The global vision care market reached a value of US$ 60.9 Billion in 2019. Vision assists in performing everyday activities, such as viewing, writing and reading. It also impacts the ability of an individual to work and communicate with others. However, there has been a significant rise in the number of people suffering from vision-related ailments, such as cataracts, glaucoma, conjunctivitis and retinal detachment. This can be accredited to sedentary lifestyles, growing geriatric population and rising pollution levels. As a result, there is an increase in the development and production of different vision care medicines, which are available in the form of pills, ointments and drops across the globe.
An unhealthy diet and the rising number of chronic conditions have led to a rise in the occurrence of associated vision ailments, which can lead to partial or complete vision loss. Consequently, there is an increase in the demand for vision care products worldwide. Apart from this, numerous international organizations are focusing on research and development (R&D) projects to introduce more efficient products. They are also offering several product variants with improved quality and services to expand their consumer base. Besides this, the flourishing e-commerce sector and the growing awareness about visual impairment caused by UV rays are also propelling the market growth. Some of the key vendors in the industry are also focusing on the prevention of visual impairments with the help of advanced technologies. Moreover, new treatments, such as gene therapy, computerized eye evaluations and stem cell therapy, are anticipated to fuel the market growth in the upcoming years. Looking forward, IMARC Group expects the market value to reach US$ 72.3 Billion by 2025, at a CAGR of 2.8% during 2020-2025.
Breakup by Product Type:
Glass lenses currently exhibit a clear dominance in the market.
Breakup by Distribution Channel:
Retail stores account for the majority of the total market share.
North America enjoys the leading position in the market.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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