(MENAFN- Ameliorate Digital Consultancy)
As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global contact lens solutions market is currently valued at around US$ 3 billion and is anticipated to expand at a CAGR of 3% through 2026.
Globally, the cases of optical disorders are rising gradually, which bodes well for the market for contact lenses and the methods used to clean them. The market for contact lenses and contact lens solutions is also developing rapidly as a result of the rising elderly population's medical problems and increasing diabetic cases.
Growing prevalence of eye conditions such as hypermetropia and myopia is also influencing the usage of contact lenses, and, consequently, driving the demand for cleaning solutions. The ongoing transition to daily disposable lenses is anticipated to have an influence on the need for lens care products, although the development of new products is anticipated to maintain market growth momentum.
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Future market penetration is anticipated to rise globally, largely as a result of increasing R&D activities and new product improvements that will broaden the pool of potential contact lens wearers. Currently, no-rub multipurpose solutions are spreading quickly across store aisles, making contact lens maintenance even easier.
Another growing trend in the market for contact lens solutions, which is expected to support market growth, is the rising popularity of natural and antimicrobial contact lenses. Manufacturers are seeing lucrative prospects with recent launches and growing demand for contact lenses with antimicrobial coatings to reduce the risk of infection. It is anticipated that rising contact lens usage, particularly in developing nations, will fuel overall market expansion.
Key Segments of Contact Lens Solutions Industry Research
By Solution : Multi-purpose Hydrogen Peroxide-based
By Distribution Channel : Retail Eye Care Professionals Online Others
By Region : North America Latin America Europe East Asia South Asia & Oceania MEA
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Competitive Landscape
The global market for contact lens solutions is competitive and moderately fragmented. To increase their market share, market participants concentrate on new product releases, product developments, and geographic expansion.
For example, Johnson & Johnson introduced a multi-purpose disinfection solution for reusable contact lenses, in October 2019. In May 2017, Bausch & Lomb Incorporated introduced Renu Advanced Formula, a multipurpose contact lens cleaning solution for soft and silicone hydrogel contact lenses.
Key Takeaways from Market Study
North America holds a leading position in the global contact lens solutions market due to its advanced healthcare infrastructure and rising use of contact lenses among the population. The market for contact lens solutions is forecast to expand as more people, particularly in developing nations, start using contact lenses. The United States market is valued at US$ 916 million in 2022. Sales of contact lens solutions are predicted to increase at a CAGR of 3% from 2022 to 2026.
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Will the United States Be a Profitable Market for Contact Cleaning Solution Providers?
In 2022, the United States is expected to be a profitable market for contact lens solutions, with a market value of US$ 916 million. People of all ages are increasingly adopting contact lenses, which has resulted in a rise in demand for contact lens solutions in the United States.
The Centers for Disease Control and Prevention estimates that 45 million people in the United States wear contact lenses, with 8% under the age of 18, 17% between the ages of 18 and 24, and 75% above the age of 25 wearing contacts.
As a result, this graph demonstrates the significant demand for contact lenses, which is growing the sales of eye contact solutions.
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