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The vision care market size is estimated to grow at a CAGR of 3.88% between 2022 and 2027. The market size is forecast to increase by USD 14.83 billion. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
Initiatives to create awareness regarding vision care are the key factors driving the growth of the market. Numerous public and private organizations as well as ophthalmic lens factories are undertaking initiatives such as running awareness campaigns and seminars and advertising to educate the public, optometrists optometrists, and ophthalmologists about health and vision care options for treating vision disorders. WHO and the International Agency for the Prevention of Blindness (IAPB) have together launched VISION 2020. This is a global initiative to eliminate avoidable blindness and organize workshops to support ministries of health to achieve global health. Such initiatives drive the growth of the vision care market during the forecast period.
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Trends- The rising number of M and A is the primary trend in the market. This market offers many opportunities as many large companies strive to expand their product portfolio and expand their market presence through mergers and acquisitions. Owing to the existence of a large number of suppliers, fierce competition among players increases attention. in terms of product differentiation, technologically advanced products, and cooperation with an increasing number of end users.
In recent years, a number of noteworthy acquisitions have taken place in the market. In July 2021, EssilorLuxottica completed the acquisition of GrandVision, marking a major milestone for EssilorLuxottica and an important step towards unlocking the full potential of EssilorLuxottica. Such cases of mergers and acquisitions lead to increased product promotions, lowered additional costs, and rationalization of product development among suppliers, contributing to market growth in terms of prices during the forecast period.
Challenges- The lack of skilled ophthalmologists is a challenge that affects the growth of the market. With the number of people suffering from vision problems increasing, the lack of qualified professionals has become a serious problem. This need not only affects the overall effectiveness of treatment but also limits the ability to provide necessary care to those who need it. One of the main reasons for the shortage of qualified ophthalmologists is the complexity and expertise required for eye treatment.
Additionally, patients may have to wait longer for advice and treatment, leading to delayed intervention and potentially making their condition worse. This not only harms the individual's quality of life but also places an additional burden on the healthcare system. Therefore, these factors are expected to impede the growth of the target market during the forecast period.
The prescription segment is estimated to witness significant growth during the forecast period. One of the key factors driving growth in prescriptions is the rising vision impairment across the globe. Additionally, technological advances have greatly enhanced the precision and effectiveness of prescription glasses and contact lenses. Furthermore, the growing importance of aesthetic and fashion trends is also contributing to the growth of the prescription segment.
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The prescription segment was the largest segment and was valued at USD 46.99 billion in 2017. Many online retailers offer virtual try-on tools where users can upload their photos and try on different frames virtually. This comfort and accessibility have drawn a broader customer base and expanded the reach of the prescription drug segment. Therefore, such benefits are anticipated to boost the demand for prescriptions, which will drive the growth of the prescription segment in the global vision care market during the forecast period. newspaper.
The non-prescription segment of the global vision care market is a significantly growing segment. non-prescription glasses are a prime example of non-prescription vision care products. These glasses are available to buy without a prescription and are intended for people who need minimal vision correction. Another important part of this segment is contact lenses designed for cosmetic purposes. In addition to non-prescription vision care products and services, they also include non-surgical vision correction techniques. Therefore, these benefits are expected to increase the demand for non-prescription products, which will drive the growth of the market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American vision care market is anticipated to rise due to good healthcare systems providing high-quality vision care services mainly through eye clinics and hospitals. The US contributes the most to this market's revenue. Canada is behind the US in terms of market revenue contribution.
Furthermore, growing awareness and high adoption of vision care products, such as contact lenses, glass contact lenses, IOLs, contact lens solutions, and artificial tears, are driving demand for vision care products. These factors contribute significantly to the market growth. Common eye disorders, such as refractive errors, age-related macular degeneration (AMD), cataracts, diabetic retinopathy, glaucoma, amblyopia, and strabismus, are leading causes of vision impairment and blindness in the United States. These factors are increasing sales of vision care products and supporting the growth of the vision care market in the region during the forecast period.
The outbreak of COVID-19 in 2020, negatively affected the growth of the vision care market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Moreover, governments are enabling the health sector to work across the entire workforce to meet growing demands on a number of healthcare-related issues. Therefore, the region is expected to have pent-up demand for healthcare services, which will drive the growth of the vision care market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The vision care market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Vision Care Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.88% |
Market growth 2023-2027 |
USD 14.83 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.66 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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