The ‘Global Vision Care Market Size, Share, Growth, Analysis, Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global vision care market, assessing the market on the basis of its segments like product type, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Vision Care Market Size, Share, Price, Growth, Trends, Industry Report, Key Players, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 3%
The rising number of eye disorder cases across the globe is a key factor driving the growth of the vision care market. As the prevalence of various disorders related to eyes increases, the need for regular eye tests and check ups such as visual field tests to check the peripheral vision, visual acuity to measure distance vision, and tonometry in order to detect glaucoma, among others, also increases. The exponential increase in the utilisation of electronic devices such as smartphones, personal computers, tablets, and laptops, has resulted in increased prevalence of various eye problems, which in turn is driving the growth of the market for vision care.
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Additionally, increased preference towards contact lenses because of their enhanced vision and comfort has further boosted the demands for improved vision care globally. Rising consciousness among customers about proper eye care, popularity of fashionable glasses, and the importance of healthy vision are positively impacting the growth of the vision care market. Other market supporting factors are rising pollution levels, changing lifestyles, and increasing brand awareness
However, the increased availability of counterfeit vision care products is hampering the growth of the market as their utilisation can cause further damage to the vision. Accordingly, there is greater emphasis on checking for original product labels in order to avoid fake products.
Vision Care Industry Definition and Major Segments
Vision care refers to the process of maintaining the overall quality and functioning of the eyes. The main purpose of vision care is to ensure that the individual receives highest quality of eye treatments that prevents further vision deterioration and pain. The benefits of healthy eyesight include ease in carrying out various day to day tasks, and improved vision in the long-term.
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On the basis of product type, the market is segmented into:
- Glass Lenses
- Contact Lenses
- Intraocular Lenses
- Contact Solutions
- Lasik Equipment
- Artificial Tears
Based on distribution channel, the market is divided into:
- Retail Stores
- Online Stores
On the basis of region, the market is classified into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Vision Care Market Trends
The key trends in the vision care market include rising prevalence of vision related disorders such as cataracts, retinal detachment, glaucoma, and conjunctivitis, owing to increasing geriatric population, pollution levels, genetic susceptibility, and extensive use of screens. Rising number of vision related ailments has resulted in increased research and development activities by the major market players, so as to provide better treatment options and services to the patients and for developing more efficient products.
Increasing chronic eye conditions and excessive strain have led to an increase in occurrence of various eye related disorders which may result in partial or complete loss of vision. Consequently, the worldwide demand for vision care related products has increased, in turn contributing towards the growth of the global vision care market. In order to expand their customer base, key players are also launching product variants with enhanced quality and aesthetic options. In regional terms, North America accounts for a significant share of the market as the demand for disposable contact lenses, incidences of diabetic retinopathy, glaucoma, and cataracts increases across the region.
Key Market Players
The major players in the global vision care market report are Johnson & Johnson Vision, CooperVision, Essilor International S.A., and Novartis AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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