One of our most valuable senses, vision enables us to take in the world around us in all its vivid colours and fine details. Recognising the importance of vision in our lives, Vision Care Market works to protect and enhance vision, guaranteeing the best possible visual health for everyone.
Fundamentally, vision care includes a vast array of procedures and products intended to support eye health and address visual impairments. Regular eye exams by licenced optometrists or ophthalmologists are the first step in the process. They evaluate visual acuity, find refractive problems, and rule out any underlying eye disorders. These tests lay the ground work for precise prescriptions and unique eye care advice.
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During the forecast period, the vision care market is anticipated to expand at a respectable CAGR of 7.3%. The market for vision care is currently estimated at US$ 83.72 billion, and by 2032, it is expected to reach US$ 169.37 billion.
Preventative interventions are also a part of vision care for maintaining eye health. It highlights the significance of wearing protective eyewear in a variety of situations, including sports, the workplace, and while out in the sun. To reduce eye strain brought on by extended screen use and close work, regular eye exercises and good visual hygiene practises are advised.
Vision Care Market: Dynamics
- Increasing Prevalence of Eye Disorders: The rising prevalence of eye disorders, such as myopia, hyperopia, presbyopia, and cataract, is driving the demand for vision care products and services. Factors like changing lifestyles, prolonged screen time, and aging population contribute to the growing incidence of these disorders, thereby fueling market growth.
- Technological Advancements: Technological advancements play a crucial role in the vision care market. Innovations in diagnostic tools, contact lenses, surgical procedures, and vision correction devices have significantly improved the effectiveness and accuracy of vision care. Advancements like wavefront-guided LASIK, femtosecond laser-assisted cataract surgery, and the development of smart contact lenses have expanded treatment options and enhanced patient outcomes.
- Growing Awareness and Importance of Eye Health: There is a growing awareness among individuals about the importance of maintaining good eye health. Regular eye examinations, early detection of eye diseases, and preventive measures are being emphasized more than ever. This increased awareness drives the demand for vision care products and services, including eyeglasses, contact lenses, and eye care supplements.
- Changing Consumer Preferences: Consumers are increasingly looking for convenient and aesthetically appealing vision care products. The demand for contact lenses, especially cosmetic and colored variants, is on the rise. Additionally, there is a shift towards eyewear as a fashion accessory, leading to increased demand for designer frames and sunglasses. Manufacturers are responding to these changing preferences by offering a wide range of stylish and customizable options.
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Vision Care Market: Regional Insights:
In Europe and Northern America, more than 1 person in 5 was aged 60 or above in 2017. According to a survey by the WHO, 90% of the visually impaired population is in low- & middle-income countries. A significant share of this population is unaware regarding the preventive care for vision loss, available curative services and quality rehabilitation.
Further, the growing number of ageing population with vision disorders in Asia Pacific is likely to boost the growth of the vision care market in Asia Pacific. Increasing geriatric population and rising disposable income in North America is expected to surge the demand for advanced vision care products and solutions. The North America vision care market is estimated to create an absolute $ opportunity worth US$ 21,735 Million between 2018 and 2028.
Vision Care Market: Segmental Analysis
The company has segmented the global vision care market into spectacle lenses, contact lenses and cleaning & disinfecting solutions. In terms of revenue, the spectacle lenses and contact lenses segments are expected to hold significant shares over the forecast period. In contrary, the cleaning & disinfecting solutions segment in the vision care market is expected to exhibit limited investment opportunities, in terms of revenue, through 2028.
Vision Care Market: Companies
The report tracks some of the key companies operating in the vision care market, such as
- Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
- Alcon (sub. Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock
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Vision Care Market Outlook by Category
Product Type:
- Spectacle lenses
- Contact lenses
- Cleaning & disinfecting solutions.
Type:
- Rx (Prescription)
- Non-Rx (Non-Prescription)
Distribution Channel:
- Hospital
- Ophthalmic clinics
- Optometry stores
- E-commerce
- Retail hypermarket/superstore
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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