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bbin体育The global vision care market size stood at USD 125.16 billion in 2018 and is projected to reach USD 192.85 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period.
The vision care is a highly segmented market that includes products such as spectacles, sunglasses, intraocular lenses, and ocular health products. There are various international and national level players in the global vision care industry. The vision care market trends include the increasing adoption of spectacles as a fashion accessory. Additionally, there is also an increase in the incidence of ocular diseases. For instance, according to the projections by the World Health Organization (2015), by 2020 there will be around 2.2 billion new incidences of myopia globally. Combined with this there is an increase in the adoption of sunglasses amongst the eye care products owing to increasing awareness regarding ocular diseases caused due to UVA and UVB rays.
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Additionally, the advent of innovative technologies has enabled an increase in the demand for higher-value eye care products. In the emerging countries the developing healthcare infrastructure and increasing affordability of vision care products are estimated to augment the vision care market growth during the forecast period. The contact lens category in eyewear has experienced an increase in adoption especially in countries of Asia-Pacific. This is attributed to the higher aesthetic value provided by colored contact lenses.
“Increasing Accessibility of Vision Care Products to Boost Market Growth”
bbin体育The increasing awareness regarding ocular diseases in the emerging countries has led to a rise in the adoption of vision care products. Asia Pacific countries such as South Korea, Japan, and China have witnessed an increasing acceptance of colored contact lenses for aesthetic value. Additionally, the increasing accessibility of spectacles and sunglasses due to increasing affordability in emerging nations is anticipated to fuel the demand of the market during the forecast period. The increasing expenditure of individuals in emerging nations has enabled an increase in the demand for higher quality sunglasses. One of the key drivers influencing the vision care market trend is the growing population of individuals suffering from ocular diseases.
Due to the large fragmented market in Asia Pacific and North America, the major companies have developed strategic plans to capture the consumer base. These include higher focus towards distribution of products through different channels. Such strategic moves are expected increase customer base in the developing nations and further boost the vision care market growth. The increase in brand consciousness is also projected to drive the market globally. The increase in knowledge regarding the different types of contact lenses and spectacle lenses is further anticipated to fuel the demand for vision care industry.
“Increasing Cases of Cataract Will Aid the Growth of the Intraocular Lenses Segment during the Forecast Period”
bbin体育Globally there is a rise in the incidence of cataract cases, which is projected to boost the intraocular lens segment. According to various published research articles, India and U.S. are among the leading countries in the number of cataract surgeries performed annually. This is expected to positively impact the intraocular lenses adoption in the vision care products. According to the World Health Organization, 51% of the world’s blindness is caused due to cataracts. With the increasing geriatric population, there is a rise in the prevalence of cataract cases. This trend is witnessed in developing as well as developed countries.
bbin体育Combined with this, in countries such as India and Japan, there is an increasing awareness of cataract disorders. In developed countries, favorable reimbursement policies for cataract surgeries is estimated to drive the market. The growing trend for the adoption of premier intraocular lenses will accelerate growth in North America. Premier intraocular lenses provide better and enhanced vision compared to the traditional intraocular lenses. Additionally, the increase in geriatric population is also projected to positively impact the vision care market growth during the forecast period.
“Spectacles Segment to Account for Maximum Share in the Forthcoming Years”
bbin体育Based on product type, the market can be segmented into eyewear, intraocular lens, and ocular health. Eyewear segment is further bifurcated into spectacles, contact lenses, and sunglasses.
The eyewear segment is estimated to hold the major market share in the total market in 2018 and is projected to grow at a steady rate during the forecast period. The eyewear segment is estimated to retain its leading position at the end of the forecast period. This vision care market trend is owed to the wide product offering of varying cost range provided by leading and local manufacturers. Additionally, the rise in the incidence of ocular disease is estimated to augment the growth of this market segment during the forecast period. In Asia Pacific and Latin America there is an ever-growing demand for contact lens which is projected to boost the vision care market growth. Sunglasses have witnessed an increasing demand due to the increasing accessibility in the emerging nations combined with lower price range offered by local players in the region. There is also a high unmet demand for sunglasses in the countries of Latin America and Middle East and Africa.
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The intraocular lensbbin体育 is estimated to experience highest CAGR owing to the increasing number of cataract surgeries globally. Regionally North America and countries such as Japan and India are driving the intraocular lens market growth. Ocular health is projected to grow at a slower rate due to the lower awareness in underdeveloped countries and a lower rate of diagnosis of ocular health diseases like dry eye.
“Retail Stores to Hold the Dominant Position in the Vision Care Market in Terms of Revenue Generation”
bbin体育Based on the distribution channel, the vision care market is segmented into retail stores, online stores, and hospital & clinics
bbin体育The retail stores are anticipated to generate the highest revenue in the vision care market during the forecast period. The retail store segment is projected to retain its leading position during the forecast period. The higher availability of vision care products through retail stores is estimated to be the major driving factor for the segment. However, there is an increase in the preference of e-commerce websites compared to the traditional brick and mortar channel for shopping. This is attributed to the increasing benefits offered by online channels, like, discounts, free home delivery, virtual look test of the product, etc. This trend is anticipated to positively affect the growth of online stores in the vision care market segment
North America generated a revenue of USD 38.82 billion in 2018 and is expected to hold the leading position in the market throughout the forecast period. Higher adoption of vision care products is estimated to boost the growth of the market in the region. Factors such as higher awareness of the ocular disease, favorable reimbursement for cataract surgery, and preference for premium eye care products is projected to drive the market in North America. Combined with this the increasing adoption of spectacles will further boost the vision care market growth.
bbin体育North America Vision Care Market Size, 2018
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On the other hand, Asia Pacific is anticipated to be the second most prominent region in terms of revenue by 2026 in the overall market. Asia Pacific is projected to grow at the highest CAGR during the forecast period. This is attributed to the higher volume share in the vision care market due to the higher prevalent population of ocular diseases in the region. The increasing disposable incomes in the emerging countries of Asia Pacific and higher availability of cheaper vision care products from local manufacturers in the region are estimated to drive the adoption of vision care products in the coming years. Additionally, countries of Asia Pacific are one of the top-ranked in number of cataract surgeries. This specifically is projected to be the reason for increasing adoption of intraocular lenses during cataract surgery. The vision care market in Latin America is estimated to grow at a steady rate while the market in the Middle East and Africa is estimated to grow at a slower rate. The unmet demand for vision care in countries of Latin America is estimated to be one of the major Vision care market driver in the region.
“Alcon, Johnson and Johnson Services, Inc., Together Accounts for The Largest Share in Global Vision Care Market in Terms of Revenue”
bbin体育The global vision care market is a highly fragmented industry with various international and local players. However, Alcon is the leading player in the market and is estimated to retain its position during the forecast duration. Alcon is estimated to retain its position owing to the higher technological innovations, increasing partnerships strategies of the company, and growing investment vision care products. Combined with, this the company has strong strategic plans with an aim to target emerging and underdeveloped countries. Johnson and Johnson Services, Inc. is also one of the leading players in contact lens market. Other players operating in the vision care market are CooperVision, GrandVision, Carl Zeiss, Bausch Health Companies Inc., Essilor among prominent others.
The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the global market.
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bbin体育Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the introduction of new products / approvals (by major players), epidemiology of major ocular disease - for key countries, key industry developments - mergers, acquisitions, and partnerships, snapshot: U.S. reading glasses market, 2018, key trends in the vision care market.
Value (USD billion)
By Product Type
By Distribution Channel
Fortune Business Insights says that the vision care market was valued at USD 125.16 billion in 2018 and is projected to reach USD 192.85 billion by 2026.
bbin体育In 2018, the vision care market was valued at USD 125.16 billion.
Growing at a CAGR of 5.6%, the vision care market will exhibit steady growth in the forecast period (2019-2026)
bbin体育The eyewear segment is expected to be the leading segment in the vision care market during the forecast period.
bbin体育Increasing prevalence of ocular diseases worldwide will drive the growth of the vision care market.
bbin体育Alcon (a part of Novartis AG) and Johnson and Johnson Services, Inc. are the top players in the vision care market.
North America is expected to hold the highest market share in the vision care market.
Asia Pacific is expected to grow at a higher CAGR in the vision care market.
New product launches of intraocular lenses would drive the adoption of vision care products in the forthcoming years.
Shit towards higher value eyewear and increasing adoption of colored contact lenses in emerging countries in Asia Pacific and some of the major trends influencing the global vision care market.
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