Gas permeable lens accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
A contact lens is a thin, curved and transparent lens that is placed on the film of tears that covers the outer layer of the eye, and it can be tinted to make handling easier. Contact lenses can be categorized into two types, either hard or soft. Contact lens solutions are used to clean, disinfect, and store contact lenses. They offer several benefits such as preventing bacterial growth and reducing eye irritation. There are two main types of contact lens solutions, including multipurpose and hydrogen peroxide-based solutions, which are used to disinfect contact lenses and remove debris. Other liquids, including saline, daily cleaners, and enzymatic protein removers, are used for distinct purposes, such as cleaning and disinfecting. The increasing awareness of eye health and vision problems among patients is driving the growth of the contact lens solution market.
The growing number of individuals affected by eye disorders and the increasing demand for alternative vision correction methods are among the primary drivers of the contact lens solution market. Contact lens solutions are used to clean, disinfect, rinse, moisturize, and store contact lenses, with various types of solutions available for different purposes. The increasing burden of myopia, hypermetropia, and other eye-related disorders is expected to drive the adoption of contact lenses and cleaning solutions. According to the World Health Organization (WHO), the prevalence of myopia is highest in high-income countries of the Asia-Pacific region, followed by East Asia. This has led to an increase in the use of orthokeratology to reshape the cornea and improve vision. As a result, the Asia-Pacific region is expected to experience significant growth in the contact lens solution market due to the large end-user base associated with refractive errors.
The contact lens solution market is predicted to experience significant growth opportunities in the future due to the increasing incidence of eye disorders. One particular condition, Primary Angle Closure Glaucoma (PACG), which is more prevalent in the Asian population, is expected to create new market prospects in the Asia Pacific region. In 2020, the number of people affected by PACG in Asia was 17.96 million, accounting for over 76% of PACG cases worldwide. Furthermore, favorable demographic and socioeconomic conditions such as urbanization, population growth, rising disposable incomes, and improved living standards are driving the contact lens solution market's growth during the forecast period.
The growth of the contact lens solution market may be impeded by limited awareness of these solutions and their potential uses. Additionally, the solution comes with a specialized storage container that contains hydrogen peroxide and cannot be applied directly to the eyes, necessitating some degree of complexity in handling. As a result, only a small portion of the population may adopt the product, resulting in a lower market share. Moreover, alternative treatments like eyeglasses, LASIK surgery, and others provide more advantages than lenses. Eyeglasses require minimal cleaning, pose a lower risk of eye infection, and are more cost-effective than these types of lenses. Therefore, a decrease in the demand for contact lenses could eventually lead to a decline in the contact lens solution market.
Counterfeit goods are a significant obstacle to the growth of the contact lens solutions market. The rising demand for eye care products and the increasing number of opportunities in the market have led to the emergence of counterfeit eye care products in the manufacturing, marketing, and distribution of these products. The proliferation of counterfeit goods is a major threat to the growth of the market. Additionally, the availability of alternative treatments for refractive errors, such as LASIK surgery and eyeglasses, is a significant challenge that hinders the market's growth.
The report provides an in-depth analysis of Asia Pacific 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 Asia Pacific contact lens solution market comprises different market segments like solution type, material, distribution channel and country.
By solution type, the Asia Pacific contact lens solution market includes key segments such as
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. Most people who wear soft contact lenses use multi-purpose lens care products. In the contact lens solution market, a multi-purpose contact lens solution is used to disinfect your contacts and remove debris. Furthermore, it is used to clean, rinse, disinfect, and store contact lenses. In contact lens solution, hydrogen peroxide is used to clean and disinfect contact lenses by breaking up and removing trapped debris, proteins, and fatty deposits (lipids). Other segment includes rinsing and cleaning, disinfecting solution/neutralizer, moisturizes, and cleaning and disinfecting solution. These products are used for cleaning and disinfecting contact lenses that are worn on the eyes and offer various benefits, such as preventing bacterial growth and reducing eye irritation.
By material, the Asia Pacific contact lens solution market includes key segments such as
On the basis material, the Asia Pacific contact lens solution market bifurcated into gas permeable lens, hydrogen peroxide, and others. The gas permeable segment is anticipated to dominate the market over the forecast period. This is due to the increasing prevalence of optical disorders worldwide along with the high adaptation of contact lenses and increasing demand for an alternative to eyeglasses will drive the market growth. Gas permeable (GP) contact lenses, also known as rigid gas permeable (RGP) lenses, are hard contact lenses made of silicone-containing compounds that allow oxygen to pass through the lens material to the eye. 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.
By distribution channel, the Asia Pacific contact lens solution market finds key distribution channels like
On the basis of distribution channel, the Asia Pacific contact lens solution market divided into e-commerce, retail, and others. Retail segment is anticipated to dominate the market over the forecast period. This is due to the increasing awareness and rising income levels; a greater number of households are being added to the consumption class. The e-commerce segment is anticipated to have a lucrative growth rate due to growing adoption, increasing convenience, and numerous options. E-commerce is a method of buying and selling goods and services online.
By country, the Asia Pacific contact lens solution market is studied for the following countries
During the forecast period, Japan is expected to dominate the contact lens solutions market due to the high adoption rate of daily disposable lenses and a strong preference for advanced technology brands. Contact lens solutions provide multiple benefits, such as reducing eye irritation and preventing bacterial growth. Increased demand for contact lenses as an alternative to eyeglasses, along with their ability to reduce protein debris and friction, adds to the market growth. The growing trend of cosmetic and color-changing contact lenses among young consumers is also expected to contribute to the market expansion.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia Pacific contact lens solution market. In addition, a complete analysis of changes in the Asia Pacific contact lens solution market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on Asia Pacific economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The Severe Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2) has infected more than 500 million people worldwide since the first case was reported in December 2019. Initially, the high reproduction rate, compounded by a lack of effective treatments, led to crippling demand in many healthcare systems. The market's growth has been negatively impacted by worker mobility restrictions, a drop-in consumer demand, and the closure of production facilities. However, since the market opened after COVID-19, it is anticipated that there will be significant growth in the sector due to the increasing demand for cosmetic and color-changing contact lenses among young consumers. In addition, it provides a comfortable and functional vision for a patient to perform activities of daily living. It is anticipated to drive market growth over the estimated time period.
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
April 2021: Menicon announced a global collaboration with Johnson & Johnson Vision to bring forward therapeutic contact lens-related products and services to manage the progression of myopia in children.
By solution type, the Asia Pacific 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 Asia Pacific 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 Asia Pacific contact lens solution market divided into e-commerce, retail, and others. Retail segment is anticipated to dominate the market over the forecast period. The Asia Pacific contact lens solution market is studied for region: China, Japan, India, and the Rest of the APAC. Japan is projected to lead the market 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) Beautylens Technology Co., Ltd. (China) Stericon Pharma Private Limited (India) Carl Zeiss Meditech AG (Germany) Hoya Corporation (Japan) Vision Express (United
Kingdom) Lensmam (South
Korea) Polytouch Co. Ltd (South Korea) HORIZANE SANTE.
(France) Specsavers
(Guernsey) Freshcon
(Malaysia) Alcon
(Switzerland) |
FREQUENTLY ASKED QUESTIONS
Which is the leading material type for Asia Pacific 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.
Which region is gaining majority of market share during the forecast period (2023-2029)?
Japan is expected to gain major market share during the forecast period (2023-2029).