Contact Lens Solution Market Size to Reach US$ 4.8 Billion by 2030 with a robust 4.6% CAGR, According to Persistence Market Research
The Contact Lens Solution Market is poised for significant growth driven by increasing demand for corrective lenses, rising awareness of ocular health, and advancements in lens care technologies
New York, Jan. 19, 2024 (GLOBE NEWSWIRE) — The global market for contact lens solution is expected to grow at a 4.6% CAGR, reaching US$4.8 billion by 2030 from US$3.5 billion in 2023.
Contact lens solutions play a crucial role in cleaning, disinfecting, and storing contact lenses. Apart from widely used multipurpose and hydrogen peroxide-based solutions, other liquids like saline, daily cleaners, and enzymatic protein removers are used for specific applications. The increasing adoption of contact lenses as a comfortable alternative to eyeglasses is driving demand for these solutions.
Eye infections, like acanthamoeba keratitis, can result in vision loss. Adherence to replacement schedules and proper eye care is crucial to prevent conditions such as Contact Lens-induced Acute Red Eye (CLARE). Compliance with lens care regimens and the use of lens care solutions are essential for contact lens wearers.
The Covid-19 pandemic has significantly impacted the market, with increased contact lens usage. A study in January 2021 noted changes in attitudes toward contact lens wear, with users reporting better maintenance and care. There is also a shift towards online purchases of contact lenses.
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|Market Revenue 2023
|Estimated Revenue 2030
|Growth Rate – CAGR
|No. of Pages
|By Solution Type, Material of Contact Lens, Distribution Channel, Region
|North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
|Key Companies Profiled
Contact Lens Solution Market Trends
The multipurpose solution segment is projected to be a major player in the market throughout the forecast period.
Multipurpose contact lens solutions serve the dual purpose of cleaning and disinfecting lenses, designed to handle various aspects like cleaning, rinsing, storing, and refreshing contact lenses. Widely favoured among soft contact lens wearers, these solutions are gaining popularity due to their user-friendly nature and recent product innovations. The increased adoption of multipurpose solutions is attributed to their ease of use, providing improved comfort, reducing lysozyme deposits, and minimizing corneal fluorescein staining, thereby enhancing the overall wearing experience and ensuring optimal lens performance.
A study published in Contact Lens and Anterior Eye in August 2021, titled ‘Antiviral effect of multipurpose contact lens disinfecting solutions against coronavirus,’ emphasizes the importance of rubbing and rinsing lenses with multipurpose disinfectant solutions to lower the quantities of coronaviruses on the lenses. This insight is expected to drive market growth during the pandemic.
Additionally, the rising prevalence of myopia, hypermetropia, and other eye-related disorders is anticipated to boost the adoption of contact lenses, coupled with the use of multipurpose cleaning solutions.
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Contact Lens Solution Market Segmentation
Type Categories: The contact lens solution market is divided into two main types: multi-purpose and hydrogen peroxide-based solutions. Multi-purpose solutions serve as all-in-one solutions, widely used for lens cleaning, disinfection, and storage, especially popular among soft contact lens wearers. Hydrogen peroxide-based solutions require careful handling and a specific storage case, limiting their adoption to a smaller audience.
Volume Categories: The market volume is categorized into 120mL, 360mL, and 480mL segments. The 120mL segment is expected to grow significantly, driven by cosmetic lens users and those trying lenses on a trial basis. The 480mL segment holds the largest market share, favored by regular contact lens wearers seeking cost-effective options. The 360mL segment experiences steady growth and holds a moderate market share.
Distribution Channels: Distribution channels include e-commerce, eye-care professionals, and retail. The retail segment dominates, driven by Over-the-Counter (OTC) product preferences for easy access and retail discounts. E-commerce is gaining traction for its convenience, expanding at a CAGR of 5.9%. Eye-care professionals contribute to a reasonable CAGR as a relatively lower number of people exclusively purchase solutions from them.
Material Categories: The market classifies materials into gas permeable lenses, soft lenses, and hybrid lenses. Soft lenses, with high demand for daily use, lead in market share due to their comfort. Gas permeable lenses show moderate growth. The introduction of hybrid lenses further boosts the adoption of contact lens solutions as different materials require specific solutions.
Regional Overview: North America dominates the market share, with a focus on clinical trials for innovative solutions. In Asia Pacific, the fastest CAGR is expected, driven by acquisitions by key solution providers. South America anticipates moderate growth in the forecast period.
Competitive Intelligence and Business Strategy
Key players like Alcol, Allergan, Bausch & Lomb Incorporated, Menicon Co., Ltd., and CooperVision, Inc., spearhead the contact lens solution sector. Understanding the intricate supply-side dynamics reveals a connected network of manufacturers, distributors, and retailers. Renowned manufacturers drive innovation through robust research, introducing advanced formulations to meet diverse consumer needs, while distributors and retailers ensure widespread availability, with e-commerce gaining prominence.
The market’s supply chain revolves around key players, with manufacturers developing innovative solutions, including multi-purpose and hydrogen peroxide-based options. Distributors and retailers play a crucial role in efficient distribution, adapting to changing consumer preferences, regulatory requirements, and technological advancements. This dynamic and responsive ecosystem ensures the continual availability of high-quality contact lens solutions globally.
Recent Developments in the Contact Lens Solutions Market
- In June 2022, Bausch + Lomb introduced its latest addition to the BioTrue Multi-Purpose Solution line, called Biotrue Hydration Plus Multi-Purpose Solution, available in the United States.
- In January 2022, Mojo Vision secured a funding of USD 45 million for the development of smart contact lens-based devices, providing seamless, real-time information on athletic performance.
Key Questions Answered in the Report:
- What are the contributing factors to the market’s growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Contact Lens Solution market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Contact Lens Solution market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Contact Lens Solution market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Contact Lens Solution industry?
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