The global vision care market is expected to reach around $74 billion, growing at a CAGR of more than 3% during the forecast period.
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.
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.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market At a Glance
7.1.1 Treatment Options
7.1.2 Causes of Visual Impairment
8 Common Visual Impairment Disorders
9 Market Dynamics
9.1 Market Growth Enablers
9.1.1 Growing prevalence of vision-related disorders and increasing geriatric population
9.1.2 Growing CVS and increasing exposure to digital content
9.1.3 Shrinking usage cycles and preference for disposability
9.1.4 Public and private initiatives to increase vision care awareness
9.1.5 Increase in cataract surgeries and adoption of premium IOLs
9.2 Market Growth Restraints
9.2.1 Rise in LASIK procedures for vision correction
9.2.2 Low accessibility, affordability, and financial exclusion for large patient pool
9.2.3 Imminent commoditization and risk of counterfeit products
9.3 Market Opportunities and Trends
9.3.1 Increase in strategic acquisitions and partnerships
9.3.2 Product innovations and technological advancements
9.3.3 Rise of e-commerce as preferred distribution channel