Since the beginning of the new year, the prices of contact lenses for vision correction have been rising. This is due to the increase in raw material prices and high exchange rates (a decline in the value of the won).
According to the related industry on the 21st, the world's four major contact lens brands, Alcon and CooperVision, will increase the prices of some products, including disposable lenses.
Alcon raised the prices of some products including Aqua myopia lenses, astigmatism lenses, AirLens Hydra products, and AirLens Hydra multifocal lenses starting from the 1st. The average increase is about 10%.
CooperVision will also raise the prices of disposable lenses starting from the 1st of next month. This will be the first price increase for disposable products since CooperVision's entry into Korea 17 years ago. The increase is reported to be between 10% and 20% depending on the product.
For example, a pack of 30 Clarity One Day lenses will increase from 40,000 won to 46,000 won, while the Proclear One Day product will rise from 30,000 won to 34,000 won. However, retail price differences may occur at different selling locations. Not only disposable soft lenses, but also some hard lens brands like neon lenses are expected to see price increases.
According to the industry, raw material prices have risen due to the intensifying U.S.-China rivalry and the Russia-Ukraine war. The rise in the won-dollar exchange rate also acted as a factor for the price increase.
Previously, Acuvue and Alcon raised their prices twice in 2023 and last year. There are concerns about a domino effect of price increases among lens companies. Typically, these brands tend to follow the lead of one brand that raises prices.
Contact lenses are fundamentally medical devices for vision correction as well as cosmetic tools. They are considered essential items in daily life to the extent that they can be included as medical expenditure for tax deductions in year-end settlements.
The burden on consumers is expected to increase due to the rising costs of dining out and various utilities caused by high inflation.