A strategic market study reveals that the contact lens cleaning solution market is flourishing due to the increasing prevalence of refractive errors and the rising trend of using contact lenses as fashion accessories. The study further highlights the proactive involvement of key players in mergers and collaborations to develop innovative products and maintain their market dominance. Explore further to gain comprehensive global insights into the market.
Contact Lens Solution Market Forecast by Hydrogen Peroxide, Rigid Gas, and Others, Global Growth Opportunities and Revenue Forecast from 2024 to 2034
NEWARK, Del., Dec. 4, 2023 /PRNewswire/ -- The valuation for the global contact lens cleaning solution market was around US$ 1.75 billion in 2023. The market is projected to exhibit a CAGR of 4.3% over the forecast period. The global market value is estimated at US$ 1.83 billion in 2024 and will reach US$ 2.78 billion by 2034.
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Increasing contact lens usage for eyesight correction is the key factor driving the demand for contact lens cleaning solutions worldwide. All types of therapeutic contact lenses need cleaning and disinfectant to enhance the durability of lenses for long-term use and prevent them from drying out.
Contact lenses of different iris colors and sizes are now available in the market, and their popularity as purely cosmetic add-ons is growing. This has indirectly boosted the demand for contact lens cleaning solutions. Additionally, an increase in the use of prosthetic contact lenses for improving the appearance and masking the flaws of a disfigured eye is also anticipated to propel the market.
The market for contact lens cleaning solutions has also expanded due to the thriving e-commerce platforms for purchasing eye care products. The availability of a wide range of options, brands, quantities, offerings, and discounts on online platforms draws buyers to purchase these products.
Key Takeaways from the Market Study
- North America is considered the leading region in the eye care industry, with a market share of 33.4% in 2023.
- China is the leading market in Asia and is expected to follow a robust CAGR of 5.4% through 2034.
- Multi-purpose contact lens cleaning solution is the leading product segment and is expected to hold 35.3% of the market in 2024.
- The 50 ml to 150 ml packaging segment is set to lead in volume, with an estimated market share of 41.8% in 2024.
- By distribution channel, the eye care practitioners segment leads the contact lens solution sales, with an estimated market share of 37.1% in 2024.
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"The rising adoption of contact lenses as a fashion accessory, as well as increasing cases of refractive defects globally, is set to propel sales of contact lens cleaning solutions across the globe," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Market Competition
The overall market is consolidated as leading eye care product manufacturers supply contact lens cleaning solutions. Innovations in the existing products and market expansion to increase the consumer base are some of the strategies new players adopt to gain a foothold in the market.
- In June 2022, Bausch+Lomb announced the launch of Biotrue Hydration Plus Multipurpose Solution that matches the pH of the tears and is formulated with hyaluronan, which is an agent naturally found in tears for maintaining hydration.
- In September 2019, J&J Vision Care announced the launch of its first multipurpose contact lens cleaning solution named ACUVUE RevitaLens Multi-Purpose Disinfecting Solution.
Key Players Profiled in the Contact Lens Solution Market Report
Delve into a comprehensive analysis of the contact lens solutions landscape, encompassing market forecast, company share insights, competitive intelligence, DROT analysis, market dynamics, challenges, and strategic growth initiatives.
• CLEAN CARE | • FreshKon |
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What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the contact lens cleaning solution market in its latest study, presenting a historical demand assessment from 2019 to 2023 and projections for 2024 to 2034. The global contact lens cleaning solution market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader
The research study is based on the product type - (multipurpose solution, hydrogen peroxide solution, rigid gas permeable solution, enzymatic protein removers, daily cleaners), by volume (50-150ml, 160-250 ml, more than 250 ml), by purpose (cleaning and disinfectant, anti-bacterial, protein cleaners), by distribution channel (retail pharmacies, eye care practitioners, e-commerce), across seven key regions of the world.
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business. Know more about our sector coverage here.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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