Global Contact Lens Solutions Market to Reach $3 Billion by 2026

SAN FRANCISCO, March 21, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Contact Lens Solutions - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 17; Released: February 2022
Executive Engagements: 3648
Companies: 55– Players covered include Alcon Laboratories, Inc.; Allergan (A Company of AbbVie); Bausch & Lomb, Incorporated; CLB VISION; CooperVision, Inc.; FreshKon; Johnson & Johnson Vision Care, Inc.; Menicon Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Segment (Multi Purpose, Hydrogen Peroxide-based); Distribution Channel (Retail, Eye-Care Professionals, Online)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Contact Lens Solutions Market to Reach $3 Billion by 2026
Optical disorder numbers are growing steadily worldwide, creating a strong scenario of growth for the market for contact lenses and contact lens solutions used for disinfecting those lenses. Other factors significantly contributing towards growth of contact lenses and contact lens solutions market is the increasing geriatric population and growing disposable incomes of people. Growing burden of eye-related disorders such as hypermetropia and myopia is also contributing to increased contact lenses adoption and thereby increased demand for the cleaning solutions. While demand for lens care solutions is expected to be impacted by the continual shift towards daily disposable lenses, development of new solutions is expected to sustain the momentum in the market. Market penetration is expected to increase across the world in future, primarily due to increased research and development efforts and new product innovations, which would continue to expand potential wearer base of contact lens. No-rub multipurpose solutions are currently moving fast through the aisles, further easing the process of contact lens maintenance.

Amid the COVID-19 crisis, the global market for Contact Lens Solutions estimated at US$2.6 Billion in the year 2022, is projected to reach a revised size of US$3 Billion by 2026, growing at a CAGR of 3.2% over the analysis period. Multi Purpose, one of the segments analyzed in the report, is projected to record 2.9% CAGR and reach US$2.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hydrogen Peroxide-based segment is readjusted to a revised 3.8% CAGR for the next 7-year period. The present trend in the solutions market is towards multi-purpose solutions (MPS), and more recently towards no-rub MPS, rather than traditional multi-product solutions. Hydrogen peroxide solutions are finding increasing usage led by its benefits, mainly for reusable lenses.

The U.S. Market is Estimated at $916.4 Million in 2022, While China is Forecast to Reach $278.7 Million by 2026
The Contact Lens Solutions market in the U.S. is estimated at US$916.4 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$278.7 Million by the year 2026 trailing a CAGR of 4.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR. The United States is the largest market in terms of wearer base. Healthcare sector in the region is also well-established, which promotes growth for contact lenses market. In the US, the number of people with low vision is anticipated to increase and reach 5 million by 2030 and 8 million by 2050. Asia has emerged as a lucrative market for contact lens and lens care products driven by demographic trends and improving purchasing power of people. Adoption is increasing steadily owing to affordability of products, increased awareness and expansions of major players manufacturing the solution. Key factors for strong performance of Asian markets include the aggressive promotional strategies of multinational companies to drive adoption in relatively less penetrated regions, increase in sophisticated eye care providers, and positive consumer reception.

Hydrogen Peroxide-based Solutions in the Spotlight
Hydrogen peroxide is considered the better contact lens solution compared to multipurpose solution, for many reasons. Hydrogen peroxide-based and multipurpose solution constitute the two types of contact lens solutions and both perform almost equally when it comes to removing build-up and debris and disinfecting the lens but the former can penetrate deeper for a better cleanup of microbial biofilms. Another important advantage with hydrogen peroxide based solution is that there are no preservatives added. Preservatives are not suitable for people with eye sensitivities and other allergies. However, there are many advantages even with the multipurpose solution type foremost among which is the ease-of-use. A single solution is required for many purposes including cleaning, rinsing, disinfecting and storing the contacts. Cost of multipurpose solutions is also comparatively less.

Alcon's Clear Care® and CooperVision's Refine One Step™ for example, does not contain any allergens or preservatives. The solutions break up proteins as well as remove debris on lenses for a thorough disinfection. Hydrogen peroxide based products can be especially useful for people for whom more debris tends to build-up on the lenses. The chemical can also help in fighting certain eye infections, for example the acanthamoeba keratitis infection that can result in blindness in a few cases. However, hydrogen peroxide can result in burning and stinging sensation when the eye touches it because it is a chemical. For this reason, it is necessary to neutralize the solution. In every bottle of the hydrogen peroxide based solution therefore an upright case is provided with a platinum coated disk which reacts with the chemical and decomposes it into a non-irritating, sterile and safe saline solution. Bubbles are produced in the case as the chemical reaction takes place. Also, sterile saline, artificial tear drops or just plain water can be used for washing eyes in case they come into direct contact with the chemical. Moreover, contact with the chemical only causes a slight pain and not any lasting damage to vision. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com 
Email: [email protected] 

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SOURCE Global Industry Analysts, Inc.