Market Research Future (MRFR) reveals several aspects of the global market like the growing geriatric population, increasing awareness about refractive errors, better technological inclusion, hike in investment, and others are expected to set the market in motion. However, the market may find some distraction in the form of complications regarding contact-lens.
The global vision care market is on a path to grow beyond USD 70,818.48 Million valuation by 2025 at a CAGR of 4.48% during the forecast period of 2019 to 2025.
MRFR made an assessment of the global vision care market by having it segmented into product type, end user, indication, and treatment. These segments and their insights based on the factors and dynamics motivating the segmental moves have been charted well to get a closer look at the global market progress.
By product type, the report on the vision care market can be segmented into a contact lens, eyeglasses, intraocular lens (IOL), contact lens solution, and others. The contact lens segment includes a therapeutic lens, cosmetic, corrective lens, and lifestyle-oriented lens. The eyeglasses segment dominates the market, and it is sub-segmented into Single Vision, Progressive, Bifocal, and Sunglasses. The IOL segment includes traditional/mono-focal, premium, and phakic.
By indication, the global market for vision care can be segmented into refractive error, glaucoma, diabetic retinopathy, amblyopia, dry eyes, and others. The refractive error segment is quite common. The dry eyes segment is also common as the malfunctioning of tear glands happen to a lot of people.
By treatment, the global market for vision care can be segmented into surgery, medication, laser therapy, and others. The surgery part can be sub-segmented into cornea transplant, vitrectomy, and cataract surgery. It has the maximum market share. The medication segment includes acetylcysteine, gentamicin, acetazolamide, and others.
By end user, the global market report on the vision care can be segmented into eye hospitals clinics, optical stores, ambulatory surgery centers, and others. The eye hospitals and clinics segment have a dominating role in the market.
Technological superiority, better infrastructure, and investment flow, high awareness are some of the reasons that will establish the American market at the forefront. In Europe, the same type of growth will be witnessed. The Asia Pacific region will be the fastest-growing one among all.
The global market for vision care has several companies to bolster growth. These companies are The Cooper Companies, Inc [US] (Cooper Vision), ESSILORLUXOTTICA (France), Bausch Health [Canada] (Bausch Lomb Incorporated), Johnson Johnson Services, Inc. (US), NOVARTIS AG (Switzerland), Cadila Healthcare [India] (Zydus Pharmaceuticals, Inc.), Menicon (Japan), Rayner Surgical Group Limited [UK] (Rayner Intraocular Lenses Limited), and Carl-Zeiss-Stiftung [Germany] (Carl Zeiss). These companies have invested their brain, time, and money in developing top-class strategies to increase their profit margin. Mergers, acquisitions, marketing strategies, better innovations, increasing expenditure for the research and development sector, and others are factors that play a crucial part in helping companies with strategies. MRFR made a note of their recent contributions to the market to get a decent overview of how the market is planning to move forward.
In April 2020, OneSight, a non-profit organization, launched a free software that could be used online to assess whether children have refraction error or not. This tool is so simple that parents can easily engage their kids to check for various errors and color-related problems. The tool is expected to raise significant awareness among parents regarding vision care. This process will hardly take minutes to deliver results.