Contact Lens Solution Global Market Report 2024 - By Growth, Size, Share, Demand, Outlook By 2033

The contact lens market size has grown strongly in recent years. It will grow from $3.33 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing prevalence of vision disorders, research and development innovations, aging population, changing lifestyles and fashion trends, and increasing awareness and education.

The contact lens market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rising disposable income, advancements in health and hygiene standards, customization and personalization trends, e-commerce growth, and integration of smart technologies. Major trends in the forecast period include sustainable practices, telemedicine integration, smart packaging and IoT integration, advancements in antimicrobial solutions, and augmented reality (AR) and virtual try-ons.

Market Overview -
Contact lens solution is a sterile liquid formulated explicitly for cleaning, disinfecting, rinsing, and storing contact lenses. It helps maintain lens hygiene, ensure comfort, and prevent eye infections for individuals using contact lenses.

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Rising Incidence Of Vision Disorders Fuels Growth In The Contact Lens Solution Market
The increasing incidence of vision disorders is expected to propel the growth of the contact lens market going forward. Vision disorders refer to a range of conditions affecting the visual system, including the eyes and the brain, resulting in abnormalities or impairments in the ability to see clearly, interpret visual information, or maintain proper eye health. Contact lens solutions are used in the management of vision disorders by providing a means to clean, disinfect, and store contact lenses, ensuring optimal hygiene and preventing eye infections. For instance, in November 2022, according to the Centers for Disease Control and Prevention, a US-based government administration for public health, over 3 million Americans were suffering from glaucoma (eye conditions that can damage the optic nerve), and it is expected to increase to 6.3 million by 2050. Therefore, the increasing incidence of vision disorders is driving the growth of the contact lens solution market.

Competitive Landscape -
Major companies operating in the contact lens solution market report are AbbVie Inc., Alcon Laboratories Inc., Hoya Corporation, Bausch + Lomb Inc., Cooper Companies Inc., CooperVision Inc., VSP Vision Care Inc., Cipla Limited, Carl Zeiss Meditech AG, Santen Pharmaceutical Co. Ltd., Johnson & Johnson Vision Care Inc., Menicon Co. Ltd., City Lens, GrandVision B.V., St. Shine Optical Co. Ltd., INTEROJO Co. Ltd., Ophtecs Corporation, X-Cel Specialty Contacts, Contamac Limited, Mark'Ennovy Personalized Care SL, SynergEyes Inc., Clearlab, Stericon Pharma Pvt. Ltd., Neovision Co. Ltd., Clean Care, Ciba Vision Nordic, FreshKon

Advanced Multipurpose Contact Lens Solutions Transforming The Market
Major companies operating in the contact lens solution market are developing new products, such as advanced multipurpose contact lens solutions, to gain a competitive edge in the market. Multipurpose contact lens solutions are liquid formulations specifically designed for cleaning, disinfecting, storing, and moisturizing contact lenses. For instance, in November 2022, Bausch + Lomb Inc., a US-based eye health products company, launched Biotrue Advanced Multi-Purpose Solution, an innovative contact lens solution designed to offer enhanced moisture, advanced cleaning, and disinfection. The new Biotrue formula builds on the success of the original one. It has 25% more hyaluronan (HA) to keep lenses moist, as well as a mix of ingredients that were inspired by the Tear Film and Ocular Surface Society's DEWS II report. Biotrue Advanced aims to address the needs of contact lens wearers, particularly those experiencing dryness, by offering advanced comfort and up to 12 hours of moisture compared to the original Biotrue.

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Key Segments -
The contact lens solution market covered in this report is segmented -
1) By Solution Type: Multi-Purpose, Hydrogen-Peroxide Based, Other Solution Types
2) By Material: Gas Permeable Lens, Silicone Hydrogel Lens, Hybrid Lens
3) By Distribution Channel: E-Commerce, Retail, Other Distribution Channels

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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