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

Editing: 17; Published: February 2022
Executive commitments: 3648
Companies: 55– Players covered include Alcon Laboratories, Inc.; Allergan (an AbbVie company); Bausch & Lomb, Incorporated; CLB VISION; CooperVision, Inc.; FreshKon; Johnson & Johnson Vision Care, Inc.; Menicon Co., Ltd. and others.
Blanket: All major geographies and key segments
segments: Segment (multi-purpose, hydrogen peroxide based); Distribution channel (retail, eyecare professionals, online)
Geographies: World; United States; 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; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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Global contact lens solutions market to reach $3 billion by 2026
The number of optical disorders is steadily increasing across the globe, creating a solid growth scenario for the market for contact lenses and contact lens solutions used to disinfect these lenses. Rising geriatric population and rising disposable income of people are other factors that are contributing significantly to the growth of contact lenses and contact lens solutions market. The growing burden of eye disorders such as farsightedness and myopia is also contributing to the increased adoption of contact lenses and, consequently, an increased demand for cleaning solutions. While the demand for lens care solutions is expected to be affected by the continued shift to daily disposable lenses, the development of new solutions is expected to support market momentum. Market penetration is expected to increase globally in the future, primarily due to increased research and development efforts and new product innovations, which would continue to broaden the base of potential contact lens wearers. Versatile rub-free solutions are currently moving fast through the aisles, further easing the contact lens care process.

Amid COVID-19 crisis, Global Contact Lens Solutions Market Estimated at US$2.6 billion in 2022, is expected to reach a revised size of 3 billion US dollars by 2026, growing at a CAGR of 3.2% over the analysis period. Multi Purpose, one of the segments analyzed in the report, is expected to register a CAGR of 2.9% and reach US$2.2 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the hydrogen peroxide segment is readjusted to a revised CAGR of 3.8% for the next 7-year period. The current trend in the solutions market is towards multi-purpose solutions (MPS), and more recently frictionless MPS, rather than traditional multi-product solutions. Hydrogen peroxide solutions are increasingly being used due to their benefits, primarily for reusable lenses.

The US market is estimated at $916.4 million in 2022, when China is expected to reach $278.7 million by 2026
The contact lens solutions market in the United States is estimated at US$916.4 million in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$278.7 million by 2026 with a CAGR of 4.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.4% and 2.7% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.6%. The United States is the largest market in terms of carrier base. The healthcare sector in the region is also well established, which is driving the growth of the contact lens market. In the United States, the number of visually impaired people is expected to increase to 5 million by 2030 and 8 million by 2050. Asia has become a lucrative market for contact lenses and lens care products, driven by demographic trends and improving people’s purchasing power. The adoption is steadily increasing due to the affordability of the products, increased awareness, and the expansion of the major players manufacturing the solution. Key factors behind the strong performance of Asian markets include aggressive promotional strategies by multinational corporations to drive adoption in relatively less-penetrated regions, an increase in the number of sophisticated eye care providers, and positive consumer reception.

Hydrogen peroxide-based solutions in the spotlight
Hydrogen peroxide is considered the best contact lens solution over multi-purpose solution, for many reasons. Hydrogen peroxide solution and multipurpose solution are both types of contact lens solutions and both work almost the same when it comes to removing buildup and debris and disinfecting. the lens, but the former can penetrate deeper for better cleaning of microbial biofilms. Another important advantage of the hydrogen peroxide solution is that there are no added preservatives. Preservatives are not suitable for people with eye sensitivities and other allergies. However, even with the multi-purpose type of solution, there are many advantages, among which is the ease of use. A single solution is needed for many purposes, including cleaning, rinsing, disinfecting and storing contacts. The cost of multi-purpose solutions is also relatively lower.

Alcon’s Clear Care® and CooperVision’s Refine One Step™, for example, are free of allergens and preservatives. Solutions break down proteins and remove debris on lenses for complete disinfection. Hydrogen peroxide products can be especially helpful for people for whom more debris tends to accumulate on the lenses. The chemical can also help fight certain eye infections, for example acanthamoeba keratitis which can lead to blindness in a few cases. However, hydrogen peroxide can cause a 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 each bottle of hydrogen peroxide solution, therefore, a vertical housing is provided with a platinum coated disc which reacts with the chemical and breaks it down into a non-irritating, sterile and safe saline solution. Bubbles are produced in the housing as the chemical reaction occurs. Also, sterile saline solution, artificial tear drops, or just plain water can be used to wash the eyes in case they come into direct contact with the chemical. Additionally, contact with the chemical causes only mild pain and no lasting damage to vision. Continued

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
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