Vision Care Market Size, Share, Global Analysis, Regional Trends and Comprehensive Research Study Till 2027
Global “Vision Care Market” 2020 report includes the market strategy, market orientation, expertise opinion and knowledgeable information. Report provides market growth and Revenue, market share and size that helps to understand future prospects. The Vision Care report also covers the current market information, porter’s five forces analysis with threat of new entrants, threat of substitute products and services, key challenges, opportunities in Vision Care Industry.
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The global ‘vision care market size‘ is expected to reach USD 192.85 billion by 2026, exhibiting a CAGR of 5.6% during the forecast period. Increasing awareness regarding ocular diseases in emerging nations is expected to aid the growth of the market. The increasing adoption of vision care products will boost the vision care market growth in the forthcoming year. In addition, the growing cases of cataracts to create growth opportunities for the market. For instance, according to the World Health Organization, 51% of the world’s blindness is caused due to cataracts. In addition, the increasing risks of cataract incidence predominantly in developing as well as developed countries will fuel demand for vision care.
As per the report, published by Fortune Business Insights in a report, titled “Vision Care Market Size, Share & Industry Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics), and Regional Forecast, 2019-2026” the market size stood at USD 125.16 billion in 2018. The report offers dynamic insights on all the prevailing trends and characteristics of the vision care market. It provides an all-encompassing summary and analytical data of all the segments. It is created after extensive research followed by deep analysis to benefit companies, stakeholders, financers and potential investors. It is designed with an aim to provide a clear picture of the market size. In addition, it also includes the latest advances and development, product launches, acquisitions, collaborations & partnerships, and others.
Increasing Cases of Cataract to Promote Healthy Growth
The increasing incidence of cataracts around the world will subsequently aid the growth of the market in the forthcoming period. According to the Global Burden of Diseases Study, 2010 cataract caused worldwide 33.4% of all blindness in 2010 and around 10.8 million people were blind and 35.1 million were visually impaired due to cataract. With the growing risk of cataracts, the demand for vision is increasing, which therefore supports market growth. The growing population of individuals suffering from ocular diseases is expected to be one of the key reasons for driving the market.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
industry developments that will drive the market growth in the forthcoming years.
Favorable Reimburusmnet policies to Stimulate Growth in North America
North America generated a revenue of USD 38.82 billion in 2018 and is expected to remain dominant during the forecast period. Higher adoption of vision care products in the region will further create opportunities for the market. Factors such as increasing awareness of the ocular disease, favorable reimbursement for cataract surgery, and increasing inclination towards eye care products is projected to further escalate the market’s revenue in North America. The market in Latin America is estimated to grow at a steady rate alongside the Middle East and Africa. The unmet need for vision care in Latin America is estimated to be one of the prime reasons for spurring the growth in the region
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FDA Approval for Pargon’s New Manufacturing Facility to Spur Sales Opportunities
The approval of Paragon Vision Science’s newly-constructed contact lens manufacturing site in suburban Phoenix by the U.S. Food and Drug Administration (FDA) will boost the vision care market trends. For instance, The facility will produce advanced ortho-k products such as Paragon CRT® for use in the United States. The new site is more than double the size of the company’s current plant in nearby Mesa, Arizona. Furthermore, the launch of TECNIS Synergy IOL by Johnson and Johnson’s vision division will foster the growth of the market. For instance, Johnson and Johnson’s vision division launched TECNIS Synergy IOL, an advanced intraocular lens that provides continuous high-contrast vision correction for patients with cataracts from far through near, even in low-light conditions. In addition, the increasing accessibility of spectacles and sunglasses owing to the affordability in emerging nations will further accelerate the growth of the market.
Some of the Major Companies in the Global Vision Care Market:
- Alcon (Part of Novartis AG)
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- Carl Zeiss
- Other Prominent Players
Global Vision Care Market Segmentation :
By Product Type
o Contact Lens
- Intraocular Lens
- Ocular Health
By Distribution Channel
- Retail Store
- Online Store
- Hospital and Clinics
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Table Of Content :
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Introduction of New Products / Approvals (by Major Players)
- Epidemiology of Ocular Disease – For Key Countries, 2018
- Key Industry Developments – Mergers, Acquisitions, and Partnerships, 2018
- Snapshot: U.S Reading Glasses Market, 2018
- Key Trends in Vision Care Market
- Key Pipeline Products
Secondary Data Sources That We Refer To:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
Secondary Research Is Conducted To Derive The Following Information:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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