Yahoo Finance Rising Cases of Eye Disorders Driving Need for Medically-Approved Contact Lenses, Accelerating Contact Lens Solution Consumption: Fact.MR Analysis
Rising Cases Of Diabetics And Glaucoma, Which Affect Eye Sight, Are Driving The Sales Of Advanced Contact Lenses, Which Is Subsequently Pushing The Demand For Contact Lens Solutions
United States, Rockville MD, Aug. 12, 2022 (GLOBE NEWSWIRE) -- 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.
Will the United States Be a Profitable Market for Contact Cleaning Solution Providers?
“Raising Sales of Contact Lenses Augmenting U.S. Market Share of Contact Lens Solutions”
The United States is considered a lucrative market for contact lens solutions and is valued at US$ 916 million, in 2022. People of all ages are using contact lenses more frequently, which has led to an increase in demand for contact lens solutions in the United States.
The Centers for Disease Control and Prevention estimate that 45 million individuals in the United States wear contact lenses, with 8 percent of wearers under the age of 18, and 17 percent between the ages of 18 and 24 wearing contacts, as well as 75 percent of those over the age of 25.
Thus, this graph proves the high demand for contact lenses, which is subsequently increasing the sales of eye contact solutions.
To learn more about Contact Lens Solutions Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7616
Key Segments Covered in the Contact Lens Solutions Industry Survey
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
Winning Strategy
The contact lens solutions market report identifies the important trends for contact lens solution providers as well as organic and inorganic growth tactics. Many businesses are laying focus on natural growth strategies, including product approvals, new launches, and others such as patents and events. Acquisitions and alliances & agreements are examples of inorganic growth practices that are seen in this market.
These actions have made it possible for market participants to increase their client base and revenue. With the increasing demand for contact lens solutions in the global market, key participants in the market are predicted to enjoy attractive growth prospects over the coming years.
A joint development agreement was announced by Mojo Vision and Menicon, a Japanese contact lens maker, in December 2020. This partnership would enable both businesses to utilize their respective areas of expertise to carry out several feasibility studies for the creation of smart contact lens products.
The debut of ACUVUE OASYS with transition light intelligent technology in the U.S. was announced by Johnson & Johnson Vision in March 2019. These photo chromatic contact lenses assist the eyes to adjust to bright lights and changeable light conditions.
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Key players in the Contact Lens Solutions Market
Alcon Laboratories, Inc.
Allergan plc
Bausch & Lomb Incorporated
CooperVision, Inc.
Johnson & Johnson
FreshKon
Menicon Co., Ltd.
CLB VISION
Key Takeaways from Contact Lens Solutions 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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