Good vision plays an important role in conducting different activities such as reading, writing, watching TV, etc. It also affects developmental learning, communication, work, health and overall quality of life. Various factors ranging from unhealthy diet to chronic diseases and pollution can affect the health and functioning of the eyes, resulting in partial or complete loss of vision. Over the years, numerous products and treatments have been developed to manage vision related problems. According to IMARC Group’s latest report, titled “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global vision care market reached a value of US$ 58.83 Billion in 2018.
Growing prevalence of electronic screens in day-to-day lives represents the key factor driving the global vision care market. Increased use of laptops, PCs, tablets, mobile phones, and other devices along with sedentary lifestyles and unhealthy diets have led to the development of vision related problems such as myopia, astigmatism, hyperopia, retinal tears, macular edema, diabetic retinopathy, etc. Additionally, the lack of comfort associated with eye glasses has augmented the demand for contact lenses, which is further driving the market. Moreover, brand name and product design have become the deciding factors for purchase, instead of functionality. This paradigm shift in the consumer behaviour and growing brand awareness has led to the expansion of the market. Owing to the aforementioned factors, the market is expected to reach a value of US$ 70.52 Billion by 2024, exhibiting a CAGR of 2.96% during 2019-2024.
The report has segmented the market on the basis of type into glass lenses, contact lenses, intraocular lenses, contact solutions, lasik equipments and artificial tears. Amongst these, glass lenses represent the most popular product type. On the basis of the distribution channels, the market has been segmented into retail stores, online stores, clinics, and hospitals. Currently, retail store is the largest distribution channel, accounting for the majority of total sales. On a regional basis, the report covers North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Currently, North America represents the largest region. The report has also analysed the competitive landscape of the market with some of the key global players being Johnson & Johnson, Cooper, Bausch (formerly Valeant Pharmaceuticals), Essilor and Novartis AG.
This report provides a deep insight into the global vision care market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the vision care industry in any manner.
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