Global Contact Lens Solutions Market 2018-2022
About Contact Lens Solution
A contact lens solution is a liquid used to store and disinfect contact lenses after use. It helps maintain the quality of the lenses.
Technavio’s analysts forecast the global contact lens solutions market to grow at a CAGR of 9.45% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global contact lens solutions market for 2018-2022. To calculate the market size, the report considers the revenues generated from the sales of contact lens solutions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Contact Lens Solutions Market 2018-2022
Technavio recognizes the following companies as the key players in the global contact lens solutions market: Menicon, Novartis, The Cooper Companies, and Valeant.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rise in High brand loyalty. Consumer brand loyalty is a significant factor in the dominance of brands in the global contact lens solutions market. The sense of reliability and effectiveness increases the brand loyalty among users. Established market players have a wide customer base, thus making it difficult for private-labels and new entrants in finding shelf-space for their products in the market. Individual users usually prefer not to take risks in experimenting with new products or brands regarding vision care and rely on one or two brands exclusively.”
According to the report, one of the major drivers for this market is Increased preference for contact lenses over spectacles. The benefits of using contact lenses over regular eyeglasses have led to a steady rise in the demand for contact lenses in the past decade. Contact lenses provide better all-around vision, allowing for clear peripheral vision, unlike glasses through which only objects in front of the person are visible. Contact lenses eliminate glare and are more comfortable to wear and carry than glasses. They are also popular among athletes as they do not distract in any way by slipping and steaming up as spectacles do. The cosmetic use of contact lenses provides users aesthetic appeal. These advantages have led to the growing preference for contact lenses over glasses.
Further, the report states that one of the major factors hindering the growth of this market is Low awareness. Low awareness and irregular eye check-ups and are two factors affecting market growth. Globally, people are generally unaware of the various types of eye disorders. Macular degeneration causes loss of vision in the center of the visual field, further leading to retina damage. Debris accumulates between the retina and choroid causing scarring of the retina. Contact lenses can be used to correct such refractive errors.
Menicon, Novartis, The Cooper Companies, and Valeant.