market share of 35.35% with the shipment value of 0.15 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Brazil offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the Azerbaijan Contact Lenses Market in 2017.
• Azerbaijan Contact Lenses Market Shipment Analysis
• Azerbaijan Contact Lenses Market registered a decline of -6.61% in value shipments in 2022 as compared to 2021 and a decrease of -9.35% CAGR in 2022 over a period of 2017. In Contact Lenses Market Azerbaijan is becoming less competitive as HHI index in 2022 was 2974 while in 2017 it was 1977. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
• Azerbaijan Contact Lenses Market Synopsis
• Azerbaijan Contact Lenses Market has shown decent growth during the pre-covid years owing to the rising eye diseases along with screen dependent lifestyles. In 2020, imports of contact lenses suffered on account of disruption in global supply chain due to imposition of covid restriction. Moreover, temporary halt in global production of raw materials used in contact lenses negatively affected the Azerbaijan contact lenses industry. However, in coming years, the contact lens market is poised for growth in the forecast period, driven by technological advancements catering to screen-dependent lifestyles. Additionally, the convenience of contact lenses for active and outdoor pursuits is expected to contribute to positive market development in Azerbaijan, propelling demand for contact lenses in the coming years.
• As per this research, the Azerbaijan Contact Lenses Market is projected to grow at a CAGR of 4.3% from 2023 to 2029, which is due to proliferation of digital devices and the increase in screen time which would further lead to an increase in complaints of digital eye strain and discomfort and to address these issues specialty contact lenses designed for computer or screen use are being developed, which are more comfortable, breathable, and customizable lenses further propelling the demand for contact lenses. Additionally, heightened investments in the healthcare sector, exemplified by a rise in government spending to 1.5% of GDP in 2021 which is a 0.5% increase from 2020, are expected to further propel market growth. Azerbaijan's Development Concept, “Azerbaijan - 2020: Vision for the Future “encompasses ambitious goals to enhance primary care, improve medical education, and institute medical financing for improved healthcare accessibility, contributing to the growing demand for contact lenses. The combination of rising disposable income and substantial investments in the healthcare sector, as outlined in Azerbaijan's Development Concept, is expected to drive robust demand for contact lenses in the forecast period.

Market by Application

By Application, cosmetic contact lenses are expected to increase significantly during the forecast period, owing to their widespread application in cosmetics. They are popular for a variety of aesthetic aspects since they allow users to enhance or adjust their eye colour. Furthermore, advances in cosmetic contact lens technology are projected to promote their rise by providing users with increasingly more realistic and pleasant options for improving their eye appearance.

Market by Usage

By Usage, daily disposable contact lenses are expected to have significant expansion throughout the projected period. These lenses don't need to be cleaned every day as they are thrown away after use. Using new lenses everyday lowers the risk of infection while also making maintenance easier. Additionally, since they eliminate the need for lens covers and cleaning solutions and offer improved comfort by using innovative materials, daily disposables are a popular option for many contact lens wearers looking for hassle-free eye care.

Market by Design

In 2022, Toric contact lenses, known for correcting astigmatism, currently held the highest revenue share and are poised for significant future growth. This dominance can be attributed to the increasing awareness and diagnosis of astigmatism among the population. As eye health becomes a priority, individuals are seeking Toric lenses as a reliable solution, and advancements in Toric lens design and comfort are driving their sustained popularity.

Market by Material

By Material, silicone hydrogel contact lenses are predicted to increase significantly throughout the forecast period due to their improved material composition, which delivers superior comfort, maintains eye health, and gives excellent vision. These lenses are a popular alternative, especially for people with dry or sensitive eyes, making them an appealing option for contact lens wearers.

Market by Distribution Channel

In 2022, Offline Distribution Channels have the highest revenue share, owing to the established presence of brick-and-mortar optical stores. However, the online distribution channel is poised for substantial future growth which can be attributed to the increasing digitalization and e-commerce adoption in the country, as consumers seek the convenience of shopping for contact lenses online.

Market by Demography

In 2022, 15-29 age group had the highest revenue share on account of rising demand of contact lenses from youth and working class due to their increased screen time and usage in cosmetics. Also, rising youth population in Azerbaijan would further propel the demand of contact lenses from this age group in coming future.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Azerbaijan Contact Lenses Market Overview
• Azerbaijan Contact Lenses Market Outlook
• Azerbaijan Contact Lenses Market Forecast
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Material, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Design, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Application, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Usage, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Distribution Channel, for the Period 2019-2029F
• Historical Data and Forecast of Azerbaijan Contact Lenses Market Revenues, By Demography, for the Period 2019-2029F
• Azerbaijan Contact Lenses Market Revenue Share, By Companies
• Covid-19 Impact on Azerbaijan Contact Lenses Market
• Azerbaijan Contact Lenses Market Drivers and Restraints
• Azerbaijan Contact Lenses Market Trends
• Azerbaijan Contact Lenses Market Porters Five Forces
• Azerbaijan Contact Lenses Market Opportunity Assessment
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Application

• Corrective
• Therapeutic
• Cosmetic
• Prosthetic
• Lifestyle-oriented

By Usage

• Daily Disposable
• Disposable
• Frequently Replacement
• Traditional

By Design

• Spherical
• Toric
• Multifocal
• Others

By Material

• Gas Permeable
• Silicone Hydrogel
• Hybrid

By Distribution Channel

• Online
• Eye Care Practitioners
• Offline

By Demography

• 0-14 Years Age Group
• 15-29 Years Age Group
• 30-60 Years Age Group
• 60 and Above Age Group