Global Contact Lens Solution Market Overview
The key driver impacting the contact lens solution market is the rising incidence of optical disorders with increasing the burden of myopia, hypermetropia, and other eye-related diseases. for instance. according to the world report on vision issued by the World Health Organization (WHO), In 2019, around 2.2 billion people globally suffer from eye conditions and visual impairment. It is estimated that 11.9 million people internationally have a moderate or severe vision impairment or blindness due to glaucoma, diabetic retinopathy, and trachoma that could have been prevented. according to the Association for Research in Vision and Ophthalmology, Globally, in 2020, among 7.79 billion people living, an estimated 49.1 million were blind, about 221.4 million people had moderate VI, and 33.6 million people had severe VI. the estimated number of blind persons augmented (by 42.8%) from 34.4 million in 1990 to 49.1 million in 2020. Moreover, the mounting innovations and expansion of new contact lens materials requirements solutions that can lubricate and disinfect lens is estimated to be a significant factor contributing to market growth.
The global demand for contact lens solution market was valued at 2,820.51 USD MN in 2021 and is expected to generate revenue of 4,235.92 USD MN in 2028, growing at a CAGR of 5.33% between 2022 and 2028.
The growing adoption of contact lenses has increased substantially due to the increasing demand for a comfortable alternative to eyeglasses are estimated to augment contact lens solution' demand in the forecast period. for instance, the Center for Disease Control and Prevention (CDC) reports estimations around 45 million people in the U.S. wears contact lenses. about two-thirds of contact lens wearers are female. the mean age of contact lens wearers globally is 31 years old. It is estimated about 8% of contact lens wearers come under 18 years old, around 75% of adults age 25 and older and over 17% are aged 18-24, and 75% of adults age 25 and older wear contacts. however, the lack of awareness regarding disinfecting solutions may hamper the global contact lens solution market in the long run. the current industry trends, such as the rising trend of wearing contact lens, and growing cases of eye infections, are expected to provide market players with new market opportunities.
The contact lens solution market is vast, with many local and global players. the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, extending product portfolio, acquisitions, and product upgrades to raise their market share across the globe. for instance, in March 2019, Tangible Science, a contact lens solution provider, declared the launch of a multi-purpose cleaning solution for the lenses coated with Tangible Hydra-PEG. The major players in the report are Alcon Laboratories, Inc. (Novartis AG), Bausch + Lomb, Allergan, CooperVision Inc., FreshKon, INTEROJO Co. Ltd., Johnson & Johnson Vision Care Inc., Menicon Co. Ltd., Others.
In this research report, the contact lens solution market is segmented by type, material, distribution channel, and region.
Analysis by Type:
By type, the report is categorized into multi-purpose and hydrogen peroxide-based. The multi-purpose segment dominates the type segment with over 69.01% share in 2021. It is due to widely used for removing germs, debris, and deposits from the lens. Moreover, the high adoption of the multi-purpose solution, as it is extensively used by soft contact lens wearers that engage a higher share of the contact lens market driving demand for multi-purpose solutions in the forecast period.
Analysis by Material:
By material, the report is categorized into the gas permeable lens, silicone hydrogel lens or soft lens, and hybrid lens. The silicone hydrogel Lens segment dominates the material segment with over 82.11% share in 2021. It is due to the high demand for Solutions in soft lenses as they are utilized for the manufacturing of daily use lenses. Moreover, the silicone hydrogel lenses are made up of using gel-like, water-containing plastic, called a hydrogel that makes it comfortable to wear, drives silicone hydrogel lens demand in the coming years.
Analysis by Distribution Channel:
By distribution channel, the report is categorized in e-commerce, eye care practitioners, and retail. The retail segment is estimated to show considerable growth in the forecast period. It is due to the high preference of consumers for over-the-counter (OTC) products due to the easiness of access. Moreover, the availability of special retail discounts attracts more customers to buy OTC products, contribute to the high market demand from the retail sector in the forecast period.
Analysis by Region:
In the regional outlook of the global contact lens solution market, the North America region dominates with a 36.22% market share during the forecast period. It is due to the advanced healthcare infrastructure and constantly rising adoption of contact lenses across the United States and Canada. Also, the vision impairment and blindness cases are likely to create more demand for the lens. Moreover, the presence of significant players indicates the increased availability of products that are related to contact lens solutions contributes to the development of the contact lens solution market in North America.
Market Segmentation covered in the Report:
By Type
- Multi-purpose
- Hydrogen peroxide-based
By Material
- Gas Permeable Lens
- Silicone Hydrogel Lens
- Hybrid Lens
By Distribution Channel
- E-commerce
- Eye Care Practitioners
- Retail
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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