Contact Lens Solutions Market size to grow by USD 540.94 million from 2023 to 2028, Increased preference for contact lenses over spectacles to boost the market- Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ — The contact lens solutions market is estimated to grow by USD 540.94 million from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 3.97% during the forecast period. However, the growth momentum will progress. North America is estimated to contribute 36% to the growth of the global market during the forecast period. The North American contact lens solutions market has experienced consistent growth, attributed to widespread product usage, availability, and the presence of established suppliers. Multipurpose solutions, in particular, are in demand as they offer comprehensive care for soft contact lenses, reducing the need for additional lens care products.

The Contact Lens Solutions Market showcases steady growth due to increased demand for corrective vision aids like Novartis and Bausch & Lomb’s offerings. However, concerns linger over Acanthamoeba keratitis risks. Catering to refractive errors, especially far-sightedness, these solutions are widely available, even at retail giants like Walmart.

The Contact Lens Solutions Market employs market segmentation to enhance market penetration. Leveraging a subscription business model, businesses drive brand loyalty through strategic content delivery networks and email marketing. Utilizing HTTP cookies and point-of-sale data on the World Wide Web aids in crafting tailored strategies and dashboard insights for efficient marketing distribution.

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Contact Lens Solutions Market – Segmentation Assessment

Segment Overview

Technavio has segmented the market based on Distribution Channel (Offline and Online), Type (Multi-purpose, Hydrogen peroxide-based, and Rigid gas permeable and others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

The offline segment is estimated to witness significant growth during the forecast period. This segment includes hypermarkets, supermarkets, department stores, pharmacies, and convenience stores. Offline establishments offer the advantage of featuring a wide array of contact lens solutions in dedicated sections, enabling customers to compare brands. Hypermarkets, supermarkets, and department stores enhance navigation through icon systems, strategic shelving, and clear signage.

Insights on the market contribution of various segments including country and region, historic (2017 to 2021), and forecast market size (2023 to 2027) – Download a Free Sample Report

Contact Lens Solutions Market – Market Dynamics

Key Driver

The increasing early detection of myopia is the key factor driving market growth. Myopia, commonly known as nearsightedness, often has a genetic basis or may result from eye strain due to extended digital screen exposure. Initiatives to raise awareness about visual impairments, including myopia, have intensified in response to the increasing incidence of eye issues. Detecting myopia early is crucial, and corrective measures like contact lenses play a vital role in addressing vision impairment.

Major Trend

The high brand loyalty of customers is a major trend in the market. Brand loyalty is boosted by reliability and effectiveness. Established market leaders with large customer bases make it challenging for new entrants. Limited shelf space for niche products may require orders through catalogs or websites when store availability is low.

Significant Challenge

The rising adoption of daily disposable contact lenses is a significant challenge restricting market growth. Single-use contact lenses, known as daily disposables, are discarded after a day of use, gaining popularity for their health and convenience advantages among both practitioners and consumers.

Insights on Market Drivers, trends, and challenges, historic period(2018 to 2022), and forecast period(2023 to 2028)- Request a Free sample report!

What are the key data covered in this Contact Lens Solutions Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the Contact Lens Solutions Market between 2024 and 2028Precise estimation of the Contact Lens Solutions Market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Contact Lens Solutions Market industry across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about companiesComprehensive analysis of factors that will challenge the growth of Contact Lens Solutions Market companies

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Related Reports:

The soft contact lens market size is estimated to grow at a CAGR of 5.66% from 2022 to 2027. The market size is forecast to increase by USD 2,511.35 million. 

The contact lenses market size is estimated to grow at a CAGR of 5.58% between 2022 and 2027. The market size is forecast to increase by USD 4,991.63 million. 

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio