Increase in cases of eye disorders resulting in the need for medically approved contact lenses, accelerating the consumption of contact lens solutions: Fact.MR analysis

Rising cases of diabetes and glaucoma, which affect eyesight, are driving sales of advanced contact lenses, which subsequently increases demand for contact lens solutions

/EIN News/ — USA, Rockville MD, Aug. 12, 2022 (GLOBE NEWSWIRE) — According to the latest industry analysis from Fact.MR, a market research and competitive intelligence provider, the global contact lens solutions market is currently valued at approximately US$3 billion and is expected to grow at a CAGR of 3% through 2026.

Overall, the cases of optical disorders are gradually increasing, which bodes well for the contact lens market and the methods used to clean them. The market for contact lenses and contact lens solutions is also growing rapidly owing to the increase in medical problems among the elderly population and the increase in the cases of diabetes.

The increasing prevalence of eye conditions such as farsightedness and myopia is also influencing the use of contact lenses and, therefore, driving the demand for cleaning solutions. The ongoing transition to daily disposable lenses is expected to influence lens care needs, although new product development is expected to maintain market growth momentum.

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Future market penetration is expected to increase globally, primarily due to increased R&D activities and new product improvements that will expand the pool of potential contact lens wearers. Currently, all-purpose rub-free solutions are rapidly spreading through store aisles, making contact lens care even easier.

Another growing trend in the contact lens solutions market that is expected to support the growth of the market is the growing popularity of natural and antimicrobial contact lenses. Manufacturers see lucrative prospects with recent launches and growing demand for contact lenses with antimicrobial coatings to reduce the risk of infection. It is expected that the increasing use of contact lenses, especially in developing countries, will fuel the overall expansion of the market.

Will the United States be a profitable market for contact cleaning solution providers?

“Increase in contact lens sales, increase in contact lens solution market share in the United States”

The United States is considered a lucrative market for contact lens solutions and is valued at US$916 million in 2022. People of all ages are using contact lenses more frequently, which has led to an increase in the demand for contact lens solutions in the United States. States.

• The Centers for Disease Control and Prevention estimates that 45 million people in the United States wear contact lenses, including 8% of wearers under the age of 18 and 17% of people aged 18 to 24 who wear contact lenses, as well as 75% of those over 25 years old.

Thus, this graph proves the high demand for contact lenses, which subsequently increases the sales of eye contact solutions.

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Key segments covered by the Contact lens solutions Industry survey

• By solution:
  • Versatile
  • Hydrogen peroxide based

• By Distribution Channel:
  • Detail
  • Eye care professionals
  • On line
  • Others

• By region:
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • AEM

Winning strategy

The Contact Lens Solutions Market report identifies significant trends for the Contact Lens Solutions vendors along with organic and inorganic growth tactics. Many companies focus on natural growth strategies, including product approvals, new launches, and others such as patents and events. Acquisitions and alliances and agreements are examples of inorganic growth practices seen in this market.

These actions have enabled market players to increase their customer base and revenue. With the growing demand for contact lens solutions in the global market, the major market players are expected to enjoy attractive growth prospects over the coming years.

• A joint development agreement was announced by Mojo Vision and Menicon, a Japanese contact lens manufacturer, in December 2020. This partnership would allow the two companies to use their respective areas of expertise to carry out several feasibility studies for the creation of smart contact lens products.
• The launch of ACUVUE OASYS with Smart Transition Light Technology in the United States was announced by Johnson & Johnson Vision in March 2019. These photochromatic contact lenses help eyes adapt to bright lights and environmental conditions. changing lighting.

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The key players in the Contact lens solutions Market

• Alcon Laboratories, Inc.
• Allergan AG
• Bausch & Lomb Incorporated
• CooperVision, Inc.
• Johnson & Johnson
• FeesKon
• Menicon Co., Ltd.
• CLB-VISION

Main takeaways from Contact lens solutions Market research

• North America holds a leading position in the global contact lens solutions market due to its advanced healthcare infrastructure and growing contact lens usage among the population.
• The contact lens solution market is expected to grow as more and more people, especially in developing countries, start using contact lenses.
• The United States market is valued at US$916 million in 2022.
• Sales of contact lens solutions are expected to grow at a CAGR of 3% from 2022 to 2026.

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