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The contact lens solutions market size is estimated to grow at a CAGR of 3.97% between 2023 and 2028 showing a YOY growth of 3.41%. The market size has surged to increase by USD 540.94 million within the fragmented during the forecast period.
The report includes a comprehensive outlook on the Medical Tourism Market, offering forecasts for the industry segmented by Distribution Channel, which comprises offline, and online. Additionally, it categorizes Types into multi-purpose, hydrogen peroxide-based, and rigid gas permeable and others and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Increased preference for contact lenses over spectacles is notably driving the market growth. The benefits of using contact lenses over regular eyeglasses have led to a steady rise in the demand for contact lenses in the past decade. Contact lenses provide better all-around vision, allowing for clear peripheral vision, unlike glasses through which only objects in front of the person are visible. Contact lenses eliminate glare and are more comfortable to wear and carry than glasses. Further, the development of progressive contact lenses has increased the growth potential of the market. These lenses need to be cleaned using lens cleaning solutions once a day to remove any debris or dust trapped on the lens surface. The rise in demand for contact lenses leads to a steady demand for lens cleaning solutions, thereby driving the growth of the global contact lens solutions market during the forecast period.
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High brand loyalty of customers is an emerging trend shaping the market growth. Consumer brand loyalty is a significant factor in the dominance of brands in the market. The sense of reliability and effectiveness increases brand loyalty among users. Established market players have a wide customer base, thus making it difficult for private labels and new entrants to find shelf space for their products in the market. Individual users usually prefer not to take risks in experimenting with new products or brands regarding vision care and rely on one or two brands exclusively. When products are not available in stores due to limited sales and demand, orders need to be placed through a catalogue or on a company website.
However, consumers are more accustomed to ordering from branded product manufacturers, thus resulting in strong competition for private-label brands. Hence, brand loyalty affects the growth of the market positively. This is likely to continue during the forecast period, thus driving the growth of the contact lens solutions market during the forecast period.
The rising adoption of daily disposable contact lenses is a significant challenge hindering market growth. Daily disposable contact lenses are single-use contact lenses that are removed and discarded after use for a day. They are gaining popularity among practitioners and consumers for their health and convenience benefits. These lenses are emerging as the lens of choice for eye care professionals (ECPs) in many countries. Also, these lenses may be the best choice for people who are prone to allergies. However, these lenses do not require contact lens solutions as they can be discarded daily.
Furthermore, conveniences such as no maintenance needs for lenses and no storage requirements of cleaning solutions for the lenses, such as lens solutions, are expected to boost the demand for daily disposable contact lenses in the market during the forecast period. This is expected to restrict the growth of the market during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. The segment comprises hypermarkets, supermarkets, department stores, pharmacies, and convenience stores. Retail stores such as Walmart, Walgreens, and CVS have been early retailers of contact lens solutions and other contact lens products. Due to the high footfall in retail stores, vendors are investing in brick-and-mortar stores to sell contact lens products such as contact lens solutions.
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The offline segment was the largest and was valued at USD 1,422.19 million in 2018. Offline stores provide the advantage of showcasing a broad range of contact lens solutions in a dedicated section of the store and allow individual buyers to compare the attributes of different brands. Hypermarkets, supermarkets, and department stores offer ease of navigation through the use of a system of icons that help the consumers find the products they are looking for, points-of-purchase with shelving strategies, and product and section signage. Another trend experienced in this market is smaller convenience stores buying these products from online stores during sales at a discounted price, selling the same products at the regular market price, and saving on purchases from wholesalers. The shopkeepers create multiple user accounts on e-commerce platforms and take advantage of the discount offers during select times, leading to higher returns. This trend contributes toward revenue generation in online stores and a higher revenue generation in offline stores, thus contributing to the overall market growth during the forecast period.
The online platform provides buyers the ease of product purchase. With only a click of a button, they can purchase products from a range of options, all within the comfort of their home. Other advantages of online stores, such as options for discussion about products and their benefits on online chat forums, price comparison, user reviews, and doorstep delivery, also drive the growth of this market. Further, brands such as Bausch and Lomb are offering USD 3 coupons that can be used for future purchases of the lens solution. These coupons aid in bringing in more sales to a brand and elevate its market standing. Consumers can also participate in social networking communities such as Twitter, Facebook, YouTube, Instagram, and Google+. Health and wellness updates, support materials, and shared experiences can be accessed. Such factors are expected to drive the growth of the segment, which, in turn, boosts the growth of the market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The contact lens solutions market in North America has been growing steadily due to high product penetration, product availability, and the presence of established vendors. Vision care products such as spectacles and contact lenses have been available in the region for a long time. Individual preference has evolved from spectacles and glass contact lenses to soft contact lenses that require the use of contact lens solutions for cleaning, storing, and disinfecting. Moreover, the region has witnessed an increased demand for multipurpose contact lens solutions as they condition, clean, remove protein, disinfect, rinse, and store soft contact lenses, thereby limiting expenditure on other lens care products.
In addition, diabetic retinopathy is one of the major factors driving market growth in the region. According to the National Institutes of Health, around 7.7 million people in the US had diabetic retinopathy in 2015, and it is expected to affect around 14.6 million by 2050. With the increasing incidence of such eye disorders, the demand for contact lenses and contact lens solutions is expected to increase in the region. Such factors are expected to drive the regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allergan - The company offers contact lens solutions namely Refresh contact solution.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The contact lens solutions market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Contact Lens Solutions Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.97% |
Market Growth 2024-2028 |
USD 540.94 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.41 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcon Inc., Allergan, Aqualens, Avizor S. A., Bausch Health Companies Inc., Carl Zeiss AG, CLEAR CONSCIENCE LLC, Clearlab SG Pte Ltd., Horien Medical Sp. z o.o., HOYA CORP., Johnson and Johnson, KOREA Medicare Co. Ltd., Menicon Co. Ltd., Novartis AG, OC VISION, Oculus Pvt. Ltd., Palmist Healthcare Pvt Ltd., Schalcon S.p.A, and The Cooper Companies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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