Contact Lens Solutions Market size to grow by USD 540.94 million from 2023 to 2028, Increased preference for contact lenses over spectacles to boost the market- Technavio
NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The contact lens solutions market is estimated to grow by USD 540.94 million from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 3.97% during the forecast period. However, the growth momentum will progress. North America is estimated to contribute 36% to the growth of the global market during the forecast period. The North American contact lens solutions market has experienced consistent growth, attributed to widespread product usage, availability, and the presence of established suppliers. Multipurpose solutions, in particular, are in demand as they offer comprehensive care for soft contact lenses, reducing the need for additional lens care products.
The Contact Lens Solutions Market showcases steady growth due to increased demand for corrective vision aids like Novartis and Bausch & Lomb's offerings. However, concerns linger over Acanthamoeba keratitis risks. Catering to refractive errors, especially far-sightedness, these solutions are widely available, even at retail giants like Walmart.
The Contact Lens Solutions Market employs market segmentation to enhance market penetration. Leveraging a subscription business model, businesses drive brand loyalty through strategic content delivery networks and email marketing. Utilizing HTTP cookies and point-of-sale data on the World Wide Web aids in crafting tailored strategies and dashboard insights for efficient marketing distribution.
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Contact Lens Solutions Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Distribution Channel (Offline and Online), Type (Multi-purpose, Hydrogen peroxide-based, and Rigid gas permeable and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The offline segment is estimated to witness significant growth during the forecast period. This segment includes hypermarkets, supermarkets, department stores, pharmacies, and convenience stores. Offline establishments offer the advantage of featuring a wide array of contact lens solutions in dedicated sections, enabling customers to compare brands. Hypermarkets, supermarkets, and department stores enhance navigation through icon systems, strategic shelving, and clear signage.
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Contact Lens Solutions Market – Market Dynamics
Key Driver
The increasing early detection of myopia is the key factor driving market growth. Myopia, commonly known as nearsightedness, often has a genetic basis or may result from eye strain due to extended digital screen exposure. Initiatives to raise awareness about visual impairments, including myopia, have intensified in response to the increasing incidence of eye issues. Detecting myopia early is crucial, and corrective measures like contact lenses play a vital role in addressing vision impairment.
Major Trend
The high brand loyalty of customers is a major trend in the market. Brand loyalty is boosted by reliability and effectiveness. Established market leaders with large customer bases make it challenging for new entrants. Limited shelf space for niche products may require orders through catalogs or websites when store availability is low.
Significant Challenge
The rising adoption of daily disposable contact lenses is a significant challenge restricting market growth. Single-use contact lenses, known as daily disposables, are discarded after a day of use, gaining popularity for their health and convenience advantages among both practitioners and consumers.
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What are the key data covered in this Contact Lens Solutions Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Contact Lens Solutions Market between 2024 and 2028
- Precise estimation of the Contact Lens Solutions Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Contact Lens Solutions Market industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Contact Lens Solutions Market companies
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Contact Lens Solutions Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.97% |
Market growth 2024-2028 |
USD 540.94 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.41 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcon Inc., Allergan, Aqualens, Avizor S. A., Bausch Health Companies Inc., Carl Zeiss AG, CLEAR CONSCIENCE LLC, Clearlab SG Pte Ltd., Horien Medical Sp. z o.o., HOYA CORP., Johnson and Johnson, KOREA Medicare Co. Ltd., Menicon Co. Ltd., Novartis AG, OC VISION, Oculus Pvt. Ltd., Palmist Healthcare Pvt Ltd., Schalcon S.p.A, and The Cooper Companies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com
SOURCE Technavio
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