Global Vision Care Market: Overview
The global vision care market is poised to display steadfast growth in the years ahead. Factors such as rising geriatric population more susceptible to eye diseases and technological advances in eye care devices are mainly driving the global vision care market.
Exploding use of electronic devices for everyday functioning has also been related to eye disorders. In recent years, use of technology has particularly increased among children. Studies suggest excessive use of electronic devices could lead to eye disorders. This, indirectly is stoking demand for vision care products.
The report provides a brilliant assessment of the global vision care market with a focus on market dynamics, segmentation, and competition. The analysis of the market presented in the market could serve as a useful guide for market stakeholders to formulate winning growth strategies.
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Global Vision Care Market: Key Trends
As per statistics of the World Health Organization, worldwide, almost 285 million people are visually impaired. Of these, 39 million people are blind and 246 million people have low vision. The burden of impaired vision or low vision is high on state agencies and impacts socio-economic growth of a country. For example, in developing countries such as India and sub-Saharan Africa, 60% of individuals suffer from vision-related problems. Such high percentage of individuals with vision-related problems is stoking demand for vision care products.
Efforts from international agencies to raise awareness for eye health and to address vision-related problems is also serving to boost the vision care market. The international community spends about US$80 million each year for the prevention of blindness. Furthermore, ‘VISION 2020 – The Right to Sight’, is a global awareness program wherein several non-governmental organizations (NGOs) worldwide have collaborated with WHO to prevent blindness and boost eye care service.
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Global Vision Care Market: Geographical Analysis
The global vision care market could be segmented into North America, Eastern Europe, Western Europe, Asia Pacific excluding China, the Middle East and Africa, and China. Among them, North America is a key market for vision care products. Technological advances and high expenditure on healthcare from both government and individuals account for substantial share of the North America vision care market.
Europe is another key regional vision care market. Government-run healthcare and favorable medical reimbursement policies are fueling the Europe vision care market.
Asia Pacific is poised to emerge as a key vision care market. Upgrade of healthcare infrastructure, increasing awareness of eye health, and excessive use of electronic devices in developing countries of the region are likely to positively impact the Asia Pacific vision care market.
Global Vision Care Market: Competitive Analysis
The report profiles key companies in the global vision care market, namely Bausch and Lomb, CooperVision, LUXOTTICA GROUP, ZEISS, Safilo Group, Alcon, Johnson & Johnson, Essilor, and Rodenstock. Research and development to introduce novel products is the focus of key companies in the global vision care market. This, along with strategic collaborations are likely to help key players enhance their presence in the overall market.
Market segmentation based on geography:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa