iCrowd Newswire – Jul 23, 2020
Global Vision Care Market Size, Growth and Share Analysis By Product Type (Contact Lens, Eyeglasses, Intraocular Lens, Contact lens solutions, Others), By Indication (Refractive error, Glaucoma, Diabetic Retinopathy, Amblyopia, Dry Eyes, Others), Treatment (Surgery, Laser Therapy, Medication, Others) and By End-User (Eye Hospitals & Clinics, Ambulatory Surgery Center, Optical Stores), Forecast to 2025
Vision Care Market Analysis
Vision care includes the treatment of eyes and other optical disorders. The global vision care market report by Market Research Future (MRFR) outlines drivers, challenges, trends, opportunities, socio-economic factors, and other business metrics for end-users for the period of 2019 to 2025 (forecast period). The impact of the COVID-19 pandemic has been noted and suggestive measures provided for interrupted supply chain and sales.
The global vision care market size can cross USD 70,818.48 million by 2025. It is expected to achieve this benchmark at a CAGR of 4.48% over the forecast period.
Trends in eye care industry are huge prevalence of eye disorders and focus on combination therapies. The large geriatric population and other demographics requiring eye care due to constant focus on computers and other electronic devices can drive the demand in the market. The use of social media platforms by businesses to reach customers simultaneously as well as cater to their changing needs can bode well for the market.
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But unawareness of vision disorders and complications resulting from contact lenses can restrict the market growth.
Vision Care Market Segmentation
The global vision care market is segmented by product type, indication, treatment, and end-user.
The global vision care market based on product type is broadly segmented into a contact lens, eyeglasses, intraocular lens (IOL), contact lens solutions, and others.
Contact lenses are used as an aid to improve the physical make-up of a person and an alternative to glasses. Contact lenses are sub-segmented into the corrective lens, therapeutic lens, cosmetic, and lifestyle-oriented lens. These type of contact lenses are available as per the customization of color and design patterns along with the power of the lenses
Eyeglasses held the largest share in the global vision care market. This segment is further segmented into sunglasses, bifocal, single vision, and progressive.
By indication, it is segmented into glaucoma, diabetic retinopathy, refractive error, amblyopia, dry eyes, and others.
Refractive error held the largest share of the global vision care market in 2018. It is a condition of the eye wherein it cannot focus the images from the objects.
Diabetic retinopathy, on the other hand, is the fastest-growing segment owing to the rising prevalence of diabetes. For instance, in India the prevalence of diabetes is rising at faster rate and is expected to reach an alarming mark of about 69.9 million by the year 2025.
The global vision care market based on treatment is segmented into medication, surgery, and others. The surgery segment is estimated to have the largest share in the global vision care market. The surgery segment is sub-segmented into cataract surgery, cornea transplant, and vitrectomy. The high success rates of surgeries and efforts by eye care specialists to repair vision disorders can drive the segment growth rate. On the other hand, laser therapy is a non-invasive procedure and takes the least time compared to other procedures. This can drive its growth in the global eye care market till 2023.
The global vision care market based on end user is segmented into optical stores, eye hospitals & clinics, ambulatory surgery centers, and others. Eye hospitals and clinics hold the largest market share owing to the rising number of eye care hospitals and clinics. On the other hand, optical stores are the fastest-growing segment owing to the easy accessibility to vision care products and services and a large customer base.
Vision Care Market Regional Analysis
By region, the market covers opportunities for the regions of the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas holds the largest market share in the global vision care market owing to technological advancements in vision care products and services It can continue to dominate the market till the end of the forecast period.
Europe holds a significant market share for the global vision care market owing to the rising prevalence of vision impairment disorders.
APAC is the fastest-growing region across the globe due to account of the increasing geriatric population in China and India due to the rising prevalence of cataract, refractive impairments, and other vision disorders.
Lastly, the MEA region has a low market share is due to low investments in technology development.
Vision Care Market Competition Outlook
Menicon, Cadila Healthcare, NOVARTIS AG, Johnson & Johnson Services, Inc., The Cooper Companies, Inc, Bausch Health, Rayner Surgical Group Limited, ESSILORLUXOTTICA, and Carl-Zeiss-Stiftung are noteworthy players of the global vision care market. Collaborations between partners is expected to be a major strategy incorporated by players in the market. Recently, Garrett Leight California Optical (GLCO) has decided to collaborate with Rimowa, a luggage maker, for a limited edition collection of sunglasses.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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