Contact Lens Solutions Market Outlook – Growing Demand, Share, Trends, Growth, Opportunities and Forecast 2022-2031

By Willie S. Morrissey Last updated Apr 9, 2022

Japan, Japan, Wed, 06 Apr 2022 07:06:10 / Comserve Inc. / – Contact Lens Solutions Market with Top Country Data, Industry Analysis, Size, Share, Revenue , Important Players, Developing Technologies, Trends and Forecasts

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

Additionally, a major emerging cause of visual impairment in developed regions of the world is uncorrected refractive errors. Additionally, high disposable income and growing geriatric population is expected to drive the market growth over the forecast period. However, the lack of awareness about contact lens solutions and usage is expected to hamper the market growth.

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Main market trends

The multi-purpose solution should have a large share

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

Additionally, the increasing burden of myopia, hyperopia, and other ocular disorders predicted an increase in the adoption of contact lenses with cleaning solutions.

North America is expected to experience significant growth

Among the regional segments, North America is expected to witness 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. The National Eye Institute has predicted that there will be approximately 5,000,055 people in the United States who will have low vision by 2030, and that number will increase to 8,913,397 by 2050. Additionally, the Asia- Pacific is expected to experience significant growth due to the growing adoption of contact lenses, increasing accessibility and geographic expansion of key players in the region.

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Competitive landscape

The global contact lens solutions market is moderately fragmented and competitive. Market players are focusing on new product launches, product innovations and geographic expansion to boost its market share. Major market players operating in the market are Alcon, Allergan plc, Bausch & Lomb Incorporated, CooperVision, Inc., and Johnson & Johnson.

1. INTRODUCTION
1.1 Study deliverables
1.2 Assumptions of the study
1.3 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Contact Lens Adoption
4.2.2 Growing concerns about eye infections
4.3 Market Constraints
4.3.1 Lack of awareness of disinfectant solutions
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of new entrants
4.4.2 Bargaining power of buyers/consumers
4.4.3 Bargaining power of suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

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