The global contact lens solutions market is expected to grow at a CAGR of more than 2% from 2018-2022, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global contact lens solutions market from 2018-2022. (Graphic: Business Wire)
Global contact lens solutions market segmentation by distribution channel and geography
Technavio’s report on the global contact lens solutions market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by distribution channel which includes retail stores and online stores. Increasing penetration of the internet enables vendors to provide information on a broad range of products such as multipurpose contact lens solutions, saline solutions, daily cleaners, and hydrogen peroxide-based lens solutions to reach new potential customers and increase the customer base for these products.
Based on geography, the contact lens solutions market has been segmented into the Americas, APAC, and EMEA. As of 2017, 39% of the market share came from the Americas.
“The Americas dominates the contact lens solution market due to the presence of developed healthcare infrastructure and government funding for drug development in the region, which encourages the development of contact lens solutions. The region has also witnessed an increasing number of innovative products being launched in countries such as the US and Canada,” says a senior analyst at Technavio for health and wellness research.
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Contact lens solutions market: competitive vendor landscape
The global contact lens solutions market comprises of Menicon, Novartis, The Cooper Companies, and Valeant as the leading vendors in the market. Vendors are focused on targeted marketing and providing effective online education. They interact with consumers frequently to enhance consumers' awareness about health and hygiene. The possibility of vendors to showcase their products online provides them larger shares of the market and higher sales revenue than from exclusively brick and mortar retailing.
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Other topics covered in the report:
Market drivers:
- Increased preference for contact lenses over spectacles
- Leveraging internet platforms to create awareness
Market trends:
- High brand loyalty
- Growing popularity of antimicrobial contact lenses and natural eye highlights
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