Contact Lens Solution Global Market Report 2024

The contact lens market size has grown strongly in recent years. It will grow from $3.33 billion in 2023 to $2.56 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed during the historic period can be attributed to several factors, including the growing prevalence of vision disorders, continuous innovations in research and development, an aging population, shifting lifestyles and fashion trends, and an increased focus on awareness and education regarding eye health.

The contact lens market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing disposable income of consumers, advancements in health and hygiene standards, the rising popularity of customization and personalization trends, the growth of e-commerce, and the integration of smart technologies. Noteworthy trends expected in the forecast period encompass the adoption of sustainable practices, the integration of telemedicine, the use of smart packaging and Internet of Things (IoT) technology, advancements in antimicrobial solutions, and the incorporation of augmented reality (AR) and virtual try-ons.

The anticipated rise in the incidence of vision disorders is expected to drive growth within the contact lens market in the foreseeable future. Vision disorders encompass a spectrum of conditions affecting the visual system, including the eyes and the brain, leading to abnormalities or impairments in clear vision, interpretation of visual information, or maintenance of eye health. Contact lens solutions play a pivotal role in managing vision disorders by facilitating cleaning, disinfection, and storage of contact lenses, thereby ensuring optimal hygiene and reducing the risk of eye infections. As reported by the Centers for Disease Control and Prevention in November 2022, over 3 million Americans were afflicted with glaucoma, a condition capable of damaging the optic nerve, with projections indicating an increase to 6.3 million by 2050. Consequently, the escalating incidence of vision disorders propels the expansion of the contact lens solution market.

Prominent entities within the contact lens solution market are actively engaged in developing novel products, such as advanced multipurpose contact lens solutions, to maintain a competitive edge. Multipurpose contact lens solutions are liquid formulations tailored for cleaning, disinfecting, storing, and moisturizing contact lenses. For instance, in November 2022, Bausch + Lomb Inc., a US-based eye health products company, unveiled Biotrue Advanced Multi-Purpose Solution - a groundbreaking contact lens solution engineered to deliver enhanced moisture, advanced cleaning, and disinfection capabilities. Building upon the success of its predecessor, the new Biotrue formula boasts 25% more hyaluronan (HA) to sustain lens moisture, alongside a proprietary blend of ingredients inspired by the Tear Film and Ocular Surface Society's DEWS II report. Biotrue Advanced addresses the needs of contact lens wearers, particularly those experiencing dryness, by providing advanced comfort and up to 12 hours of moisture compared to the original Biotrue formulation.

In April 2021, CooperVision Inc., a leading contact lens manufacturer headquartered in the United States, finalized the acquisition of No 7 Contact Lens Laboratory Ltd. The financial terms of the transaction were not disclosed. This strategic acquisition by CooperVision aims to establish a direct-to-ECP (eye care practitioner) operation for specialty lenses and solutions in the UK market. By integrating No 7 Contact Lens Laboratory Ltd., CooperVision seeks to broaden access to lens designs, bolster support for myopia management solutions, and strengthen its presence in the specialty contact lenses sector. No 7 Contact Lens Laboratory Ltd., based in the UK, specializes in specialty lens manufacturing, aligning with CooperVision's strategic goals in expanding its market reach and product offerings.

Major companies operating in the contact lens solution market report are AbbVie Inc., Alcon Laboratories Inc., Hoya Corporation, Bausch + Lomb Inc., Cooper Companies Inc., CooperVision Inc., VSP Vision Care Inc., Cipla Limited, Carl Zeiss Meditech AG, Santen Pharmaceutical Co. Ltd., Johnson & Johnson Vision Care Inc., Menicon Co. Ltd., City Lens, GrandVision B.V., St. Shine Optical Co. Ltd., INTEROJO Co. Ltd., Ophtecs Corporation, X-Cel Specialty Contacts, Contamac Limited, Mark'Ennovy Personalized Care SL, SynergEyes Inc., Clearlab, Stericon Pharma Pvt. Ltd., Neovision Co. Ltd., Clean Care, Ciba Vision Nordic, FreshKon.

North America was the largest region in the contact lens solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contact lens solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the contact lens solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Contact lens solution is a sterile liquid designed specifically for cleaning, disinfecting, rinsing, and storing contact lenses. Its primary purpose is to uphold lens hygiene, promote comfort, and mitigate the risk of eye infections for individuals utilizing contact lenses.

The main categories of contact lens solutions include multi-purpose, hydrogen-peroxide-based, and other specialized solutions. Multi-purpose solutions serve the comprehensive functions of cleaning, disinfecting, rinsing, and storing contact lenses. They are compatible with various lens materials such as gas permeable lenses, silicone hydrogel lenses, and hybrid lenses. These solutions are made available through different distribution channels, including e-commerce, retail outlets, and other relevant distribution channels.

The contact lens solution market research report is one of a series of new reports that provides contact lens solution market statistics, including contact lens solution industry global market size, regional shares, competitors with contact lens solution market share, detailed contact lens solution market segments, market trends, and opportunities, and any further data you may need to thrive in the contact lens solution industry. This contact lens solution market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The contact lens solution market consists of sales of hydrogen peroxide solutions, saline solutions, enzymatic cleaners, protein remover tablets, and lens cases. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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