The market for contact lens solutions is growing at a significant rate. The growth is attributed to the growing demand for contact lenses coupled with the increasing burden of optical disorders worldwide. According to WHO estimates, age-related macular degeneration (AMD) ranked third among the global causes of visual impairment, with the prevalence of blindness being 8.7% in 2017. It is the primary cause of visual deficiency in industrialized countries.
Additionally, an important emerging cause of visual impairment in the developed regions of the world is uncorrected refractive errors. Moreover, the high disposable income and growing geriatric population anticipated driving the market growth over the forecast period. However, lack of awareness regarding the contact lens solutions and usage is anticipated to hamper the market's growth.
Key Market Trends
Multi-Purpose Solution is Anticipated to Have Significant Share
Multipurpose contact lens solutions were used to both clean and disinfect the contact lenses. These are designed to clean, rinse, store, and refresh the contact lenses. The adoption of a multipurpose contact lens solution is growing significantly due to its ease of use and recent product launches. For instance, in October 2019, Johnson and Johnson had launched a multipurpose disinfectant solution for reusable contact lenses. Similarly, in May 2017, Bausch & Lomb Incorporated has launched a versatile contact lens cleaning solution, Renu Advanced Formula, for soft and silicone hydrogel contact lenses. In the distribution channel segment, e-commerce is anticipated to have a lucrative growth rate due to growing adoption, increasing convenience, and multiple options. Moreover, manufacturers are also venturing into e-commerce marketing. This is expected to boost the segment growth.
Moreover, increasing the burden of myopia, hypermetropia, and other eye-related disorders anticipated increasing the adoption of contact lenses along with cleaning solutions.
North America is Anticipated to Have Significant Growth
Among the regional segments, North America is anticipated to have 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. National Eye Institute has projected that there will be around 5,000,055 people in the United States who will have low vision by 2030, and it will increase to 8,913,397 by 2050. Moreover, the Asia Pacific region is anticipated to have significant growth owing to the growing adoption of contact lenses, growing affordability, and geographic expansions of the key players in the region.
The global contact lens solution market is moderately fragmented and competitive. Market players focus on new product launches, product innovations, and geographical expansion to strengthen its market share. The key market players operating in the market include Alcon, Allergan plc, Bausch & Lomb Incorporated, CooperVision, Inc., and Johnson & Johnson.
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