The global vision care industry is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. According to market analysis, this sector is expected to witness remarkable expansion, aiming to reach US$ 1,78,930.9 million by 2033 from its estimated value of US$ 89,596 million in 2023.
This forecasted surge underscores a burgeoning demand for vision care solutions globally. Factors contributing to this growth include increased awareness regarding eye health, technological advancements in vision correction procedures, and a growing aging population seeking vision-related treatments.
The Vision Care Market encompasses a wide array of products and services, ranging from corrective lenses and frames to surgical procedures aimed at addressing various visual impairments. As innovations continue to emerge in this sector, consumers are presented with an expanding spectrum of options, fostering a competitive yet dynamic landscape within the industry.
Get Your Report Sample To Gain Comprehensive Insights! https://www.futuremarketinsights.com/reports/sample/rep-gb-822
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 a saturation point 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 is expected to account for more than 25.8% market share in 2023.
Don’t Hesitate To Contact Our Analyst If You Have Any Questions! https://www.futuremarketinsights.com/ask-question/rep-gb-822
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.
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
Art of Personalization: Dive into the World of Customization with Our Report! https://www.futuremarketinsights.com/customization-available/rep-gb-822
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
Get Ahead with Detailed Market Intelligence: Purchase Now to Access! https://www.futuremarketinsights.com/checkout/822
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube