MARKET OVERVIEW - GLOBAL CONTACT LENS SOLUTION MARKET
Contact lenses are small, medical devices that are worn directly on the cornea of the eye. They help correct refractive errors by either increasing or decreasing the focusing power of the cornea and lens, similar to eyeglasses. To keep the lenses and eyes healthy and free from infection, contact lens solutions are used to clean, disinfect, and store the lenses. There are two types of contact lens solutions, multipurpose and hydrogen peroxide-based, both of which are used to disinfect the lenses and remove debris.
Proper contact lens care is critical for maintaining good eye health, and contact lens solutions play a crucial role in this. The use of contact lens solutions is more cost-effective and convenient than other methods, which means that contact lens wearers are more likely to use them properly.
The market for contact lens solutions is expected to grow, driven by an increase in the number of people who wear contact lenses, particularly in developing nations. Additionally, the rising burden of optical disorders and diabetic eye disease worldwide is driving demand for contact lenses and contact lens solutions.
MARKET DRIVERS
The contact lens solution market is expected to experience growth due to several factors. Firstly, the prevalence of optical disorders worldwide, coupled with the high adoption of contact lenses as an alternative to eyeglasses, is driving demand. The International Agency for the Prevention of Blindness (IAPB) reported in 2021 that approximately 161 million people worldwide suffer from vision impairment due to uncorrected refractive errors, while more than 77 million people suffer from vision loss due to medical conditions like glaucoma, diabetic retinopathy, and age-related macular degeneration.
Contact lens solutions play a critical role in cleaning and disinfecting contact lenses, which are worn on the eyes. They offer various benefits, such as preventing bacterial growth and reducing eye irritation. Additionally, contact lenses provide a more natural look and feel on the eye surface and are more comfortable, causing less irritation around the eyes, making them an ideal choice for usage. These beneficial features are expected to drive market growth over the estimated period.
MARKET OPPORTUNITY
The contact lens solution market is expected to witness growth opportunities in the upcoming years due to technological advancements and continuous research and development efforts aimed at improving the quality of contact lens solutions. Multi-purpose lens care products, which are commonly used by people who wear soft contact lenses, offer a range of growth opportunities in the contact lens solution market. These products can be used for cleaning, rinsing, disinfecting, and storing contact lenses, making them highly versatile. With an increasing number of people opting for contact lenses, the ease of use and affordability of contact lens solutions are expected to create new growth prospects in the market. In addition, market leaders are collaborating to leverage advanced technology and improve their processes to meet the evolving needs of users in the market.
MARKET RESTRAINTS
The contact lens solution market's growth may be impeded by limited knowledge about contact lens solutions and their usage. Additionally, some solutions may cause discomfort and irritation. For instance, certain chemicals used in multi-purpose solutions may cause eye irritation and discomfort to those who are allergic or sensitive to them. As the prolonged use of contact lenses can result in several adverse effects, including corneal edema, infection, red eye, and superficial keratitis, an increasing number of patients are exploring alternative options for vision correction treatment. These factors could limit the market's growth in the future.
MARKET GROWTH CHALLENGES
The increasing prevalence of counterfeit contact lens solutions in the market is a major challenge for its growth. The rising demand for eye care products has created opportunities for counterfeiters to manufacture and sell fake products, which poses a threat to the safety of consumers. Additionally, the availability of alternative treatments for refractive errors such as eyeglasses and LASIK surgery is a major challenge for market growth. LASIK surgery, in particular, has gained popularity among consumers, with a significant increase in the number of Laser Vision Correction procedures in the fourth quarter of 2021 compared to the previous year. This trend suggests a shift in consumer preference towards refractive surgery options. As a result, the contact lens solutions market faces tough competition from alternative treatments and must continue to innovate to remain competitive.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global contact lens solution market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for contact lens solution in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL CONTACT LENS SOLUTION MARKET SEGMENTAL OVERVIEW
The global contact lens solution market comprises of different market segments like solution type, material, distribution channel and geography.
GLOBAL CONTACT LENS SOLUTION MARKET BY SOLUTION TYPE
By solution type, the global contact lens solution market includes key segments such as
- Multi-purpose
- Hydrogen Peroxide
- Others
On the basis of solution type, the global contact lens solution market is divided into multi-purpose, hydrogen peroxide, and others. A multi-purpose segment is anticipated to dominate the market over the projected time period. The dominance is due to the rising number of people who wear contact lenses, the ease of use and low cost of multi-purpose solutions, and the growing awareness of the importance of proper contact lens care. Multi-purpose lens care solutions are all-in-one care products that can be used to clean, rinse, disinfect, and store all kinds of contact lenses. The hydrogen peroxide-based segment is projected to witness significant growth. This is due to their ease of use, lens and tissue compatibility, disinfection efficacy, and ocular surface safety. Other segment includes rinsing and cleaning, disinfecting solution/neutralizer, moisturizes, and cleaning and disinfecting solution. Cleaning and disinfecting solutions are used to keep the contact lenses clean and disinfected.
GLOBAL CONTACT LENS SOLUTION MARKET BY MATERIAL
By material, the global contact lens solution market includes key segments such as
- Gas Permeable Lens
- Silicon Hydrogel
- Others
The gas permeable segment is anticipated to dominate the market over the forecast period. The growth is due to the growing awareness of eye health and vision problems among patients. It is used to provide sharper vision. This material is also used to provide a more stable and accurate correction of astigmatism. The silicon hydrogel segment is projected to witness significant growth. Owing to the increasing aging population, rising awareness about eye care, and technological advancements in optical products. Other segments include soft lenses and hybrid lenses. These materials allow oxygen to pass through to the cornea, and this material may be easier to adjust to and provide better initial comfort.
GLOBAL CONTACT LENS SOLUTION MARKET BY DISTRIBUTION CHANNEL
By distribution channel, the global contact lens solution market finds key distribution channel like
On the basis of distribution channel, the global contact lens solution market divided into e-commerce, retail, and others. Retail segment is anticipated to dominate the market over the forecast period. The dominance is due to the increasing need for an alternative to eyeglasses and developing new products with advanced features. Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to businesses or institutional customers. The e-commerce segment is projected to witness significant growth owing to the increased convenience and high availability in recent years. It is a route that connects producers and consumers of goods and service. In addition, it also provides unmatched flexibility for contact lens patients with online ordering, reordering, and subscription options from a simple, seamless contact lens web store.
GLOBAL CONTACT LENS SOLUTION MARKET BY GEOGRAPHY
By country, the global contact lens solution market is studied for the following region
- North America
- Asia Pacific
- Europe
- RoW
The global contact lens solution market is divided into North America, Europe, Asia Pacific, and the rest of APAC. The North American market is expected to lead during the forecast period, driven by an increase in the number of suppliers in various countries and a rise in the prevalence of eye disorders. According to the Centers for Disease Control and Prevention, approximately 12 million people over the age of 40 in the United States have some form of vision impairment. Moreover, market players in North America are forming strategic partnerships and collaborations to drive the adoption of contact lenses. Meanwhile, the Asia Pacific market is anticipated to grow at the fastest CAGR due to the increasing adoption of contact lenses and demand for an alternative to eyeglasses.
COVID-19 IMPACT ANALYSIS ON GLOBAL CONTACT LENS SOLUTION MARKET
The COVID-19 pandemic, which has swept the world since the start of 2020, is unprecedented in modern times and is having a considerable impact on day-to-day lives, including contact lens wear and practice. However, the COVID-19 pandemic has had a significant impact on the market owing to the excessive wearing of contact lenses by people during the pandemic. For instance, according to the study published in January 2021 titled 'Assessment of contact lens wearers’ attitude toward contact lens wear and care during the Coronavirus Disease 2019 (COVID-19) pandemic: A cross-sectional online survey, contact lens users reported significant changes in attitudes toward wearing contact lenses, including better maintenance and care. Additionally, it has been reported that consumer preferences for purchasing contact lenses have changed, with an increased preference for online purchases. Furthermore, a few market leaders are signing an agreement to work with continuous process improvement by making the best use of advanced technology to meet the users' needs in the market which will provide new market growth opportunities over the forecast period.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the contact lens solution market is primarily focused on expanding the global growth of the contact lens solution industry with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the contact lens solution sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in market are
- Bausch & Lomb (Canada)
- Johnson & Johnson (United States)
- CooperVision (United States)
- Menicon Co. Ltd (Japan)
- Clear conscience (United States)
- Stericon Pharma Pvt. Ltd. (India)
- Hoya Corporation (Japan)
- Vision Express (United Kingdom)
- Lensmam (South Korea)
- HORIZANE SANTE. (France)
- Specsavers (Guernsey)
- Freshcon (Malaysia)
- Alcon (Switzerland)
- Avizor (Spain)
RECENT DEVELOPMENT:
September 2019: Johnson & Johnson Vision Care, Inc. introduced ACUVUE RevitaLens, a multi-purpose disinfecting solution. This multipurpose contact lens solution offers exceptional disinfection and all-day comfort for reusable contact lens wearers.
December 2020: Mojo Vision and Menicon have signed a joint development agreement to carry out a series of feasibility studies that draw on the expertise of each company. Contact lens materials, cleaning, and fitting, among other topics, are the focus of this collaboration.
