Mergers, strategic acquisitions, and partnerships to enable the global vision care market vendors to sustain the competition
Arizton’s recent market research report on the global vision care market provides comprehensive industry analyses, market trends and forecasts, and competitive study. The research study segments the market in terms of product types (eyeglasses, contact lenses, IOLs, and others), distribution channels (retail stores and hospitals and ophthalmology clinics, online stores, and ASCs), and geography (North America, Latin America, MEA, Europe, and APAC).
The global vision care market is expected to generate revenues of more than $75 billion by 2024, growing at a CAGR of around 4% during 2018−2024.
The rise in vision impairment disorders, the growth in pollution levels, continuously evolving fashion trends, and the availability of multiple eye care products are some of the primary factors that are helping the global vision care market to flourish.
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The leading two drivers and trends boosting the growth of the global vision care market are discussed below:
Augmenting Focus on Implementing Latest Innovations and Technology
The global vision care market is witnessing a number of advancements in terms of design and manufacturing. Recently, the eyecare industry has switched to new technologies, especially in eyeglasses, contact lenses, and IOLs. Vendors are primarily focusing upon imbibing new innovate platforms to provide the utmost comfort to the end-user. Also, the leading eyecare industry players such as Carl Zeiss Meditec, EssilorLuxottica, Johnson & Johnson, Novartis, The Cooper Companies, and Bausch & Lomb are actively involved into high-end R&D activities and have planned to come up with pioneering contact lenses during the forecast period.
Over the last few years, the quality of raw material has also improved significantly. Nowadays, vendors are manufacturing premium lenses, which have high oxygen breathability. Such initiatives are highly appreciated by healthcare units, and vendors can meet the exceeding demand for vision care products in the global vision care market.
Read: Contact Lenses Market - Global Outlook and Forecast 2020-2025
More Mergers, Strategic Acquisitions, and Partnerships
An array of top-notch vendors in the vision care industry are looking for strategic partnership and acquisitions to strengthen their market positions. Strategic acquisitions enable eyecare market vendors to have a high scope for inorganic growth and a wide geographical range, thereby leading toward growth and popularity. Mergers help both the parties to expand their respective portfolios, increase market reach, and penetrate in the existing and new markets. The Cooper Companies & Blanchard Contact Lenses is the latest acquisition in the global vision care industry.
Such mergers help to understand current market demands, improve the quality of eyecare products, and meet the evolving customer requirement.
EssilorLuxottica, Carl Zeiss, Johnson & Johnson, Novartis, The Cooper Companies, Bausch & Lomb, are some of the leading vendors in the global vision care market.
The complete overview of the latest market research report on the global vision care market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market size and forecast for major geographies.
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