Home IT Vision Care Market Size to Reach US$ 195.34 Billion by 2026

Vision Care Market Size to Reach US$ 195.34 Billion by 2026

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LOS ANGELES, Feb. 03, 2020 (GLOBE NEWSWIRE) — Acumen Research & Consulting, Recently Published Report On “Vision Care Market (By Distribution Channel: Retail Stores, Online Stores, Clinics, Hospitals; By Product: Glass Lenses, Contact Lenses, Intraocular Lenses, Contact Solutions, Lasik Equipment, Artificial Tear, Others; By End User: Hospitals, Clinics, Ambulatory Surgery Centers, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026.”

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North America dominated the global vision care market in the year 2018. Different huge purposes behind the predominance of North America are due to advanced technology with high rate of awareness and healthcare expenditure. Europe position itself in the market race with the ability of innovations and the presence of key market players. Asia pacific considered as the emerging market with increasing incidences of eye problems and developing technologies. The exponential growth in North America and the APAC region is likely to drive the demand for eye care product in the market. New generation eye care product feature innovative material. Nowadays, instead of using conventional plastic material, the new-age contact lenses are created from high-quality material like silicone hydrogel that offers higher oxygen breathability. These types of advancements are leading toward increased demand for eyeglasses and contact lenses globally. A significant share of this population is unaware regarding the preventive care for vision loss, available curative services and quality rehabilitation. Increasing geriatric population and rising income in North America is expected to surge the demand for advanced vision care products and solutions. Higher adoption of vision care products in the region can further produce opportunities for the market. Factors like increasing awareness of the ocular disease, favorable reimbursement for cataract surgery and increasing inclination towards eye care merchandise is projected to additional escalate the market’s revenue in North America. The market in latin america is estimated to grow at a gradual rate alongside the middle East and africa. The unmet need for vision care in latin america is calculable to be one among the prime reasons for spurring the growth in the region.

Asia-Pacific is expected to register the highest CAGR during the forecast period. The advent of innovative technologies has enabled an increase in the demand for higher-price eye care products in the rising countries the developing healthcare and increasing affordability of vision care products are estimated to augmented the vision care market growth during the forecast amount. The contact lens category in eyewear has experienced an increase in adoption particularly in countries of Asia-Pacific. This is attributed to the higher aesthetic price provided by colored contact lenses. Further, the growing number of ageing population with vision disorders in Asia Pacific is likely to boost the growth of the vision care market in Asia Pacific.

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Glass Lenses has dominated the offering segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Some of the major factors are lifestyle, comfort, convenience, budget and aesthetics; in addition, Glasses also can act as an extension of your personality and make a great fashion statement. LASIK equipments and contact lenses are the fastest growing market at a CAGR of 3.1% over the forecast period as overnight orthokeratology (Ortho-k) temporarily corrects myopia and LASIK surgery impairs dioptre vision range.

Based on distribution channel, the vision care market is segmented into retail stores, on-line stores, and hospitals and clinics. The retail stores are anticipated to get the best revenue within the vision care market during the forecast amount. The higher availability of vision care product through retail stores is estimated to be the major driving issue for the section. However, there is a rise within the preference of e-commerce websites compared to the normal brick and mortar channel for looking. This is attributed to the increasing advantages offered by on-line channels, like discounts, free home delivery, virtual look check of the product etc. This trend is anticipated to positively affect the growth of on-line stores in the vision care market section.

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Some of the key manufacturing companies include in the global vision care market are  Novartis, Hoya Corporation, Ultra Vision, SEIKO PHARMA, Luxottica, Essilor, Cooper Vision, Fielmann, Menicon Co., Ltd., and Valeant pharmaceuticals. These Organizations gains the confidence of the customers by being more focused, innovative, caring and trusted.

Some of the key observations regarding global vision care industry include:

  • In 2017, The CooperVision introduced Avaira Vitality toric lens, which features a unique Optimized Toric Lens Geometry that provides a uniform sight.
  • In 2018, Carl Zeiss launches the first sunglass to offer 400mm UV protection.
  • In 2019, CooperVision launched a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.
  • In 2019, the U.S FDA approves CooperVision’s Paragon Contact lens manufacturing site in Phoenix, U.S.

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