Global Vision Care Market to Reach Revenues of $75 Billion During the Period 2018−2024 - Market Research by Arizton

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Apr 03, 2019, 09:00 ET

CHICAGO, April 3, 2019 /PRNewswire/ -- According to Arizton's recent research report, the global vision care market is expected to reach revenues of over $75 billionby 2024, growing at a CAGR of around 4% during 2018−2024.

Key Highlights Offered in the Report:

An estimated $7 billion vision care products, especially eyeglasses and contact lenses, were sold online in 2018. Therefore, vendors and distributors are rapidly increasing their online presence, offering a wide range of designs and product categories.
As the developed market is reaching its maturity stage, APAC is expected to post an incremental growth of $6.6 billion, with India growing at the highest CAGR of around 6.6%. The country is likely to post around $1.6 billion incremental growth by the end of the forecast year.
The global contact lenses market is growing at a high CAGR of around 6% and is likely to reach around $12 billion by 2024.
The development of smart contact lenses, which diagnose, monitor, and treat a wide range of vision disorders, holds tremendous potential for market growth. These lenses are manufactured from advanced biosensors and microfabrication technology. Sensimed is the first company to launch a smart contact lens into the market.
As the market is witnessing high consolidation, the market competitiveness is likely to intensify with key vendors focusing on expanding geographical outreach and increasing product portfolio. The Cooper Companies, Essilor, HOYA, Luxottica, J&J, and Bausch & Lomb are major companies that actively indulging in mergers and acquisitions.

Key Offerings:

Market Size & Forecast by Revenue | 2018−2024
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation –A detailed analysis by product types, distribution channel types, and geographies.
Competitive Landscape – Profile of 6 key vendors and 21 othervendors.

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Vision Care Market– Segmentation

This market research report includes detailed segmentations of the market by product types, distribution channel types, and geographies.

The eyeglasses segment is the fastest growingone, and the segment held more than 70% of market share in 2018.
The growth of IOLs segment is mainly fueled by the need to improve the vision quality and reduce the risk of blindness.

Market Segmentation by Product Types

Eyeglasses

Progressive
Single Vision
Bifocal

Contact Lenses

By Design

Spherical
Toric
Multifocal

By Usage

Daily Disposable
Frequent Replacement

IOLs

Monofocal
Multifocal
Toric
Accommodating IOLs

Market Segmentation by Distribution Types

Retail Stores
Hospitals and Ophthalmology Clinics
Online Stores
ASCs

Vision Care Market– Dynamics

With the growingaging population, the need for quality vision care is expanding and evolving with the availability of a diverse range of glass lens, contact lenses, and IOLs for several vision impairments.The shrinking usage cycles of eye glasses and the growing preference for disposable contact lenses will have a positively influence on the market.

Key Drivers and Trends Fueling the Growth of the Global Market:

High prevalence of vision-related disorders
Increase in cataract surgeries and adoption of premium IOLs
Product innovations and technological advancements

Vision Care Market –Geography

North America accounted for the largest share of the global vision care market due to their high healthcare spending, followed by APAC in 2018. The demand for vision care products in North America is driven by high awareness, better product availability, and extensive reach of innovative products.

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Market Segmentation by Geography

North America

US
Canada

Europe

France
Germany
UK
Italy
Spain

APAC

China
Japan
India
South Korea

Latin America

Brazil
Mexico

MEA

Saudi Arabia
Iran

Geographical Market Size & Forecast | 2018−2024

Product type
Key Countries

Major vendors in the global market:

Essilor Luxottica
Carl Zeiss
Johnson & Johnson
Novartis
Bausch & Lomb
The Cooper Companies

Other vendors include Fielmann, Ginko International, HOYA Corp., Menicon, Nikon, Rodenstock, St. Shine Optical, SEIKO Optical Products, Sensimed, SynergEyes, UltraVision, Hanita Lenses, JiangSu HongChen Optical, NIDEK, Oculentis, Ophtec BV, PhysIOL, Rayner Intraocular Lenses, Shanghai Conant Optics, STAAR Surgical Company, Swiss Advanced Vision, and Visioneering Technologies.

Explore our Healthcare & Lifesciences https://www.arizton.com/market-reports/category/automotive-mobilityprofile to know more about the industry.

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About Arizton:

Arizton – Advisory and Intelligence is a premium and innovation-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence