Vision care plays an essential role in ophthalmology. The vision care
products and procedures are used for treating the indications. For instance,
the prevalence of vision impairment is about 1,000 million cases
globally. The vision care has benefited resolve ophthalmic disorders and
diseases.
Vision
Care Market is expected to cross USD 237.05
Billion by 2030 at a CAGR of 4.03% during the forecast period 2022-2030
However, unawareness about the vision care products and services is
likely to hamper the growth of the global vision care market during the
forecast period.
Several market players currently dominate the global vision care market.
The key players are involved in product launches and strategic collaborations
to strengthen their market positions.
Major Key
Players:
Some of the Vision Care Market Players are Cadila Healthcare
(Zydus Pharmaceuticals, Inc.), Johnson & Johnson Services, Inc., Rayner
Surgical Group Limited (Rayner Intraocular Lenses Limited), Menicon,
Carl-Zeiss-Stiftung (Carl Zeiss). ESSILORLUXOTTICA, Bausch Health
(Bausch & Lomb Incorporated), The Cooper Companies, Inc (Cooper Vision),
NOVARTIS AG.
Segment Analysis
The global vision
care market is segmented by product type, indication, treatment, and end-user.
The global vision
care market based on product type is broadly segmented into a contact lens,
eyeglasses, intraocular lens (IOL), contact lens solutions, and others.
Contact lenses
are used as an aid to improve the physical make-up of a person and an
alternative to glasses. Contact lenses are sub-segmented into the corrective
lens, therapeutic lens, cosmetic, and lifestyle-oriented lens. These type of
contact lenses are available as per the customization of color and design
patterns along with the power of the lenses
Eyeglasses held
the largest share in the global vision care market. This segment is further
segmented into sunglasses, bifocal, single vision, and progressive.
By indication, it
is segmented into glaucoma, diabetic retinopathy, refractive error, amblyopia,
dry eyes, and others.
Refractive error
held the largest share of the global vision care market in 2018. It is a
condition of the eye wherein it cannot focus the images from the objects.
Diabetic
retinopathy, on the other hand, is the fastest-growing segment owing to the
rising prevalence of diabetes. For instance, in India the prevalence of
diabetes is rising at faster rate and is expected to reach an alarming mark of
about 69.9 million by the year 2025.
The global vision
care market based on treatment is segmented into medication, surgery, and
others. The surgery segment is estimated to have the largest share in the
global vision care market. The surgery segment is sub-segmented into cataract
surgery, cornea transplant, and vitrectomy. The high success rates of surgeries
and efforts by eye care specialists to repair vision disorders can drive the
segment growth rate. On the other hand, laser therapy is a non-invasive
procedure and takes the least time compared to other procedures. This can drive
its growth in the global eye care market till 2023.
The global vision
care market based on end user is segmented into optical stores, eye hospitals
& clinics, ambulatory surgery centers, and others. Eye hospitals and
clinics hold the largest market share owing to the rising number of eye care
hospitals and clinics. On the other hand, optical stores are the
fastest-growing segment owing to the easy accessibility to vision care products
and services and a large customer base.
Regional Analysis
The market has been divided, by
region, into the Americas, Europe, Asia-Pacific, and the Middle East &
Africa.
The Americas is anticipated to
hold the largest market share owing to the increasing awareness about advanced
vision care procedures. The vision care market is divided into the Americas has
further been branched into North America and Latin America, with the North
American market being divided into the US and Canada.
The vision care market in
Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia,
and the rest of Asia-Pacific. Asia-Pacific is anticipated to hold the largest
market share owing to the increasing number of increasing geriatric population
and rising adoption of technological advancements in developing regions. The
European vision care market has been categorized as Western Europe and Eastern
Europe. The Western European market has further been classified as Germany,
France, the UK, Italy, Spain, and the rest of Western Europe. The vision care
market in the Middle East & Africa has been divided into the Middle East
and Africa.
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