New York, USA, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Vision Care Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Vision Care Market Information By Product Type, Indication, Treatment, End-User Region - Forecast till 2030", the market will touch USD 237.05 Billion by 2030 at 4.03% CAGR during the forecast period 2022-2030.
Market Synopsis
A market with several distinct segments, vision care, includes goods like eyeglasses, sunglasses, intraocular lenses, and ocular health items. The worldwide vision care market has several national and international companies. The increasing use of eyeglasses as a fashion accessory is one of the market trends in vision care. Eye care, eye disorders, and vision care are all in the wide category of vision care. It is one of the modern world's most thriving industries. Products for eye care, like contact lenses and eyeglasses, have become the best options for treating vision issues and reducing the burden of blindness.
The untreated eye conditions glaucoma, corneal opacities, cataract, diabetic retinopathy, trachoma, refractive error, and presbyopia affect millions of people's vision today. These diseases and problems are curable through operations, glasses, and contact lenses. The aging population has given the market for vision care a new life. People who live longer are thought to suffer at least one condition in their lives. Because their muscles and immune systems are weaker as they age, older adults are more susceptible to eye-related illnesses.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 237.05 Billion |
| CAGR | 4.03% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Indication, Treatment, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of visual inaccuracies and eye disorders |
| Raising awareness of vision care products and services. |
Vision Care Market Competitive Landscape:
The important companies in the vision care market are:
- ESSILORLUXOTTICA (France)
- Bausch Health [Canada]
- Johnson & Johnson Services, Inc. (US)
- Rayner Surgical Group Limited [UK]
- The Cooper Companies, Inc [US]
- NOVARTIS AG (Switzerland)
- Cadila Healthcare [India}
- Menicon (Japan)
- Carl-Zeiss-Stiftung [Germany]
Vision Care Market USP Covered:
Market Drivers:
The frequency of associated vision problems, which can result in partial or complete vision loss, has increased due to a poor diet and the rise in chronic illnesses, driving up demand for eye care products worldwide. To expand their consumer base, several multinational corporations focus their research and development (R&D) efforts on bringing better-quality, more effective product versions to market. The market is also growing due to the flourishing e-commerce sector and the growing awareness of eyesight damage brought on by UV rays. Some of the top providers in the field focus on preventing visual impairments using cutting-edge technologies.
Cataract cases are increasing globally, which is expected to enhance the intraocular lens market. Additionally, there is a growing understanding of cataract problems in nations like India and Japan. According to estimates, the market in developed nations will be driven by attractive reimbursement policies for cataract operations. The use of premium intraocular lenses is on the rise, which will hasten expansion in North America. Premium intraocular lenses offer better and enhanced eyesight than conventional intraocular lenses.
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Market Restraints:
The unawareness of the vision care products and services and contact lens-related complications are estimated to restrict the vision care market in the forecast period.
COVID 19 Analysis
People gather cleaning products like disinfectant wipes, hand sanitizer, and bleach solutions as the new coronavirus outbreak grows. Some people use hand sanitizer at home or turn to Vision Care when empty store shelves. Alcohol is the main germ-killing component in most store-bought Vision Care, albeit at much lower concentrations than those needed to eradicate the new coronavirus. It's important to remember that vision care cannot be used for sterilization; they merely include the amount of alcohol required to gently cleanse the skin without irritating the baby's sensitive skin.
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Vision Care Market Segmentation
By Product Type
Contact Lens is predicted to gain the top rank during the forecast period.
By Indication
Diabetic retinopathy is likely to lead the overall market in the forecast period. Due to the increased prevalence of diabetes, a significant cause of diabetic retinopathy, this market is expanding quickly.
By Treatment
Laser Therapy is likely to lead the overall market in the forecast period.
By End-User
Eye Hospitals & Clinics will likely lead the overall market in the forecast period.
Vision Care Market Regional Insights
Throughout the projected period, North America is anticipated to dominate the market. The market in the region is predicted to expand faster due to the higher usage of vision care products. The market in North America is expected to be driven by elements including increased awareness of the ocular condition, attractive reimbursement for cataract surgery, and preference for high-end eye care products. Combined, the growing use of eyeglasses will help the vision care business grow even more. The increased prevalence of ocular disorders in the area is explained by the higher volume share in the vision care market. The use of premium intraocular lenses is on the rise, which will hasten expansion in North America. Premium intraocular lenses offer better and enhanced eyesight than conventional intraocular lenses. Additionally, sunglasses are becoming more popular among eye care items due to growing awareness of ocular disorders brought on by UVA and UVB rays.
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The use of vision care goods is anticipated to increase over the next few years due to rising disposable incomes in Asia and greater access to less expensive vision care products made locally in the region. Additionally, Asia-Pacific nations are among the top in terms of the number of cataract operations. In particular, it is anticipated that this would lead to a rise in the use of intraocular lenses during cataract surgery. The region's developing economies' greater use of technology devices, improved healthcare infrastructure, and growing attention to eye health are all expected to be positive factors for the Asia-Pacific vision care market.
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