NEWARK, Del, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Vision Care Market is predicted to expand at a decent CAGR of 7.2% throughout the forecast period. The vision care market is anticipated to reach US$ 89,596 million in 2023 and US$ 1,78,930.9 million by 2033.
The adoption rate of eye care products has increased due to the rising knowledge of ocular illnesses in developing nations. Future market expansion is anticipated to be significantly impacted by a rise in the number of people suffering from eye illnesses. Coloured contact lenses are becoming increasingly popular among Asian nations, including Japan, South Korea, and China, for aesthetic reasons.
The growing prevalence of cataracts is another reason driving the demand for vision care goods. The rate of intraocular lens adoption is anticipated to increase as a result.
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Heightened accessibility of sunglasses and spectacles owing to surging affordability in developing nations has bolstered the demand for vision care solutions. Rising expenses of individuals in developing economies have led to a rise in the demand for superior-quality sunglasses.
Manufacturers have set strategic plans in motion to gather a wider customer base. These plans include a greater emphasis on product distribution via multiple channels. Similar strategic moves are projected to help producers penetrate the market deeply in the developing markets. Moreover, heightened brand consciousness is also assessed to impact market growth positively.
Growing knowledge among the population about the distinct forms of spectacle and contact lenses is expected to augment the adoption quotient for vision care solutions.
Top Highlights from the FMI’s Analysis of the Vision Care Market:
- In North America, the vision care industry is reaching saturation as leading players have captured most of the population. FMI has estimated that the regional market acquired a 33.8% share in the global space.
- The European market is anticipated to acquire more than 30% in 2023. The market only falls behind North America in terms of value share. High disposable income, an established healthcare system, and growing regional health concerns have propelled market growth.
- According to FMI intelligence, the Japanese market is anticipated to acquire a market share of more than 6.5% in 2023.
- India is expected to record market growth of 8.4% CAGR, whereas China is anticipated to register 7.9% CAGR over the estimated time.
- Australia is anticipated to record a CAGR of 5.6% from 2023 to 2033.
- Based on product type, the spectacle lenses segment is expected to account for more than 40.8% in 2023.
- Under the distribution channel category, the optometry stores segment will account for more than 25.8% market share in 2023.
News Section: Key Developments Shaping the Market Growth:
- Alcon Inc. introduced the Clareon family of IOLs in the United States in March 2022. By deploying Alcon’s most sophisticated IOL material, Clareon can offer constant visual outcomes and brilliant clarity that sustains.
- Alcon presented DAILIES TOTAL1 for Astigmatism in January 2022. The product is the first-ever Water Gradient contact lens for patients suffering from astigmatism.
- CooperVision acquired EnsEyes in June 2022. EnsEyes is the leading distributor of scleral contact lenses and orthokeratology (ortho-k) in the Nordic region. The company is functional within the Cooper Vision Specialty EyeCare group.
- Johnson & Johnson Vision Inc. obtained a CE Mark in February 2021. The company received this certification for its Acuvue Oasys multifocal contact lens with pupil-augmented design for Europeans. The lens is being used to treat patients suffering from presbyopia.
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Key Companies Profiled in the Vision Care Industry:
- Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
- Alcon (sub. Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock
Key Segments in the Vision Care Industry:
By Product Type:
- Spectacle Lenses
- Contact Lenses
- Cleaning & Disinfecting Solutions
By Type:
- Rx (Prescription)
- Non-Rx (Non-prescription)
By Distribution Channel:
- Hospitals
- Ophthalmic Clinics
- Optometry Stores
- E-commerce
- Retail Hypermarket/Superstore
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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