Newark, May 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 1.9 billion contact lens solution market will reach USD 3.0 billion by 2033. The contact lens solutions market is expanding significantly. The increase is ascribed to the global burden of visual problems and the rising demand for contact lenses. As per the July 2021 report by the Bright Focus Foundation, the global population affected by macular degeneration is expected to reach 196 million in 2020 and 288 million by 2040. It is the main reason behind visual impairment in developed nations. Furthermore, at least 1 billion people worldwide have a near- or distance-related visual impairment, according to the World Health Organisation (WHO) 2022. Vision impairment affects persons of all ages.
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Scope of Contact Lens Solution Market
| Report Coverage | Details |
| CAGR | 4.8% from 2024 to 2033 |
| Market Size in 2023 | USD 1.9 Billion |
| Market Size by 2033 | USD 3.0 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Type, Material, Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
However, the majority of those affected are over 50. Furthermore, uncorrected refractive errors are a significant and growing cause of visual impairment in developed countries, propelling the market's expansion. Furthermore, rising disposable income and an ageing population are expected to fuel market expansion during the forecast period.
North America to account for the largest market size during the forecast period.
In North America, the market for contact lens solutions has been expanding gradually because of the availability of products, strong product penetration, and the existence of reputable vendors. In the area, vision care items like contact lenses and glasses have long been accessible. From glasses and glass contact lenses to soft contact lenses that need to be cleaned, disposed of, and stored with contact lens solutions, personal preferences have changed throughout time. The demand for multipurpose contact lens solutions has also expanded in the area because they may be used to condition, clean, remove protein, disinfect, rinse, and store soft contact lenses while saving money on other lens care products.
The multi-purpose segment dominated the market with the most significant revenue of USD 1.12 billion.
The multipurpose segment dominated the market, with the most significant revenue of USD 1.12 billion. All-in-one treatments known as multipurpose contact lens solutions are widely used to remove bacteria, dirt, and deposits from lenses. They are also useful for cleaning and storing. Multipurpose solutions are widely used since a greater percentage of the contact lens market comprises soft contact lens wearers.
The 120mL segment dominated the market with the most significant revenue of USD 0.81 billion.
The 120mL segment dominated the market, with the most significant revenue of USD 0.81 billion. The segment has grown due to using contact lenses for cosmetic purposes. Furthermore, those trying out contact lenses opt to purchase the solution in smaller amounts at a lower price.
The gas permeable lens segment dominated the market with the most significant revenue of USD 0.77 billion.
The gas permeable lens segment dominated the market, with the most significant revenue of USD 0.77 billion. The increasing need for soft, silicon, and permeable lenses has prompted manufacturers to introduce hybrid lenses. In the end, this will quicken the adoption of contact lens products.
The retail segment dominated the market with the most significant revenue of USD 0.74 billion.
The retail segment dominated the market, with the most significant revenue of USD 0.74 billion. As OTC products are more readily available, people tend to favour them more. Additionally, more consumers purchase over-the-counter (OTC) goods due to special store discounts.
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Market Dynamics:
Drivers: Increasing preference for contact lenses
Since using contact lenses has several benefits over wearing glasses, the market for them has grown over the last 10 years. Unlike spectacles, which are limited to the visual field in front of the wearer, contact lenses provide excellent peripheral vision and improved all-around vision. You should use lens cleaning solutions once a day to clean your lenses and remove any dust or debris that has settled on their surface. Due to the growing demand for contact lenses, which drives the demand for lens cleaning solutions, the global market for contact lens solutions is anticipated to rise steadily during the projected period.
Restraint: The rising adoption of daily disposable contact lenses
After a day of use, daily disposable contact lenses are taken out and discarded as single-use items. They are gaining popularity among users and practitioners due to their convenience and wellness benefits. These lenses are now the go-to choice for eye care practitioners (ECPs) in many countries. Furthermore, these lenses may be the best choice for people with allergies. However, contact lens solutions are not needed because these lenses might be discarded daily.
Some of the major players operating in the contact lens solution market are:
● Allergan
● Ciba Vision
● CooperVision, Inc.
● INTEROJO Co. Ltd.
● Menicon Co., Ltd.
● Alcon Laboratories, Inc.
● Bausch & Lomb, Incorporated
● CLB VISION
● FreshKon
● Johnson & Johnson Vision Care, Inc.
Key Segments cover in the market:
By Type:
● Hydrogen peroxide-based
● Multi-purpose
By Volume Channel:
● 480mL
● 360mL
● 120mL
By Material:
● Hybrid Lens
● Silicone Hydrogel Lens
● Gas Permeable Lens
By Distribution Channel:
● Retail
● Eye Care Practitioners
● E-commerce
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About the report:
The global contact lens solution market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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