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Vision Care Market By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics)

2019-12-11 10:40:49

The global vision care market size was USD 125billion in 2018 and is projected to reach USD 193 billion by 2026, exhibiting a CAGR of 5.5% during the forecast period.

The vision care is a highly segmented market that includes products such as spectacles, sunglasses, intraocular lenses, and ocular health products. There are various international and national level players in the global vision care industry. The vision care market trends include the increasing adoption of spectacles as a fashion accessory. Additionally, there is also an increase in the incidence of ocular diseases. For instance, according to the projections by the World Health Organization (2015), by 2020 there will be around 2.2 billion new incidences of myopia globally. Combined with this there is an increase in the adoption of sunglasses amongst the eye care products owing to increasing awareness regarding ocular diseases caused due to UVA and UVB rays.

The eyewear segment is estimated to hold the major market share in the total market in 2018 and is projected to grow at a steady rate during the forecast period. The eyewear segment is estimated to retain its leading position at the end of the forecast period. This vision care market trend is owed to the wide product offering of varying cost range provided by leading and local manufacturers. Additionally, the rise in the incidence of ocular disease is estimated to augment the growth of this market segment during the forecast period. In Asia Pacific and Latin America there is an ever-growing demand for contact lens which is projected to boost the vision care market growth. Sunglasses have witnessed an increasing demand due to the increasing accessibility in the emerging nations combined with lower price range offered by local players in the region. There is also a high unmet demand for sunglasses in the countries of Latin America and Middle East and Africa.

North America generated a revenue of USD 38.82 billion in 2018 and is expected to hold the leading position in the market throughout the forecast period. Higher adoption of vision care products is estimated to boost the growth of the market in the region. Factors such as higher awareness of the ocular disease, favorable reimbursement for cataract surgery, and preference for premium eye care products is projected to drive the market in North America. Combined with this the increasing adoption of spectacles will further boost the vision care market growth.

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