Vision Care Market Expected to Reach a Value of US$ 70.52 Billion by 2024
Eyes are a type of sensory organs which provide vision and help human beings to process visual details. It is essential to take care of the eyes as they are sensitive to trauma, inflammation and infection which can further result in blindness. Good vision plays a vital role in performing various activities such as writing, reading and watching TV among others. It also has a significant effect on the several abilities of a person which include developmental learning, communication and work. Poor vision can impact the day-to-day life of an individual and can also give rise to the symptoms of depression and anxiety. A new research report by IMARC Group, titled “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global vision care market was worth US$ 58.83 Billion in 2018. The report further anticipates the market to reach a value of US$ 70.52 Billion by 2024, at a projected CAGR of around 2.96% during 2019-2024.
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Global Vision Care Market Drivers/Constraints:
- There has been a significant rise in the usage of electronic devices such as personal computers, laptops, smartphones and tablets among other devices. As a result, the prevalence of vision-related problems has increased which acts as one of the major factors driving the growth of the market.
- There has been a shift towards contact lenses since they have emerged as a better alternative to eye glasses on account of enhanced comfort and vision. This, in turn, has contributed towards an augmented demand for a better vision care across the globe.
- Some of the other factors which are positively influencing the growth of the global vision care market include growing brand awareness, changing lifestyles, rising pollution and increasing consciousness among consumers about the importance of a healthy vision.
- However, there are a large number of counterfeit products available in the market which can lead to a further damage to the vision. This is one of the primary obstacles which is impeding the growth of the market.
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Product Type Insights:
Based on product type, the market has been segmented into glass lenses, contact lenses, intraocular lenses, contact solutions, Lasik equipments and artificial tears. Currently, glass lenses dominate the market owing to the rising prevalence of eye disorders.
On the basis of distribution channel, the market has been segregated into retail stores, online stores and clinics. Amongst these, retail stores hold the majority of the market share and represent the most popular distribution channel.
On a geographical front, North America enjoys the leading position in the global vision care market. This can be attributed to the increasing demand for disposable contact lenses along with the rising cases of glaucoma, cataracts and diabetic retinopathy across the region. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Johnson & Johnson
- Bausch (Valeant Pharmaceuticals)
- Novartis AG
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