Vision Care Market Overview 2017, Demand by Regions, Share and Forecast to 2022
The global vision care market has witnessed a moderate growth over the past few years. Some of the major driving factors include growing geriatric population, sedentary lifestyle, constant exposure to electronic screens and increasing cases of eye disorders.
IMARC Group’s latest report, titled “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global vision care market reached a value of US$ 54 Billion in 2016. Eyes are organs which provide vision to human beings so as to process visual details. Vision is vital for performing daily activities such as reading, watching, writing, playing, etc. Changing lifestyles, increasing pollution, unhealthy eating habits, etc. have resulted in a gradual rise in the number of eye complications such as conjunctivitis, myopia, diabetic retinopathy, astigmatism, macular edema, hyperopia, retinal tears and optic neuritis. This has resulted in the development of vision care products and treatments, over the past few years.
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Highlights of the global vision care market:
Increasing incidences of eye problems and sedentary lifestyle are the major drivers of the vision care market.
On the basis of product type, glass lenses account for the majority of the market share.
North America holds for the majority of the global share, representing the largest market.
Expanding geriatric population and a surge in the cases of eye disorders and diseases worldwide are the primary growth-inducing factors for the market. Around 285 million people across the globe are visually impaired, out of which 246 million have low vision as a result of unhealthy diet and lifestyle dominated by constant use of electronic devices such as mobiles, laptops, tablets, computers, etc. Owing to these factors, an upsurge has been witnessed in the growth of the market. Beside this, exposure to airborne dust and other contaminants also affect the vision, thereby, contributing to the growth aspects of the vision care market. Moreover, rising brand consciousness among the consumers coupled with surging income levels have led them to opt for better quality products. According to the report, the market is further expected to reach a value of US$ 66 Billion by 2022, exhibiting a CAGR of more than 3% during 2017-2022.
The market has been segmented on the basis of type, wherein glass lenses account for the majority of the global market share. They are followed by contact lenses, intraocular lenses, contact solutions, lasik equipment and artificial tear. The market is further segregated on the basis of distribution channels into retail stores, online stores, clinics and hospitals. Amongst these, retail stores hold the majority of the total sales. Region-wise, North America represents the leading market, followed by Europe, Asia Pacific, Latin America, and Middle East and Africa. On analysing the competitive landscape of the market, it is found that Johnson & Johnson, Cooper, Valeant Pharmaceuticals, Essilor, and Novartis AG are the key players.
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The report has examined the global vision care market on the basis of:
Middle East and Africa
Johnson & Johnson
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