Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Contact lenses are thin lenses that are placed on the surface of the eyes and are used by over 150 million people worldwide. They can be worn for vision correction or for cosmetic or therapeutic purposes. Depending on their comfort, nature, and reuse, contact lenses can be either hard or soft and are used to correct various eye conditions, including myopia, hyperopia, astigmatism, and presbyopia. Contact lens solutions are products used to clean, disinfect, and store contact lenses, making them a more cost-effective and convenient option for contact lens wearers. They are particularly suitable for those who wear their lenses for extended periods, have thicker lenses due to higher prescriptions, work in dry, air-conditioned environments, or frequently experience dry eyes. The growing awareness about eye care and technological advancements in optical products are expected to drive the growth of the contact lens market in the region during the forecast period.
The growth of the contact lens solution market in this region is being fueled by several key drivers, including the rising incidence of optic disorders and the growing demand for alternatives to eyeglasses. Contact lenses are particularly well-suited to meet this demand, thanks to their high adaptability and versatility. Additionally, many consumers are drawn to contact lenses for their convenience and hygiene benefits. Compared to eyeglasses, contact lenses offer greater comfort and flexibility, allowing wearers to engage in a wider range of activities. They are also seen as a more attractive option, particularly among younger consumers who prioritize appearance. As such, it is expected that the continued growth in the adaptability of contact lenses will ultimately drive the expansion of the contact lens solution market in the region.
During the forecast period, the contact lens solution market is expected to see significant growth opportunities due to the rising prevalence of eye disorders such as myopia, hyperopia, astigmatism, presbyopia, and others. Europe is witnessing an increase in myopia prevalence, reaching almost 50% in the 25-29 age group, as per the European Society of Ophthalmology report in 2021. This awareness has made myopia a significant socioeconomic burden in Europe. Contact lenses and solutions are vital in disinfecting, cleaning, and storing lenses to prevent eye infections. They provide various benefits such as a natural look and feel on the eye surface, comfort, and less irritation, driving the demand for contact lenses and solutions in the region. These factors are expected to create ample growth opportunities in the European market over the forecast period.
A potential challenge for the growth of the contact lens solution market is the limited awareness of contact lens solutions and their uses. Moreover, some individuals may experience side effects associated with contact lens solutions such as irritation, swelling, and redness, which are commonly caused by preservatives used in the solutions, such as hydrogen peroxide and sodium chloride. These side effects may negatively impact the market's growth in the future.
An obstacle to the growth of the contact lens solution market is the increasing consumer preference for refractive surgery options using corneal pachymetry. According to the Refractive Surgery Council, there was a 32% increase in Laser Vision Correction procedures in the fourth quarter of 2021 compared to the same period in the previous year, with approximately 833,000 procedures performed. Wearing contact lenses for an extended period of time can lead to various negative effects, such as infection, corneal edema, superficial keratitis, and red eye. As a result, more patients are seeking alternative options for vision correction treatment, which poses another challenge to the market's growth.
The report provides an in-depth analysis of the Europe 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.
The Europe contact lens solution market comprises different market segments like solution type, material, distribution channel and country.
By solution type, the Europe contact lens solution market includes key segments such as
Based on solution type, the Europe 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. Owing to the rising demand for lens cleaning and disinfecting solutions among the users. The capacity to fulfill the requirements of multiple lens care functions is referred to as a "Multi-Purpose" contact lens solution. The hydrogen peroxide-based segment is projected to witness significant growth. Owing to its antiseptic properties is projected to remain a key factor fueling the market growth. The majority of hydrogen peroxide solutions contain 3% hydrogen peroxide. This enables the solution to break down any proteins that coat the contacts after a long period of use. Other segment includes rinsing and cleaning, disinfecting solution/neutralizer, moisturizes, and cleaning and disinfecting solution.
By material, the Europe contact lens solution market includes key segments such as
On the basis of material, the Europe contact lens solution market is bifurcated into gas permeable lenses, hydrogen peroxide, and others. The gas permeable segment is anticipated to dominate the market over the forecast period. Owing to the growing demand for contact lenses coupled with the increasing burden of optical disorders. They are used to disinfect, clean, and store the lenses and to prevent eye infections. Gas-permeable lens materials are resistant to protein, lipid, or bacteria buildup, highly breathable, easy to clean and handle, and less expensive. Other segment includes soft lenses and hybrid lenses.
By distribution channel, the Europe contact lens solution market finds key distribution channels like
On the basis of distribution channels, the Europe contact lens solution market is divided into e-commerce, retail, and others. The retail segment is anticipated to dominate the market over the forecast period. This is due to the increasing awareness, rising income levels, and increased penetration of retail stores in the market. Retail is the sale of goods and services to consumers. These places enable customers to pick from a vast assortment of goods, sizes, brands, and prices at one location. The e-commerce segment is anticipated to have a lucrative growth rate due to growing adoption, increasing convenience, and numerous options.
By country, the Europe contact lens solution market is studied for the following countries
The European contact lens solution market is analyzed on a country-by-country basis, including the United Kingdom, Germany, France, Italy, Spain, and the Rest of Europe. During the forecast period, the largest market share was held by Germany. The growth can be attributed to increased research and development activities and the growing demand for cosmetic contact lenses. Cosmetic lenses have therapeutic uses as well, such as covering disfigured eyes and altering eye color and appearance. The demand for contact lens solutions is expected to rise with the increasing demand for cosmetic lenses. Additionally, the vast network of manufacturers and suppliers in Germany is expected to boost the growth of the contact lens solution market in this region.
Due to the impact of the COVID-19 pandemic, major market players reported significant revenue and sales declines. The decrease in revenues was attributed to consumers’ shift from these devices to eyeglasses during the lockdown period. Also, decreased demand for lenses while staying at home was another reason contributing to the drop in the number of these lens wearers. During the lockdown period, the vast majority of eye care professionals reported a significant decrease in patient visits. his was due to the cancellation of medical practices, especially elective procedures, to avoid the spread of the COVID-19 virus.
However, the growth has been high since the market opened after COVID-19, it is expected that there would be considerable growth in the sector, owing to the increasing concern about hygiene and eye care among the people. In addition, with relaxations in pandemic limitations, the number of patient visits for eye check-ups and different strategies caused a notable bounce in the sales of lenses and revenues of the key players. Thus, increasing demand for contact lens along with solution boost the market growth.
The competitive landscape analysis of the contact lens solution market is primarily focused on expanding the country 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
March 2019: Alcon acquired PowerVision, Inc., a privately held, US-based medical device development company focused on creating fluid-based intraocular lens implants. This acquisition is driving growth and innovation in advanced technology intraocular lenses (AT-IOLS) to meet the needs of cataract surgery patients who desire spectacle independence.
By solution type, the Europe 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. By material, the Europe contact lens solution market includes key segments such as gas permeable lens, silicon hydrogel, and others. The gas permeable segment is anticipated to dominate the market over the forecast period. By distribution channel, the Europe contact lens solution market divided into e-commerce, retail, and others. Retail segment is anticipated to dominate the market over the forecast period. The Europe contact lens solution market is studied for region: United Kingdom, Germany, France, Italy, Spain, and the Rest of Europe. The Germany region held the largest market share during the forecast period
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD million |
| Market
Segment studied: | Solution Type Material Distribution Channel |
| Market
Players and its Competitors: | Bausch & Lomb (Canada) Johnson & Johnson (United States) CooperVision (United
States) Menicon Co. Ltd (Japan) Abatron (United
Kingdom) Ote
pharma (Netherland) Hoya Corporation (Japan) Vision Express (United
Kingdom) Lensmam (South
Korea) HORIZANE SANTE.
(France) Specsavers
(Guernsey) Oculus Private Limited (Singapore) Alcon
(Switzerland) |
FREQUENTLY ASKED QUESTIONS
What are the segments in this report?
Solution type, material, distribution channel and country are the segments present in this report.
Which is the leading material type for Europe contact lens solution market?
Gas permeable lens accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
What is the forecast period in this report?
2023-2029 is the forecast period present in this report.
