Pune, India, May 18, 2022 (GLOBE NEWSWIRE) -- The vision care market size is expected to reach USD 192.85 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. Increasing awareness regarding ocular diseases in emerging nations is expected to aid the growth of the market. The increasing adoption of vision care products will boost the vision care market growth in the forthcoming year. As per the report, published by Fortune Business Insights in a report, titled “Vision Care Market Size, Share & Industry Analysis, By Product Type, By Distribution Channel and Regional Forecast, 2019-2026” the market size stood at USD 125.16 billion in 2018.
In addition, the growing cases of cataracts to create growth opportunities for the market. For instance, according to the World Health Organization, 51% of the world’s blindness is caused due to cataracts. In addition, the increasing risks of cataract incidence predominantly in developing as well as developed countries will fuel demand for vision care.
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The report offers dynamic insights on all the prevailing trends and characteristics of the vision care market. It provides an all-encompassing summary and analytical data of all the segments. It is created after extensive research followed by deep analysis to benefit companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clear picture of the market size. In addition, it also includes the latest advances and development, product launches, acquisitions, collaborations & partnerships, and others.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 5.6% |
| 2026 Value Projection | USD 192.85 Billion |
| Base Year | 2018 |
| Vision Care Market Size in 2018 | USD 125.16 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 115 |
| Segments covered | Product Type, Distribution Channel and Geography |
| Vision Care Market Growth Drivers | Increasing Cases of Cataract to Promote Healthy Growth |
| Favorable Reimburusmnet policies to Stimulate Growth in North America | |
| FDA Approval for Pargon’s New Manufacturing Facility to Spur Sales Opportunities |
Drivers and Restraints
Increasing Cases of Cataract to Promote Healthy Growth
The increasing incidence of cataracts around the world will subsequently aid the growth of the market in the forthcoming period. According to the Global Burden of Diseases Study, 2010 cataract caused worldwide 33.4% of all blindness in 2010 and around 10.8 million people were blind and 35.1 million were visually impaired due to cataract. With the growing risk of cataracts, the demand for vision is increasing, which therefore supports market growth. The growing population of individuals suffering from ocular diseases is expected to be one of the key reasons for driving the vision care market share.
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Regional Insights
Favorable Reimburusmnet policies to Stimulate Growth in North America
North America generated a revenue of USD 38.82 billion in 2018 and is expected to remain dominant during the forecast period. Higher adoption of vision care products in the region will further create opportunities for the market. Factors such as increasing awareness of the ocular disease, favorable reimbursement for cataract surgery, and increasing inclination towards eye care products is projected to further escalate the market’s revenue in North America. The market in Latin America is estimated to grow at a steady rate alongside the Middle East and Africa. The unmet need for vision care in Latin America is estimated to be one of the prime reasons for spurring the growth in the region
Competitive Landscape
FDA Approval for Pargon’s New Manufacturing Facility to Spur Sales Opportunities
The approval of Paragon Vision Science’s newly-constructed contact lens manufacturing site in suburban Phoenix by the U.S. Food and Drug Administration (FDA) will boost the vision care market trends. For instance, The facility will produce advanced ortho-k products such as Paragon CRT® for use in the United States. The new site is more than double the size of the company’s current plant in nearby Mesa, Arizona. Furthermore, the launch of TECNIS Synergy IOL by Johnson and Johnson’s vision division will foster the growth of the market. For instance, Johnson and Johnson’s vision division launched TECNIS Synergy IOL, an advanced intraocular lens that provides continuous high-contrast vision correction for patients with cataracts from far through near, even in low-light conditions. In addition, the increasing accessibility of spectacles and sunglasses owing to the affordability in emerging nations will further accelerate the growth of the market.
Some of the Major Companies in the Global Vision Care Market:
- Alcon (Part of Novartis AG)
- Essilor
- CooperVision
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- GrandVision
- Carl Zeiss
- Menicon
- Luxottica
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Major Table of Contents:
- Global Market Size Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Eyewear
- Spectacles
- Sunglasses
- Contact Lens
- Intraocular Lenses
- Ocular Health
- Eyewear
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Store
- Online Store
- Hospitals and Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Vision Care Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product Type
- Eyewear
- Spectacles
- Sunglasses
- Contact Lens
- Intraocular Lenses
- Ocular Health
- Eyewear
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Hospitals and Clinics
- Market Analysis – By Country
- U.S.
- Canada
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product Type
- Eyewear
- Spectacles
- Sunglasses
- Contact Lens
- Intraocular Lenses
- Ocular Health
- Eyewear
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Hospitals and Clinics
- Market Analysis – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Asia Pacific Market Share Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product Type
- Eyewear
- Spectacles
- Sunglasses
- Contact Lens
- Intraocular Lenses
- Ocular Health
- Eyewear
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Hospitals and Clinics
- Market Analysis – By Country/ Sub-region
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
TOC Continued…!
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