The Vision Care Market is expected to grow at a healthy CAGR of 7.3% during the forecast period. The vision care market is worth US$ 83.72 billion in 2022, and it is expected to be worth US$ 169.37 billion by 2032.
The general public’s desire to correct and improve their vision as a result of increasing eye problems, an ageing population, and a variety of other factors is expected to boost sales of vision care products during the forecast period.
Since the past decade, there has been an increase in the usage of electronic devices. The more time we spend in front of the screen, the more our eyes get exposed to the rays emitted from the devices. This in turn starts affecting our eyes, and we start adopting various types of vision care products.
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Additionally, we are living at times when the people working in large corporate houses hardly have any time to prepare food by themselves. Because of this they start consuming fast foods, which are believed to be unhealthy.
Therefore, the eyes are not able to receive the required nutrients. This has led to an increase in the demand for vision care products.
Moreover, there have been tremendous improvements in the logistics and supply chain management, as a result of which the vision care products can be transported from any part of the globe.
However, if there is one segment which has significantly contributed to the growth of vision care market it is the geriatric population. With age, the eye lens become rigid, which leads to different kinds of eye problems. Thus, the increased requirement by geriatric population is expected to increase the sales of vision care products.
Moreover, there have been increased initiatives taken by the government and other ruling authorities to increase the awareness of vision care devices.
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Key Takeaways:
- The vision care market is expected to grow at a CAGR of 7.3% during the forecast period.
- The vision care market is expected to be valued at US$ 169.37 billion by 2032.
- The vision care market is valued at US$ 83.72 billion as on 2022.
- Based on the product type, the spectacle lens segment is the most preferred segment in the vision care market.
- Based on the type, the non-prescription mode is expected to surge the market for vision care devices.
- Based on the channel, the retail hypermarket/superstore is the most preferred in the vision care market.
- North America is projected to be the largest market based on regional insights.
- Asia Pacific is the second largest, and the fastest growing vision care market.
- Based on country analysis, USA vision care market the largest market, with a share of nearly 34% in North America, and is expected to grow at a CAGR of 7.5% during the forecast period.
- India market is expected to grow at a CAGR of 9.4% during the forecast period.
- Chinese vision care market is anticipated to grow at a CAGR of 7.1%
Competitive Landscape
With a view to increase their footprints across the nations, the major players are getting involved in mergers and acquisitions which would drive their business to new heights.
Some of the recent developments are:
- In July 2022, Bausch and Lomb enrolled first patient in LASIK clinical trial, thereby evaluating the use of Technolas TENEO Excimer Laser for vision correction surgery for hyperobia.
- In February 2022, Johnson and Johnson was named a 2022 Fortune world’s most admired company and ranked #1 on the pharmaceutical industry list.
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Key Companies Profiled
- Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
- Alcon (sub. Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock.
Key Segments in the Vision Care Market
By Product Type:
- Spectacle Lenses
- Contact Lenses
- Cleaning & Disinfecting Solutions
By Type:
- Rx (Prescription)
- Non-Rx (Non-prescription)
By Distribution Channel:
- Hospitals
- Ophthalmic Clinics
- Optometry Stores
- E-Commerce
- Retail Hypermarket/Superstore
Explore FMI’s Extensive ongoing Coverage in Healthcare Domain:
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