Market Size of Global Contact Lens Solution Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.23 Billion |
| Market Size (2029) | USD 12.24 Billion |
| CAGR (2024 - 2029) | 3.66 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Contact Lens Solutions Market Analysis
The Global Contact Lens Solution Market size is estimated at USD 10.23 billion in 2024, and is expected to reach USD 12.24 billion by 2029, growing at a CAGR of 3.66% during the forecast period (2024-2029).
The Covid-19 pandemic has significantly impacted the market growth of contact lens solutions market due to the excess wearing of contact lenses by people during the pandemic. For instance, according to the study published titled 'Assessment of contact lens wearers' attitude toward contact lens wear and care during Coronavirus Disease 2019 (COVID-19) pandemic: A cross-sectional online survey' in January 2021, contact lens users reported significant changes in attitudes toward wearing contact lenses including better maintenance and care. Additionally, there have been reports of changes in contact lens shopping habits, with an increased propensity towards internet purchases.
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 the Bright Focus Foundation, July 2021, there will be 196 million people living with macular degeneration worldwide in 2020, and by 2040, that figure will rise to 288 million. It is the primary cause of visual deficiency in industrialized countries.
Furthermore, according to the World Health Organization (WHO) 2022, at least 1 billion people worldwide suffer from a near- or distance-related vision impairment. Persons of all ages are affected by vision impairment, with people over 50 making up the majority. This will further drive the market growth due to the adoption of contact lens in the vision impairment conditions.
In addition, in August 2021, Alcon has launched the TOTAL30, the first-and-only monthly replacement, water gradient lens, that is compatible with all lens care solutions. Such lenses will lead to increased adoption of lens solutions, driving the market growth.
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.
