Contact Lens Solution Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is Segmented by Solution Type (Multi-Purpose, Hydrogen Peroxide Based, and Other Solution Types), Material of Contact Lens (Gas Permeable Lens, Silicon Hydrogel, and Other Materials), Distribution Channel, and Geography

Market Snapshot

Market Snapshot - Contact lens solution
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 4.5 %

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Market Overview

The market for contact lens solutions is growing at a significant rate. The growth is attributed to the growing demand for contact lenses coupled with the increasing burden of optical disorders worldwide. According to WHO estimates, age-related macular degeneration (AMD) ranked third among the global causes of visual impairment, with the prevalence of blindness being 8.7% in 2017. It is the primary cause of visual deficiency in industrialized countries.

Additionally, an important emerging cause of visual impairment in the developed regions of the world is uncorrected refractive errors. Moreover, the high disposable income and growing geriatric population anticipated driving the market growth over the forecast period. However, lack of awareness regarding the contact lens solutions and usage is anticipated to hamper the market's growth.

Scope of the Report

Contact lens solution is useful for cleaning, disinfecting, and storing contact lenses. There are many kinds of contact lens solutions, usually contain a binding agent, preservative buffer, and wetting agent. It kills the bacteria and keeps the lens safe for usage.

By Solution Type
Multi-Purpose
Hydrogen-Peroxide Based
Others
By Material of Contact Lens
Gas Permeable Lens
Silicon Hydrogel
Others
By Distribution Channel
E-Commerce
Retail
Others
By Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Multi-Purpose Solution is Anticipated to Have Significant Share

Multipurpose contact lens solutions were used to both clean and disinfect the contact lenses. These are designed to clean, rinse, store, and refresh the contact lenses. The adoption of a multipurpose contact lens solution is growing significantly due to its ease of use and recent product launches. For instance, in October 2019, Johnson and Johnson had launched a multipurpose disinfectant solution for reusable contact lenses. Similarly, in May 2017, Bausch & Lomb Incorporated has launched a versatile contact lens cleaning solution, Renu Advanced Formula, for soft and silicone hydrogel contact lenses. In the distribution channel segment, e-commerce is anticipated to have a lucrative growth rate due to growing adoption, increasing convenience, and multiple options. Moreover, manufacturers are also venturing into e-commerce marketing. This is expected to boost the segment growth.

Moreover, increasing the burden of myopia, hypermetropia, and other eye-related disorders anticipated increasing the adoption of contact lenses along with cleaning solutions.

Contact Lens Solution Trends.png

North America is Anticipated to Have Significant Growth

Among the regional segments, North America is anticipated to have significant market growth over the forecast period. The regional growth is attributed to the presence of key market players, well-established healthcare infrastructure, and high adoption of contact lenses in the region. National Eye Institute has projected that there will be around 5,000,055 people in the United States who will have low vision by 2030, and it will increase to 8,913,397 by 2050. Moreover, the Asia Pacific region is anticipated to have significant growth owing to the growing adoption of contact lenses, growing affordability, and geographic expansions of the key players in the region.

Contact Lens Solution Market - Growth Rate by Region-Image

Competitive Landscape

The global contact lens solution market is moderately fragmented and competitive. Market players focus on new product launches, product innovations, and geographical expansion to strengthen its market share. The key market players operating in the market include Alcon, Allergan plc, Bausch & Lomb Incorporated, CooperVision, Inc., and Johnson & Johnson.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Adoption of Contact Lens

      2. 4.2.2 Increasing Concerns of Eye Infections

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Awareness Regarding Disinfecting Solutions

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Solution Type

      1. 5.1.1 Multi-Purpose

      2. 5.1.2 Hydrogen-Peroxide Based

      3. 5.1.3 Others

    2. 5.2 By Material of Contact Lens

      1. 5.2.1 Gas Permeable Lens

      2. 5.2.2 Silicon Hydrogel

      3. 5.2.3 Others

    3. 5.3 By Distribution Channel

      1. 5.3.1 E-Commerce

      2. 5.3.2 Retail

      3. 5.3.3 Others

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Alcol

      2. 6.1.2 Allergan

      3. 6.1.3 Bausch & Lomb Incorporated

      4. 6.1.4 Menicon Co., Ltd.

      5. 6.1.5 CLB VISION

      6. 6.1.6 CooperVision, Inc.

      7. 6.1.7 FreshKon

      8. 6.1.8 Johnson & Johnson

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Contact Lens Solution Market market is studied from 2018 - 2026.

The Contact Lens Solution Market is growing at a CAGR of 4.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Alcon, Allergan plc, Bausch & Lomb Incorporated, CooperVision, Inc., Johnson & Johnson are the major companies operating in Contact Lens Solution Market.

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