About Vision Care
Vision Care is a large and growing industry. Demographic and lifestyle trends will spur increased demand in coming years, but industry earnings will depend on the state of regulation and health care reform. According to World Health Organization, almost 285 million people in the world are visually impaired and around 39 million people are blind and 246 million people have low vision. This growing rate of vision patient is expected to increase the market growth in comping years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Largest Market Share | 36.81% |
Unit | Value (USD Billion) |
CAGR | 4.19% |
The Global Vision Care Market is largely competitive and consists of several vendors who compete based on factors such as features, product quality, and product pricing. In the vision care market, intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant risk factors for the manufacturer’s growth. While the markets for vision care are currently fragmented, the wave of consolidation and commoditization in health care will likely catch up to vision care in the coming years. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CooperVision (United States), Essilor International S.A. (France), Carl Zeiss Meditec (Germany), Johnson & Johnson Vision Care (United States), Luxottica (Italy), Novartis International AG (Switzerland), Valeant Pharmaceuticals (Canada), Bausch + Lomb (United States), Menicon (Japan) and Paragon Vision Sciences (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Safilo Group (Italy), Rodenstock GmbH (Germany) and Eye Ojo Corp. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Vision Care market by Type (Eye Glasses {Single Vision Eyeglasses, Bifocal Eyeglasses, Progressive Eyeglasses}, Contact Lens {Personalized/Custom, Specific Care, Single Vision, Progressive Lenses, Activity Lenses}, Intraocular Lens {Traditional/Monofocal IOLs, Premium IOLs, Phakic IOLs} and Others {Contact Lens Solutions, Artificial Tears}) and Region.
On the basis of geography, the market of Vision Care has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Sales Channel, the sub-segment i.e. Retail Stores will boost the Vision Care market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service Type, the sub-segment i.e. Government will boost the Vision Care market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Men will boost the Vision Care market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. Asia Pacific is projected to be the fastest-growing market, expanding at a CAGR of 6.39% from 2023 to 2030.
Influencing Trend:
Growing Use of electronic Screen Devices
Market Growth Drivers:
Mounting Geriatric Population Susceptible To Eye Diseases:” The market for vision care is poised to grow due to the growing population worldwide and increased rate of people suffering for vision problems. The U.S. Census Bureau projects the number of people aged 65 and older to more than double by 2050, to over 88 million. Given that vision problems are more common as people age, demand for eye care is expected to consistently increase.” and Technological Advances in Eye Care Devices
Challenges:
Mounting Cost of Vision Related Treatments
Restraints:
Low Availability Of Vision Care Centers in Developing Countries
Opportunities:
Increasing Healthcare Expenditure by Government and Individuals and Increasing Awareness of Eye Health
Market Leaders and their expansionary development strategies
In March 2019, Alcon, the global leader in eye care and a division of Novartis acquired PowerVision, Inc., a privately-held, US-based medical device development company focused on creating fluid-based intraocular lens implants. This acquisition enhances the Alcon's commitment to bring an innovative and accommodating lens to cataract patients globally. and In January 2019, CooperVision acquired Blanchard Contact Lenses, Inc., the well-known and fast-growing scleral lens company. This acquisition further expands CooperVision’s scleral lens portfolio.
In September 2019, IDOC, Zeiss Vision Care US and Zeiss Medical Technology entered into a five-year agreement to bring Zeiss’ lab services, lens products, and medical equipment to all of IDOC’s more than 3,000 independent optometrists across the U.S. and In May 2019, Novartis entered into an agreement with Takeda Pharmaceutical Company Limited to acquire the assets associated with Xiidra® (lifitegrast ophthalmic solution) 5% worldwide. Xiidra is the first and only prescription treatment approved to treat both signs and symptoms of dry eye by inhibiting inflammation caused by the disease
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Vision Care Device Providers, Original Equipment Manufacturers (OEMs), Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Healthcare Service Providers and Research Organizations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.