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Contact Lens Solutions Market

Contact Lens Solutions Market

Contact Lens Solutions Market Analysis By Solution (Multi-purpose & Hydrogen Peroxide-based Contact Lens Solutions) By Distribution Channel (Retail, Eye Care Professionals, Online & Others) By Region – Global Market Insights 2022 to 2026

Contact Lens Solutions Market
FACT7616MR
  • Aug-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Healthcare

Contact Lens Solutions Market Outlook (2022-2026)

Worldwide contact lens solution demand is currently valued at around US$ 3 billion. The global contact lens solutions market is anticipated to expand at a CAGR of 3% to reach US$ 3.4 billion by 2026.

Multi-purpose contact lens solutions, one of the segments analysed in the contact lens solutions report, is also expected to evolve at a CAGR of 3% and reach a market valuation of around US$ 2 billion.

Over the past few years, more young people have started wearing designer eyewear. Large-scale marketing and promotions have been crucial in boosting sales in the luxury eyewear market, which bodes well for the consumption of contact lens solutions.

Report Attributes

Details

Contact Lens Solutions Market Size (2022E)

US$ 3 Billion

Forecasted Market Value (2026F)

US$ 3.4 Billion

Global Market Growth Rate (2022-2026)

3% CAGR

U.S. Market Value (2022)

US$ 916 Million

China Market Value (2026)

US$ 279 Million

Key Companies Profiled

  • Alcon Laboratories, Inc.
  • Allergan plc
  • Bausch & Lomb Incorporated
  • CooperVision, Inc.
  • Johnson & Johnson
  • FreshKon
  • Menicon Co., Ltd.
  • CLB VISION

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Contact Lens Solution Sales Analysis (2017-2021) Vs. Market Forecasts (2022-2026)

Glass lenses have so far been employed in a variety of applications. But because they are fragile and likely to degrade quickly, plastic lenses have evolved and become more popular.

In respect of UV protection, durability, and safety for use during sporting events or other strenuous activities where the lens is prone to break, plastic lenses have significant advantages over glass lenses. Thus, the above factors are boosting the plastic lens market growth.

To clean, sterilize, and maintain contacts, contact lens solutions are used. Other solutions, such as saline, regular cleaners, and enzymatic protein cleaners, among others, are also used for various single applications, such as disinfection and cleaning in addition to the famed hydrogen peroxide-based and multipurpose solution.

Because of the increasing need for a suitable substitute for eyeglasses, contact lens use has massively boosted. In turn, it is anticipated that this will fuel contact lens solution demand in the coming years.

Acanthamoeba keratitis eye illness can arise as a result of eye infections. This may cause partial or total vision loss. Inadequate eye care and disregard for replacement schedules may result in problems such as Contact Lens-Induced Acute Red Eye (CLARE). The usage of lens care solutions and adherence to the lens care schedule to prevent infections is essential for contact lens users.

Before using contact lenses, they are cleaned and disinfected using various solutions. Irritation of the eyes might result due to a lack of moisture. The demand for contact lens solutions that can lubricate and disinfect such wear is expanding as a result of the advancements and developments of new contact lens materials.

According to Fact.MR, a market research and competitive intelligence provider, expanding at a CAGR of 3%, the global contact lens solutions market is projected to reach US$ 3.4 billion by 2026.

Contact lens solutions market forecast by Fact.MR

Which Market Trends are Expected to Accelerate Demand for Contact Lens Services?

“Ongoing Innovations Expanding Contact Lens Solutions Industry Size”

One of the fastest-growing fields of optometry is contact lenses, which have undergone several important advances in the past few years. One of the most recent and significant breakthroughs in contact lenses is the use of smart lenses.

These cutting-edge lenses can quickly identify glaucoma, diabetes, and other medical issues. Major players are also working to create smart contact lenses that will enable individuals to capture pictures with their eyes while also adjusting to the changing light conditions for clear eyesight while going from light to dark.

People who suffer from age-related macular degeneration (AMD) and other conditions will find this useful. Such research and development initiatives have increased the usage of these smart glasses, which has accelerated the market growth of contact lens solutions over the forecast period.

“Rising Use of Contact Lens & Awareness about Their Care”

While buying contact lenses all around the world, patients look for professional guidance and cutting-edge treatment. Consumers in industrialized countries prefer to use insurance plans and are ready to pay more for products for eye care. Due to the accessibility and convenience of their preferred brand's products, consumers also exhibit brand loyalty and are less likely to switch to rival items.

Customers are influenced to choose well-known brands on the market by the high risk of infection associated with using contact lenses that are not fitted to the patient appropriately. Most customers buy their contact lenses directly from opticians or other eye care providers.

Wearers who have easy access to optical stores can buy lenses quickly and conveniently without the wait associated with internet purchasing. Thus, care of lenses promotes sales of contact lens solutions

An Adaptive Approach to Modern-day Research Needs

Which Regions are Driving Sales Revenue of Contact Lens Solutions Industry?

“Widespread Demand for Contact Lenses in North America & Europe Makes Them Profitable Markets for Top Lens Solution Providers”

North America is expected to see significant market growth among the regional segments throughout the forecast period. The existence of significant market participants, a developed healthcare infrastructure, and widespread contact lens use in the region are all factors contributing to the regional market's success.

  • According to the National Eye Institute, by 2030, there will be about 5,000,055 Americans with low vision, and by 2050, it will increase to 8,913,397.

Due to the rising cases of diabetes and glaucoma, Europe is predicted to hold the second position in terms of market share. The market expansion in this region is also projected to be fueled by expanding government and non-government organisation research efforts for smart contact lens advancements.

During the projected period, it is expected that the market in the Asia Pacific region will see a higher CAGR. The market in the Asia Pacific is anticipated to be driven by rising patient awareness of sophisticated lenses and the existence of a sizable untapped market during the forecast period.

Country-wise Analysis

Will the United States Be a Profitable Market for Contact Cleaning Solution Providers?

“Raising Sales of Contact Lenses Augmenting U.S. Market Share of Contact Lens Solutions”

The United States is considered a lucrative market for contact lens solutions and is valued at US$ 916 million, in 2022. People of all ages are using contact lenses more frequently, which has led to an increase in demand for contact lens solutions in the United States.

  • The Centers for Disease Control and Prevention estimate that 45 million individuals in the United States wear contact lenses, with 8 percent of wearers under the age of 18, and 17 percent between the ages of 18 and 24 wearing contacts, as well as 75 percent of those over the age of 25.

Thus, this graph proves the high demand for contact lenses, which is subsequently increasing the sales of eye contact solutions.

How is the Market for Contact Lens Solutions Progressing in Germany?

“Rising Cases of Eye Disorders Attracting Top Companies of Contact Lens Solutions to Increase Production of Contact Cleaning Solutions”

In Germany, the contact lens solutions market is anticipated to expand rapidly.

  • Age-associated eye disorders, which are brought on by an ageing population with a range of vision issues, as well as an increase in eye injuries and illnesses related to vision, are the leading cause of sight loss in Europe, according to the European Blind Union.

The need of users for contact lenses with attractive colours, shades, and patterns for attractive eye appearance is another factor influencing the demand for contact lens solutions in the nation. As such, colored contact lens demand is also increasing.

Category-wise Analysis

Which Contact Lens Solution Type is in High Demand?

“Hydrogen Peroxide Contact Solutions Highly Popular Due to their Multiple Benefits”

The two types of contact lens solutions are hydrogen peroxide-based and multi-purpose solutions. For several reasons, hydrogen peroxide contact solutions are preferred over multi-purpose contact lens solutions as a contact lens solution.

Both are nearly equally effective at cleaning the lens of build-up debris and disinfecting it, although the former can penetrate deeper for better removal of microbial biofilms. The absence of preservatives in hydrogen peroxide-based solutions is another significant benefit.

People with allergies and/or eye sensitivities should avoid using preservatives. The ease of use is the main benefit of the multipurpose solution type, but there are many others as well. The contacts must be cleaned, rinsed, disinfected, and stored using a single solution for multiple tasks.

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Competitive Landscape

The global market for contact lens solutions is competitive and moderately fragmented. To increase their market share, market participants concentrate on new product releases, product developments, and geographic expansion.

  • For example, Johnson & Johnson introduced a multi-purpose disinfection solution for reusable contact lenses, in October 2019.
  • In May 2017, Bausch & Lomb Incorporated introduced Renu Advanced Formula, a multipurpose contact lens cleaning solution for soft and silicone hydrogel contact lenses.

Key Segments of Contact Lens Solutions Industry Research

  • By Solution :

    • Multi-purpose
    • Hydrogen Peroxide-based
  • By Distribution Channel :

    • Retail
    • Eye Care Professionals
    • Online
    • Others
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

North America is targeted by contact lens solution producers, followed by Europe, owing to its well-established healthcare infrastructure and favourable government policies.
Alcon Laboratories, Inc., Allergan plc, Bausch & Lomb Incorporated, CooperVision, Inc., and Johnson & Johnson are key players in the contact lens solutions market.
Due to their multiple benefits, hydrogen peroxide contact solutions are highly preferred over multi-purpose contact lens solutions.
The study period of the global contact lens solutions market is from 2017 to 2026.
The global contact lens solutions market is valued at US$ 3 billion in 2022.
The global contact lens solutions market is estimated to expand at 3% CAGR from 2022-2026.
By 2026, China’s market for contact lens solutions is predicted to reach US$ 279 million.
Contact lens solution demand in the U.S. is currently valued at US$ 216 million.
Sales of contact lens solutions are expected to reach US$ 3.4 billion in 2026.

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