Vision Care Market Analysis
The Global Vision Care Market is projected to touch USD 70,818.48 million at a 4.48% CAGR between 2019-2025, states the new Market Research Future (MRFR) report. Vision care, simply put, is the care as well as treatment of eyes, vision, and eyesight conditions. It includes products that are required to treat several visual disorders, especially presbyopia, glaucoma, cataract, hyperopia, myopia, among others.
Numerous factors are adding to the growth of the global vision care market. These factors, according to the latest Market Research Future report, include increasing investments made by key market players, constant R&D activities to improve the manufacture as well as the supply of lenses, eyeglasses, and other types of eyewear, increasing optical network, and an increase in innovative customer-centric vision care products.
Additional factors adding to the growth of the market include rising geriatric population and associated eye diseases, technological advances in eye care devices, increasing use of electronic devices, increasing incidence of allergies, changing lifestyle habits, and rising exposure to digital screens or computers. Moreover, the side effects of commonly used medications, especially allergic eyes, age-related muscular degeneration, and dry eye, are also adding to the market growth.
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On the contrary, contact lens-associated complications and lack of awareness about vision care services and products are factors that may hamper the global vision care market during the forecast period.
Vision Care Market Segmentation
The Market Research Future report provides a complete segmental analysis of the global vision care market based on end user, treatment, indication, and product type.
By product type, the vision care market is segmented into intraocular lenses (IOL), eyeglasses, contact lenses, and others. The contact lens is again segmented into the lifestyle-oriented lens, cosmetic, therapeutic lens, and corrective lens. Eyeglasses are again segmented into sunglasses, progressive, bifocal, and single vision. The intraocular lens is again segmented into phakic, traditional/mono-focal, and premium. Of these, the contact lens will hold the maximum share in the market during the forecast period for people’s unwillingness to use eyeglasses.
By indication, the global vision care market is segmented into dry eyes, amblyopia, diabetic retinopathy, glaucoma, refractive error cataract, and others. Of these, the refractive error will lead the market during the forecast period as it is the most commonly observed eye disorder.
By treatment, the global vision care market is segmented into medication, surgery, and others. Of these, surgery will dominate the market during the forecast period.
By end user, the global vision care market is segmented into optical stores, ambulatory surgery centers, eye hospitals and clinics, and others. Of these, eye hospitals and clinics will command the largest share in the market during the forecast period.
Vision Care Market Regional Analysis
By region, the global vision care market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market during the forecast period for the rising awareness about the latest vision care products. The US & Canada are the key contributors in this region.
The global vision care market in Europe will hold the second-largest share in the market over the forecast period for the rising incidence of vision impairment in the region.
The global vision care market in the Asia Pacific region will grow at a quick pace over the forecast period for the rising prevalence of refractive impairments in India and the rising geriatric population in China.
The global vision care market in the Middle East and Africa will have a small share over the forecast period for limited technological development.
Vision Care Market Key Players
Notable players profiled in the global vision care market report include NOVARTIS AG, The Cooper Companies, Inc (Cooper Vision), Bausch Health (Bausch & Lomb Incorporated), ESSILORLUXOTTICA, Carl-Zeiss-Stiftung (Carl Zeiss), Menicon, Rayner Surgical Group Limited, Johnson & Johnson Services, Inc., and Cadila Healthcare (Zydus Pharmaceuticals, Inc.).
Vision Care Industry News
January 2020: Researchers at South Korea’s Pohang University of Science have created a technology that helps to diagnose diabetes and treat diabetic retinopathy by simply wearing LED contact lenses.
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