Pune, India, July 02, 2021 (GLOBE NEWSWIRE) -- The Global Vision Care Market is anticipated to reach USD 65,800.2 million in 2021 and is projected to grow at a CAGR of 4.5% during the forecast period. Vision supports in performing day-to-day activities, such as writing, reading, and viewing. It also impacts the ability of an individual to communicate and work with others. There has been a substantial rise in the number of people suffering from vision-related ailments, such as glaucoma, cataracts, retinal detachment, and conjunctivitis. This can be accredited to growing aged population, increasing pollution levels, and sedentary lifestyles. As a result, there is production of different vision care medicines available as ointments, pills, and drops worldwide.
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Factors such as increasing aged population more susceptible to eye diseases and technological progression in eye care devices are expected to contribute to vision care market growth. Increasing use of electronic devices for day-to-day functioning has also been associated with eye disorders. In recent years, the use of technology has mainly increased among children. Studies advise excessive use of electronic devices could lead to eye disorders. This indirectly is stoking demand for vision care products.
Across the globe, vision loss is considered to be the major health challenge. In the in years to come, with the increasing occurrence of eye disease among the aging population, the prices of vision loss is also expected to rise significantly. Decreasing eye care treatment rate is one of the key factors hampering the growth of the vision care market. However, increasing awareness about vision care is expected to create major opportunities for the vision care market growth.
Global Vision Care Market, by Product Type
Based on product type, the vision care market is segmented into eye glasses, contact lens, intraocular lens (IOLs), and others. The intraocular lens segment is further sub segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. The intraocular lens segment holds the largest market share in 2021, and is expected to remain the largest market during the forecast period. The segment growth can be attributed to increasing in number of cataract surgeries across the globe. The ocular health is anticipated to grow at a slower rate on account of the lower awareness in underdeveloped countries and a lower rate of diagnosis of ocular health diseases like dry eye.
The eye glasses segment is expected to boost the market growth during the forecast period. The eye glasses segment is further sub segmented into single vision eyeglasses, bifocal eyeglasses, and progressive eyeglasses. This eye glasses market trend is owed to the extensive product offering of varying price range offered by local and leading manufacturers. In addition, the increase in the incidence of ocular disease is anticipated to augment the development of this market segment in the forecast period.
Global Vision Care Market, by Distribution Channel
Based on distribution channel, the vision care market is segmented into retail stores, e-commerce, clinics, and hospitals. The e-commerce segment is the fastest growing segment in 2021, and is expected to remain fastest growing segment during the forecast period. There is a surge in the preference of e-commerce websites compared to the mortar channel and traditional brick for buying or selling products.
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The growth of e-commerce segment is attributed to the increasing advantages offered by online channels, like free home delivery, and discounts, etc. This growth is expected to positively affect the development of online stores in the market segment.
In addition, E-commerce websites also allow users to write and read reviews about products, improving the customer journey, and supporting them to use e-commerce distribution channels. The increasing popularity of the online distribution channel has resulted in a remarkable rise in the number of online eyewear start-ups globally, such as Hubble, Eyewa, and Ace & Tate.
Global Vision Care Market, by Region
Based on region, the vision care market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America is a largest regional market in 2021, and anticipated to remain largest segment in the forecast period. The growth is attributed to technological advancements and high spending on healthcare from both individuals, and government account for substantial share of the North America vision care market.
Asia Pacific is a fastest growing segment in 2021, and anticipated to remain fastest growing segment during the forecast period. Increasing awareness of eye health, upgrade of healthcare infrastructure, and extreme use of electronic devices in emerging countries of the region are expected to positively impact the Asia Pacific vision care market.
Some Recent Developments in the Global Vision Care Market:
- September, 2019- Johnsons and Johnson’s vision sector introduced TECNIS Synergy Lol, an intraocular lens that offers continuous vision correction
- September, 2019- Johnson and Johnson’s vision sector introduced the ACUVUE line of Revitalens multi-purpose disinfecting solution for contact lens
- August, 2019- CooperVision introduced a soft contact lens recycling program in collaboration with TrraCycle to surge its sustainability efforts
- August, 2019- The U.S. FDA approved Coopervision’s Paragon Contact lens production site in Phoenix, U.S.
COVID-19 Impact on Global Vision Care Market
The QMI team has closely monitored the impact of COVID-19 on the global vision care market, and it is observed that the demand for vision care has increased during the pandemic time. It is anticipated to grow at a healthy pace from third quarter of 2021. The COVID-19 pandemic has impacted vision care adoption trends in 2020.
The sales and demand of blue light canceling and anti-fatigue lenses have exponentially increased in the pandemic. As lockdown norms have led to companies implementing work from home models for their employees, leading to improved time being spent on a desktop, laptop screens, and smartphone. These factors are expected to drive the market growth during the forecast period.
Some Major Findings of the Global Vision Care Market Include:
• Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
• An in-depth global vision care market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
• Profiles of major market players operating in the global vision care market, which include Coopervision, Essilor Group, Johnson & Johnson, Luxottica, Novartis, Valeant Pharmaceuticals, Bausch and Lomb, Menicon, Paragon Vision Sciences, and Carl Zeiss
• Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
• Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global market
• Impact of COVID-19 on the global vision care market
Browse key industry insights spread across 160 pages with 85 market data tables and 41 figures & charts from the report, “Vision Care Market By Product Type (Eye Glasses, Contact Lens, Intraocular Lens, And Others), By Distribution Channel (Retail Stores, E-Commerce, and Clinics), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size and Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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