The "Contact Lens Solution Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for contact lens solutions is growing at a significant rate. The growth is attributed to the growing demand for contact lenses coupled with the increasing burden of optical disorders worldwide.
According to WHO estimates, age-related macular degeneration (AMD) ranked third among the global causes of visual impairment, with the prevalence of blindness being 8.7% in 2017. It is the primary cause of visual deficiency in industrialized countries.
Additionally, an important emerging cause of visual impairment in the developed regions of the world is uncorrected refractive errors. Moreover, the high disposable income and growing geriatric population anticipated driving the market growth over the forecast period. However, lack of awareness regarding the contact lens solutions and usage is anticipated to hamper the market's growth.
Bausch & Lomb Incorporated
Menicon Co., Ltd.
Johnson & Johnson
Key Market Trends
Multi-Purpose Solution is Anticipated to Have Significant Share
Multipurpose contact lens solutions were used to both clean and disinfect the contact lenses. These are designed to clean, rinse, store, and refresh the contact lenses. The adoption of a multipurpose contact lens solution is growing significantly due to its ease of use and recent product launches. For instance, in October 2019, Johnson and Johnson had launched a multipurpose disinfectant solution for reusable contact lenses. Similarly, in May 2017, Bausch & Lomb Incorporated has launched a versatile contact lens cleaning solution, Renu Advanced Formula, for soft and silicone hydrogel contact lenses. In the distribution channel segment, e-commerce is anticipated to have a lucrative growth rate due to growing adoption, increasing convenience, and multiple options. Moreover, manufacturers are also venturing into e-commerce marketing. This is expected to boost the segment growth.
Moreover, increasing the burden of myopia, hypermetropia, and other eye-related disorders anticipated increasing the adoption of contact lenses along with cleaning solutions.
North America is Anticipated to Have Significant Growth
Among the regional segments, North America is anticipated to have significant market growth over the forecast period. The regional growth is attributed to the presence of key market players, well-established healthcare infrastructure, and high adoption of contact lenses in the region. National Eye Institute has projected that there will be around 5,000,055 people in the United States who will have low vision by 2030, and it will increase to 8,913,397 by 2050. Moreover, the Asia Pacific region is anticipated to have significant growth owing to the growing adoption of contact lenses, growing affordability, and geographic expansions of the key players in the region.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Contact Lens
4.2.2 Increasing Concerns of Eye Infections
4.3 Market Restraints
4.3.1 Lack of Awareness Regarding Disinfecting Solutions
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Solution Type
5.1.2 Hydrogen-Peroxide Based
5.2 By Material of Contact Lens
5.2.1 Gas Permeable Lens
5.2.2 Silicon Hydrogel
5.3 By Distribution Channel
5.4 By Geography
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/w4ld9b
View source version on businesswire.com: https://www.businesswire.com/news/home/20201021005682/en/
Laura Wood, Senior Press Manager
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