Contact Lens Solution Market Size, Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Contact Lens Solution Market


The global contact lens solution market was valued at USD 2.67 billion in 2018 and is anticipated to expand at a CAGR of 4.6% from 2019 to 2025. Contact lens solution is important to keep the lenses and eyes lubricated. They are used to disinfect, clean, and store the lenses and to prevent eye infections. Rise in the number of contact lens wearers, especially across the developing countries is expected to drive the market growth.

Contact lens Solution are useful for cleaning, disinfecting, and storing the contacts. Apart from the widely used multipurpose and hydrogen peroxide-based Solution, some other liquids including saline, daily cleaners, and enzymatic protein removers, among others are also used for various singular applications, such as cleaning and disinfecting. Adoption of contact lenses has increased substantially due to the increasing demand for a comfortable alternative to eyeglasses. This, in turn, is projected to drive the product demand in near future.

Some eye infections can lead to the development of acanthamoeba keratitis eye disease. This can result in little or complete loss of vision. Also, failure to follow the replacement schedules and a lack of proper eye care may lead to conditions such as Contact Lens-induced Acute Red Eye (CLARE). Compliance with lens care regimen to prevent infections and the use of lens care Solution is of crucial importance for contact lens wearers.

Various Solution are used for cleaning and disinfecting the contact lens before wearing them. The lack of lubrication can lead to dry eye, causing eye irritation. With the rising innovations and development of new contact lens materials, the need for Solution that can lubricate and disinfect such product is growing. These factors are anticipated to drive the market at a significant CAGR in the forthcoming years.

Type Insights of Contact Lens Solution Market

The type segment of the contact lens solution market is categorized into multi-purpose and hydrogen peroxide based. The former type is an all in one purpose solution widely used for removing germs, debris, and deposits from the lens. It also provides disinfecting and storing capabilities. The adoption of multi-purpose solution is high, as it is widely used by soft contact lens wearers that occupy higher share of the contact lens market.

The Solution based on hydrogen peroxide are used by customers to disinfect, store, and clean the contact lenses. The solution users are provided with a special storage case that reacts with hydrogen peroxide. It cannot be directly put into eyes and requires a certain level of complexity in handling it. This factor restricts the adoption to only a specific number of people thereby contributing to a low market share.

Volume Insights

Based on volume, the market is bifurcated into four categories namely 120mL, 360mL, and 480ml. The 120ml segment is expected to rise at a high CAGR over the forecast period. This is attributed to the increasing use of contact lenses for cosmetic purposes. Also, individuals wearing contact lenses on trial basis prefer to purchase the Solution in lower volume available at low prices. Such factors are projected to drive the segment growth.

The 480ml segment is expected to hold the largest market share. Users who wear contact lenses regularly are anticipated to purchase the solution in larger volume as a cost effective option, as they need to disinfect their lenses on a regular basis. Furthermore, larger volume of Solution is generally available at cheaper prices. The 360ml segment is expected to witness growth at a steady CAGR and is projected to hold a moderate market share in the forthcoming years.

Distribution Channel Insights

Based on the distribution channel, the market is segmented into e-commerce, eye-care professionals, and retail. The retail segment is expected to hold majority of the market share in the forthcoming years. Most of the users prefer Over-the-Counter (OTC) products due to the ease of access. Also, special retail discounts attract more customers to purchase OTC products.

The e-commerce segment has gained significant traction in recent years, owing to increased convenience and high availability. Also, it enables manufacturers to gain a competitive edge by expanding their presence. The segment is anticipated to expand at a CAGR of 5.9% over the forecast period. A relatively lower number of people go to eye care professionals to purchase Solution exclusively, thereby contributing to a reasonable CAGR over the forecast period.

Material Insights of Contact Lens Solution Market

Based on material, the market is classified into the gas permeable lens, soft lens, and hybrid lens. The materials used for manufacturing lenses depend on various factors, such as lens thickness, water content, mechanical properties, oxygen permeability, and wettability. Each type of materials requires different Solution. Thus, varying categories of materials use various Solution thereby propelling the growth.

On the basis of market share, the demand for Solution is the highest in soft lenses because they are used for manufacturing daily use lens. Soft lenses are made using gel-like, water-containing plastic, called as hydrogel and are comfortable to wear. The gas permeable lens segment is expected to witness moderate growth and market share over the forecast period. Increasing demand for soft or silicon and permeable lenses has encouraged manufacturers to introduce hybrid lenses, which in turn will drive adoption of contact lens Solution.

Regional Insights of Contact Lens Solution Market

North America holds majority of the global market share, due to an increase in the number of vendors in countries such as U.S. focusing on clinically trialing new Solution for removal of infection-causing bacteria from lenses. For instance, In May 2019, Asepticys, LLC, a provider of Solution used for eye care and therapeutics, announced the completion of the clinical trial of contact lens solution that will be used for rapid disinfection.

Asia Pacific is expected to expand at the fastest CAGR over the forecast period. This growth is attributed to an increasing number of acquisitions by leading contact lens solution providers, such as Ophtecs Corporation to expand their business. South America is expected to witness moderate growth over the forecast period.

Market Share Insights of Contact Lens Solution Market

The key market participants include Alcon Laboratories, Inc. (Novartis AG); Bausch + Lomb, Incorporated; Allergan; Ciba Vision; CLB VISION; CooperVision, Inc.; FreshKon; INTEROJO Co. Ltd.; Johnson & Johnson Vision Care, Inc.; and Menicon Co., Ltd.

The companies focus on launching new Solution and coatings for contact lenses. For instance, In March 2019, Tangible Science, a provider of contact lens Solution, announced the launch of a multi-purpose cleaning solution for the lenses coated with Tangible Hydra-PEG. The product will enable easy cleaning, storage, and disinfection of gas permeable contact lenses.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Contact Lens Solution Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global contact lens solution market based on type, volume, material, distribution channel and regions:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Multi-purpose
  
Hydrogen peroxide-based

Volume Channel Outlook (Revenue, USD Million, 2019 - 2030)

  
120mL
  
360mL
  
480mL

Material Outlook (Revenue, USD Million, 2019 - 2030)

  
Gas Permeable Lens
  
Silicone Hydrogel Lens
  
Hybrid Lens

Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)

  
E-commerce
  
Eye Care Practitioners
  
Retail