Vision Care Market – Global Industry Analysis, Size, Share, Trends and Forecast, 2015 – 2023
Vision care is defined as the anticipation or prevention of visual impairment and blindness. These are common problems among the population and will soon becoming major healthcare challenges. Vision care deals with both vision and eye related problems, and corrects refractory disorders by prescription eyeglasses and contact lenses.
The global market for vision care was valued at around USD 54.4 billion in 2016 and is expected to reach USD 70.0 million by 2023, growing at a CAGR of around 3.7% during the forecast period of 2017 to 2023. Vision care is defined as the anticipation or prevention of visual impairment and blindness. These are common problems among the population and will soon becoming major healthcare challenges. Vision care deals with both vision and eye related problems, and corrects refractory disorders by prescription eyeglasses and contact lenses. With growing addiction towards digital world and technological innovations, vision care products are expected to grow in quality and quantity in the coming years. High investments from major players of the market and continuous research for improving the manufacture and supply process of eyeglasses, lenses, and other eye wear is clearly encouraging the sales in this market. According to WHO statistics, in 2014 there were almost 285 million people are estimated to be visually impaired worldwide in which 39 million are blind and 246 have low vision. About 90% of the world’s visually impaired live in low-income settings. 82% of people living with blindness are aged 50 and above.
Rapidly ageing population in the most developed consumer health markets, rising prevalence of allergies, increasing exposure to computer or digital screens, changing lifestyle habits, and side effects of most commonly used medications such as dry eye, age-related muscular degeneration and allergic eyes are the key driving factors for the growth of this market. In addition, increasing refractor disorders in children, rise in innovative customer-centric products and increasing optical network further expected to propel this market in the coming years. However, there are certain restraining factors which could hinder the growth of this market includes restrictions over OTC eye care in emerging markets like China, Brazil, etc.
Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, better product availability, well connected distribution network and large base of patients with greater affordability. However, Middle East, Africa and Latin America (RoW) market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, mandate health insurance and growing awareness among the population about the treatment options available in the market.
Valeant Pharmaceuticals International Inc.,
The Cooper Companies Inc.,
Luxottica Group S.p.A.,
Johnson & Johnson,
Carl Zeiss Vision,
The report delivers a strategic analysis of the global market for vision care and growth forecast for the period from 2017 – 2023. The scope of the report includes competitive analysis of various market players who are operating in the market, segmental analysis based on type of product. It also covers geographical analysis of the market with growth forecast for the period of 2017 – 2023. The Porter’s Five Forces analysis and value chain analysis included in the report provides an insight into market dynamics and industry competition.
Moreover, the report also includes growth strategies and entry barriers to be considered to cater to the exact business opportunities in this market. Additionally, to aid in strategic decision making, the report also includes competitive profiling of leading players, recent developments in the industry and various business strategies adopted by them. This report will help players in global vision care market to plan and implement their strategies in different market areas such as emerging geographies, and new technologies.