Contact Lens Solution Market Size was valued at USD 2.1 Billion in 2022. The Contact Lens Solution industry is projected to grow from USD 2.19 Billion in 2023 to USD 3.12 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.50% during the forecast period (2023 - 2032). The increasing prevalence of myopia andgrowing preference for contact lenses over spectacles are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Consumer preferences have changed as a result of increased environmental awareness on a worldwide scale and a growing need for sustainable products. Consumers who wear contact lenses are looking for solutions that reflect their beliefs, creating a need for biodegradable and environmentally friendly products. The use of biocompatible materials reduces the risk of negative responses or sensitivities because they are made to blend in with the natural environment of the eye. This emphasis on safety aligns with what consumers expect from products that put their general well-being and ocular health first.
Improved antimicrobial efficiency offered by advanced disinfection technology offers a higher level of defense against bacteria, viruses, and fungi. This guarantees the general safety of wearing contact lenses and addresses issues with eye infections. Continuous innovation aims to provide products that disinfect more quickly. Users looking for quick and easy lens care routines would benefit from this, boosting user happiness and compliance. Modern disinfection systems are made to work with various contact lens compositions. Because of this versatility, customers can select from a wide range of lens alternatives without sacrificing the disinfection process' efficacy.
Furthermore, according to data released by the National Institutes of Health in May 2022, the United States spends significantly on illnesses related to eyesight and eye ailments. In 2020 and 2021, respectively, it has funded USD 1,012 million and USD 1,070 million.
The growing interest in contact lenses as an early myopia control tool results from the rising incidence of myopia in children. The need for corresponding lens care products is driven by the ability to slow down myopia's evolution in children through specialized contact lenses, such as orthokeratology lenses. There is growing interest in creating contact lens solutions with improved safety features intended especially for use by children. Solutions meet children's particular needs with mild formulations and additional comfort ingredients, addressing safety and irritability issues.
The contact lens solutions market is expanding significantly. The increase is attributed to the burden of visual problems and the rising demand for contact lenses. As per the July 2021 report by the Bright Focus Foundation, the population affected by macular degeneration is expected to reach 196 million in 2020 and 288 million by 2040. It is the main reason behind visual impairment in developed nations. Thus driving the Contact Lens Solution market revenue.
Based on type, the Contact Lens Solution market segmentation includes multi-purpose and hydrogen peroxide-based. The multi-purpose segment dominated the market. Multi-purpose solutions aim to efficiently eliminate debris, protein deposits, and other contaminants that may build up on the surface of contact lenses. The cleaning component ensures clear eyesight and comfortable wear.
The hydrogen peroxide-based segment is expected to be the fastest-growing contact lens solution market segment during the forecast period. A potent disinfectant with broad-spectrum antibacterial qualities is hydrogen peroxide. It eliminates germs, viruses, fungi, and other microbes that might infect the eyes. For contact lenses to remain safe and hygienic, disinfection is essential.
Figure 1: Contact lens solution Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Contact Lens Solution market segmentation, based on material, includes gas permeable lens, silicone hydrogel lens, and hybrid lens. The silicone hydrogel lens category has the largest market share. Silicone hydrogel lenses' oxygen permeability is higher than conventional hydrogel lenses. As a result, the cornea can receive more oxygen, improving overall eye health and lowering the possibility of problems like corneal neovascularization.
Throughout the forecast period, the contact lens solution market’s gas-permeable lens segment is anticipated to grow at the quickest rate. Custom GP lenses can be produced to match each person's eyes' distinct curvature. With a customized solution for better vision, this customization is especially helpful for people with uneven corneas, astigmatism, or complex vision correction demands.
Based on distribution channels, the Contact Lens Solution market segment includes e-commerce, eye care practitioners, and retail. The retail category leads the market. The distribution of contact lens solutions is largely facilitated by traditional optical retail establishments, such as big optical retail chains and independent optometrists' offices. These shops frequently sell contact lenses and a range of lens care supplies.
During the projection period, the contact lens solution market’s e-commerce segment is anticipated to grow faster. Contact lens solutions are widely available from major e-commerce platforms and specialized online suppliers of eye care supplies. Customers can compare and select items that best fit their needs due to these platforms, which frequently include a variety of brands and formulations.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American contact lens solution market area will dominate this market. Vision disorders such as astigmatism, hyperopia, and myopia are relatively common in North America. Contact lenses and other vision correction devices drive the need for related lens care products and services in the area. Because of the region's relatively high disposable income levels, more disposable income levels, more consumers may buy contact lenses and related lens care products. This economic aspect promotes market expansion, especially for high-end and niche products.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CONTACT LENS SOLUTION MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Contact lens solution market accounts for the second-largest market share because Europe is home to a highly developed network of eye care specialists and an advanced healthcare infrastructure. This encourages routine eye exams and raises awareness of the advantages of wearing contact lenses, both of which support market expansion. Further, the German Contact lens solution market held the largest market share, and the UK Contact lens solution market was the fastest-growing market in the European region.
The Asia-Pacific Contact lens solution Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing emphasis on aesthetic considerations and vision correction, particularly among younger people. In the area, colored and customized contact lenses and their corresponding solutions are becoming increasingly well-liked. Moreover, China’s Contact lens solution market held the largest market share, and the Indian Contact lens solution market was the fastest-growing market in the Asia-Pacific region.
The Contact lens solution market continues to grow due to major players investing heavily in R&D to expand their product offerings. Market participants also participate in several strategic initiatives to strengthen their footprint. The industry has seen significant developments with the launch of new products, agreements, mergers and acquisitions, higher investment, and collaboration with other companies. For the Contact lens solution industry to expand and prosper in a market that is becoming more competitive and dynamic, it must offer reasonably priced products.
Manufacturers in the Contact lens solution industry use this strategy primarily to service customers and grow their market share: they manufacture locally to reduce operating costs. The Contact lens solution industry has benefited medicine tremendously in recent years. Major players in the Contact lens solution market, including Alcon Laboratories, Inc., Allergan, Bausch & Lomb, Incorporated, Ciba Vision, CLB VISION, CooperVision, Inc., FreshKon, INTEROJO Co. Ltd., Johnson & Johnson Vision Care, Inc., Menicon Co., Ltd, and others, are attempting to increase market demand by investing in research and development operations.
Alcon Inc. is a company that develops and produces ophthalmology-related devices. The company offers surgical items, such as implantables, consumables, and surgical equipment, in addition to contact lenses. Products from the company are recommended for treating several ailments, including refractive errors, glaucoma, retinal illnesses, and cataracts. To assess the safety and effectiveness of its products for preventing and treating blindness and other eye problems, it carries out clinical trials. Alcon collaborates with institutions, medical innovators, research advisers, and academic thought leaders to create its pipeline products. In January 2023, Alcon announced the launch of TOTAL30 for astigmatism, the first and only reusable contact lens made of water gradient material for astigmatic contact lens wearers.
Soft contact lens manufacturer CooperVision, a division of The Cooper Companies, Inc. (NASDAQ: COO), is among the top producers in the world. The company manufactures a complete range of disposable contact lenses with cutting-edge materials and optics intended for monthly, two-week, and daily use. CooperVision offers the widest range of spherical, toric, and multifocal products on the market and has a long history of addressing the most difficult vision issues, including astigmatism and presbyopia. The company offers a novel viewpoint to the market by combining cutting-edge technology with targeted practitioner assistance, which generates tangible benefits for wearers and customers. CooperVision acquired Blanchard Contact Lenses in January 2019 to grow the company's specialty business.
Allergan
Bausch & Lomb, Incorporated
Ciba Vision
CLB VISION
FreshKon
INTEROJO Co. Ltd.
Johnson & Johnson Vision Care, Inc.
Menicon Co., Ltd.
Others
February 2022: Also, it was shown in the pictures that the growth of the average annual demand and consumption of contact lens solutions in the market would be at 5.8 percent annually from 2022 to 2028, according to Market Research Future. This growth is predicted to be fueled by more older people and people choosing contact lenses instead of glasses. The report drew consumer cognizance toward the enhancement of competency and safety of solutions through new developments in solution compositions.
March 2023: Johnson & Johnson Vision partnered with a technology business to develop contact solutions incorporating smart technologies. The purpose of the project is to produce such a solution that could collect and analyze eye health determinants in real-time providing meaningful information to users and enhancing eye care as a whole. This initiative is in tandem with the growing propensity of telemedicine in the optical domain.
August 2023: The American Optometric Association (AOA) issued guidelines on appropriate lens care and contact lens solutions to control the risk of eye infections. This program's objective is to enable consumers to use contact lenses safely, which will result in a growing appetite for high-end solutions aimed at protecting and maintaining the health of the eye.
November 2023: In a notable strategic move in the market, Alcon purchased Eyevance Pharmaceuticals, which offers products supporting eye health care, including contact lens solutions. This acquisition is strategic to complement Alcon's existing product portfolio and reinforce her standing in the growing market of eye care products. Analysts predict that this could usher in a spate of new products to be developed that will suit the tastes of many different consumers.
February 2024: In a recent sustainability report, it was noted that there is a growing number of eco-conscious contact lens solution manufacturers. Examples are using sustainable materials for ingredients and recyclable packaging which are in line with the trend within the industry and the consumers' quest for greener products. This is expected to change buying patterns and reshape the contact lens solution market in the next few years.
Multi-purpose
Hydrogen peroxide-based
Gas Permeable Lens
Silicone Hydrogel Lens
Hybrid Lens
E-commerce
Eye Care Practitioners
Retail
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.1 Billion |
| Market Size 2023 | USD 2.19 Billion |
| Market Size 2032 | USD 3.12 Billion |
| Compound Annual Growth Rate (CAGR) | 4.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Alcon Laboratories, Inc., Allergan, Bausch & Lomb, Incorporated, Ciba Vision, CLB VISION, CooperVision, Inc., FreshKon, INTEROJO Co. Ltd., Johnson & Johnson Vision Care, Inc., Menicon Co., Ltd, and Others |
| Key Market Opportunities | Rising technological innovations and rise in orthokeratology practices |
| Key Market Dynamics | Increasing prevalence of myopia and growing preference for contact lenses over spectacles |
Frequently Asked Questions (FAQ) :
The contact lens solution market size was valued at USD 2.1 Billion in 2022.
The market is projected to grow at a CAGR of 4.50% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market are Alcon Laboratories, Inc., Allergan, Bausch & Lomb, Incorporated, Ciba Vision, CLB VISION, CooperVision, Inc., FreshKon, INTEROJO Co. Ltd., Johnson & Johnson Vision Care, Inc., Menicon Co., Ltd, and Others.
The multi-purpose category dominated the market in 2022.
The retail had the largest share in the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
