19 June 2019, Global contact lens solutions market is anticipated to witness an exponential growth in the forecast period. A contact lens solution is a liquid used to disinfect and store contact lenses after use. It aids in maintaining the quality of lenses. The factors that propel the growth of the market include increased preference for contact lenses over spectacles in young adults, the introduction of novel silicone hydrogel-based polymers, and increasing occurrence of eye disorders and visual inaccuracies.
On the other hand, there are factors that may hamper the growth of the market including low consciousness and alternate therapies for the correction of refractive errors such as PRK and LASIK and safety concerns. Contact lens solution market is anticipated to expand at a significant CAGR of 9.45% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market could be explored by product type, design, usage, technology, and geography. Market by product type could span Soft lens, RPG lens, and Hybrid lens. The “Hybrid lens” segment led the contact lens solutions market in 2017 and will continue to lead in the forecast period.
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Based on design, the market could span Multifocal, Toric, Spherical, and Others. The “Multifocal Lenses” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that could be attributed to the growth of the market include usage in treating age-related ophthalmic syndromes such as presbyopia. Multifocal lens segment is followed by “Spherical Lens” segment and anticipated to grow high in the forecast period.
The market could be explored based on usage as Cosmetic, Therapeutic, Corrective, Lifestyle-oriented, Prosthetic, and others. The “Corrective Lens” segment led the market in 2017 and will continue to lead in the forecast period. The key factors that could be attributed to the growth of the market include increasing consciousness among people and increasing demand. The “Corrective Lens” segment is followed by the “Therapeutic” segment in the years to come. The market could be explored based on technology as Lathe Cutting, Spin Casting and Cast Molding.
North America accounted for the major share of the contact lens solutions market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include significant government funding for drug development, the occurrence of improved healthcare infrastructure, large-scale saturation of contact lens and economies such as the Canada and US are observing the introduction of numerous innovative products. North America is followed by the North American region.
Some of the key players that fuel the growth of the contact lens solutions market comprise Novartis AG, Johnson &Johnson Vision Care, Bausch + Lomb, Cooper, NEOVISION CO, LTD, Neovision Co, Ltd, Menicon Co., Ltd, Hoya Corporation, Seed Co. Ltd, Oculus Private Limited, Beacon Co., Ltd, St. Shine Optical Co., Ltd and CAMAX OPTICAL CORP. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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