NEW YORK, March 20, 2019 /PRNewswire/ — The global vision care market is expected to reach around $74 billion, growing at a CAGR of more than 3% during the forecast period.
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The global vision care market is driven by the increasing number of vendors collaborating with healthcare providers to promote and encourage customers to use the latest eye care products. The exponential growth in North America and the APAC region is likely to drive the demand for eye care products in the market. New generation eyecare products feature innovative material. Nowadays, instead of using conventional plastic material, the new-age contact lenses are made up of high-quality material such as silicone hydrogel, which offers better oxygen breathability. These types of advancements are leading toward increased demand for eyeglasses and contact lenses globally. Hence, the global vision care market is expected to witness substantial growth in the coming years. With advancements eye cate technology, in terms of design and manufacturing, vendors are strategically focusing on the development and commercial launches of their vision care products for treating visual impairment disorders such as presbyopia, myopia, hypermetropia, astigmatism, Aphakia, cataract, and keratoconus. The market research report on the global vision care market offers an analysis of market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The study includes insights based on product types (eyeglasses, contact lenses, IOLs, and others), distribution channels (retail stores, hospitals and ophthalmology clinics, online stores, and ASCs), and geographies (North America, Latin America, MEA, Europe, and APAC).
The report considers the present scenario of the global vision care market and its market dynamics for the period 2019?2024. It covers a detailed overview of several market growth enablers, restraints, and trends in the global vision care market. The study includes both the demand and supply aspect of the market. It also profiles and analysis leading companies and several other prominent companies operating in the global vision care market.
Global Vision Care Market – Dynamics
Over the last few years, the eye care product industry has witnessed significant evolution and changes. Changing fashion trends (such as cat-eye glasses, colored frames, colored contact lenses), growing pollution levels (dust particles, particularly impact the life span of eyecare products), attractive buying options (a user can purchase eyecare products online as well as offline), increasing value-added offerings (free eye check-ups, discounts on vision care products, rise in one-stop solution shops) are the major trends in the market. The increasing number of visually impaired disorders is generating the demand for quality vision care products. Therefore, leading vision care vendors are adopting new technologies to provide best-in-class products to end-users. The need for quality eye care products is encouraging vendors to introduce a diverse range of eyeglasses, contact lenses, and IOLs in the global vision care market. Prominent industry players are investing in high capital for R&D activities to manufacture high-quality products. For instance, in 2017, The CooperVision introduced Avaira Vitality toric lens, which features a unique Optimized Toric Lens Geometry that provides a uniform sight.
Leading industry players are increasingly focusing on pursuing inorganic growth strategies to expand their presence, enhance product portfolios, and improve expertise in the global vision care market. They are also looking forward to developing new subsidiaries, signing new distribution/sales partnerships with regional vendors, and increasing merger and acquisition activities to enhance geographical footprint and customer base worldwide. Recently, the merger between the Cooper Companies and Blanchard Contact Lenses is the most significant merger in the global vision care market.
Vision Care Products Market Segmentation
This market research report includes a detailed segmentation of the market by products, distribution channels, and geography. In terms of product types, the global vision care market is broadly divided into eyeglasses, contact lenses, IOLs, and other segments. The eyeglasses segment dominates two-thirds of the market and is expected to grow at a CAGR of more than 3% during the forecast period. North America occupied the most significant portion in the eyeglasses market in 2018, and APAC was the second fastest growing region in the global vision care market. It is expected that North America and APAC are likely to share equal market shares by 2024. Retail stores, hospitals and clinics, online stores, and ASCs are the primary channels for the distribution of vision care products in the global vision care market. Retail stores are the conventional medium for buying vision care products with a CAGR of around 4%. They offer comprehensive eye checkups to customers and provide a shelf to showcase multiple products at once. Retail stores are now actively making their space in the e-commerce world with their standalone web channel partners to gain the sale and increase the popularity in the global vision care market.
Market Segmentation by Product Type
• Single Vision
• Contact Lenses
• By Design
• By Usage
• Accommodating IOLs
Market Segmentation by Distribution Channel
• Retail Stores
• Hospitals & Ophthalmology Clinics
• Online Stores
Global Vision Care Market – Geography
In terms of geography, the global vision care market is segmented into North America, APAC, Europe, Latin America, and MEA. North America is leading the market in terms of contact lenses and is expected to grow at a CAGR of around 3% during the forecast period. It is likely that the US will dominate the market until the end of the forecast period. There has been a significant surge in the average number of hours spent in front of digital screens in the US. With globalization and increased exposure to digital content, computer vision syndrome (CVS) is also growing in the US population. Hence, the increasing number of eye ailment cases will lead to high demand for high-quality eye care products.
Market Segmentation by Geography
• North América
• South Korea
• Saudi Arabia
• Latin América
Key Vendor Analysis
With advancements in technology, the global vision care market is expected to remain fragmented, and the competitive pressure is likely to increase in the coming years. The dynamics in the eye care industry has witnessed a significant shift in terms of technology and demand. Currently, eye care products are not only used as medical devices but have turned into fashion accessories, and this is going to fetch profitable results for vendors in the global vision care product market.
Leading Vendors in Vision Care Market
• Carl Zeiss
• Johnson & Johnson
• Bausch & Lomb
• The Cooper Companies
The other prominent vendors in the global vision care market are Fielmann, Ginko International, HOYA Corporation, Menicon, Nikon, Rodenstock, St. Shine Optical, SEIKO OPTICAL PRODUCTS, Sensimed, SynergEyes, and UltraVision.
Other Vendors included in the report are Hanita Lenses, JiangSu HongChen Optical, NIDEK, Oculentis, Ophtec BV, PhysIOL, Rayner Intraocular Lenses, Shanghai Conant Optics, STAAR Surgical Company, Swiss Advanced Vision, and Visioneering Technologies.
Key Market Insights
1. Offers market sizing and growth prospects of the global vision care market for the forecast period 2019-2024
2. Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the global vision care market.
3. Includes a detailed analysis of market growth drivers, challenges, and investment opportunities
4. Delivers a complete overview of market segments and the regional outlook of the global vision care market
5. Offers an exhaustive summary of the vendor landscape, competitive analysis, and critical market strategies to gain a competitive advantage in the global vision care market
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