According to the latest report by IMARC Group, titled "Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global vision care market size reached US$ 66.5 Billion in 2021. Vision care includes various methods and tools that are generally utilized for maintaining the proper functioning of the eyes. Since vision is an integral part of human health that aids in providing a better quality of life, it is necessary to protect them from eye diseases. Some of the common eye diseases include cataracts, conjunctivitis, diabetic retinopathy, age-related macular degeneration, refractive errors, glaucoma, strabismus and amblyopia. In order to maintain healthy eyesight, regular checkups are advised by healthcare professionals, thereby providing a thrust to the market growth. Besides this, the easy accessibility to vision care products and procedures is favorably impacting the market across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vision Care Market Trends:
The global market is primarily driven by the growing prevalence of ocular diseases among the masses. The rising occurrences of eyesight disorder can be accredited to the prolonged usage of laptops and smartphones among working professionals and students. Additionally, continual technological advancements in ocular surgery, such as the introduction of femtosecond laser-assisted cataract surgery that offers perfect centration, are creating a positive outlook for the market. Moreover, several leading players are heavily investing in product innovations, including the launching of light adjustable intraocular lens that facilitates optimization and customization post-cataract surgery in order to achieve the desired vision, which is considered to be a major growth-inducing factor. Furthermore, the increasing funding by key players for conducting extensive research and development (R&D) activities to introduce improved and effective vision care products and equipment is favorably impacting the market growth. Other factors, including the expanding healthcare expenditure and continuous improvements in the healthcare infrastructure, are also contributing to the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 83.2 Billion by 2027, exhibiting a CAGR of 3.7% during 2022-2027.
- On the basis of the product type, the market has been segmented into glass lenses, contact lenses, intraocular lenses, contact solutions, LASIK equipment and artificial tears. Among these, glass lenses hold the majority of the total market share.
- Based on the distribution channels, the market has been categorized into retail stores, online stores, clinics and hospitals. Currently, retail stores exhibit a clear dominance in the market.
- On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Presently, North America holds the leading market position.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Johnson & Johnson Services, Inc., CooperVision, Inc. (Cooper Companies, Inc.), Bausch Health Companies, Inc., Essilor International and Novartis International AG.
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