Vision Care Market to grow by USD 14.83 billion from 2022 to 2027; The prescription segment is estimated to witness significant growth during the forecast- Technavio

NEW YORK, Dec. 4, 2023 /PRNewswire/ -- The vision care market is expected to grow by USD 14.83 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 3.88% during the forecast period. The increasing prevalence of vision disorders and eye diseases is notably driving the vision care market. However, factors such as limitations in vision care products may impede market growth. The market is segmented by type (prescription (Rx) and Non-prescription (Non-Rx)), product (glass lens, contact lens, intraocular lenses, contact lens solution, and others ), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis

• The prescription segment is estimated to witness significant growth during the forecast period. Rising vision loss across the globe is one of the main drivers for growth in prescriptions. Furthermore, the precision and performance of prescription glasses and contact lenses have improved significantly because of technological progress. Virtual Tryon tools, which allow users to upload photos and try on various frame sizes in real time, are offered by several Internet retailers. This convenience and accessibility have attracted a broader customer base and expanded the reach of the prescription drug segment. 

To know additional highlights and key points on various market segments and their impact in coming years, View the PDF Sample Report.

Geographical Market Analysis 

• APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Another region to contribute to the market is North America. Growth in the region is due to a good health system that provides high-quality vision care services, primarily through eye clinics and hospitals. The revenue of that market is the biggest contributed by the US. In addition, the demand for vision care products is being driven by increasing awareness and a growing number of people using eye care products in terms of contact lenses, glass contacts, optical IOLs, and solutions to ophthalmic tears. Hence, these factors are expected to drive market growth in the region during the forecast period. 

Company Insights 
The vision care market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica, Ginko International Co. Ltd., HOYA CORP., Johnson and Johnson, Menicon Co. Ltd., Mojo Vision Inc., NIDEK Co. Ltd., Ophtec BV, SAV IOL SA, SEED Co. Ltd., Seiko Holdings Corp., Shanghai Conant Optics Co. Ltd., St. Shine Optical Co. Ltd., SynergEyes Inc., The Cooper Companies Inc., UltraVision CLPL, and Visioneering Technologies Inc.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The glass lens market is estimated to grow at a CAGR of 3.43% between 2022 and 2027. The size of the market is forecast to increase by USD 8,175.42 million.

The soft contact lens market size is estimated to grow at a CAGR of 5.66% from 2022 to 2027. The market size is forecast to increase by USD 2,511.35 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio