North America to Emerge as Lucrative Market for Vision Care Products Market by 2024
Arizton’s recent market research report on the global vision care market identifies EssilorLuxottica, Johnson & Johnson, Novartis, The Cooper Companies, Bausch & Lomb and Carl Zeiss as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of the market segments by product type (eyeglasses, contact lenses, IOLs, and others), distribution channels (retail stores, hospitals and ophthalmology clinics, online stores, and ASCs), and geographies (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.
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Retail Stores are Increasing Online Presence
Retail stores, hospitals and clinics, online stores, and ASCs are the primary distribution channels in the global vision care market. As retail stores are an easily accessible medium for consumers to purchase vision care products, they constitute a significant share of the market, growing at a CAGR of around 4%.
Nowadays, retail stores provide comprehensive eye checkups and are actively increasing their space in the e-commerce sector.
In 2018, around $7 billion worth vision care products were sold online through standalone web stores and marketplaces.
The eye clinics and hospitals segment is the second largest distribution medium. This distribution channel primarily covers the majority of eye care requirements of patients. However, hospitals are preferred choice in developed countries as they act one-stop solutions for vision care products.
Read: Contact Lenses Market - Global Outlook and Forecast 2020-2025
North America to Occupies One-third of the Global Vision Care Products Market Share
In terms of geography, the global vision care market is categorized into North America, APAC, Europe, Latin America, and MEA. North America occupied around one-third of the market share in 2018. the region is expected to grow at a CAGR of around 3% during the forecast period. Over the decades, North America has emerged as the largest market in the global vision care products market due to the presence of world-class healthcare facilities, significantly high population density, and easy access to vision care services.
A new study by the American Academy of Ophthalmology (AAO), Genentech, the NIH, and UC Davis Eye Center has found that 9.6 million US adults are chronic myopic. The increasing number of vision impairment disorders is eventually leading to an increased demand for sophisticated and innovative vision care products. The APAC region comprises countries such as China, India, and Australia, which contributes around 60% to the total world’s population. The region is expected to witness rapid growth in its aging population and 25% of its population will be old by 2050. This demographical factor is likely to augur well for the vision care product market.
Fielmann, Ginko International, HOYA Corporation, Menicon, Nikon, Rodenstock, St. Shine Optical, SEIKO OPTICAL PRODUCTS, Sensimed, SynergEyes, and UltraVision are the prominent vendors in the global vision care product market.
Other Vendors included in the report are 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.
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The complete overview of the latest market research report on the global vision care product 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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