Growing prevalence of vision-related problems and technological advancements in healthcare industry to drive global eye care market
According to TechSci Research report, “Global Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, Anti-Reflecting, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo significant CAGR during the forecast period owing to the growing geriatric population who are suffering from one or more vision related problems. Additionally, increasing usage of electronic devices including smartphones has led to development of various eye disorders among people of all ages. This has created stroking demand for eye care products. Furthermore, technological advancements in eye care devices are fueling the growth of eye care market around the world. According to World Health Organization, around 60% of individuals in developing economies such as India are suffering from vision-related problems. Such high percentage of people with eye related issues is providing huge growth opportunity for eye care industry, thereby fueling the market. Also, increasing air pollution level is causing great damage to the eyes, hence there is a growing demand for eye care products such as sunglasses and eye drops. Moreover, increasing investment by governments on healthcare and rising awareness among consumers about eye health are some other key factors driving the growth of global eye care market.
However, the market is also facing some challenges. Rising treatment cost is a key issue limiting the growth of eye care market. Furthermore, side effects related to the usage of certain eye care products is also hampering the growth of the market.
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The global eye care market is segmented based on product type, coating, lens material, distribution channel and region. Based on product type, the market is segmented into eyeglasses, contact lens, intraocular lens, eye drops and others. Among them, the eyeglasses segment accounted for largest market share in 2019 and is expected to undergo steady growth during the forecast period owing to the wide availability and affordability of these products. Also, entry of new manufacturers and emergence of e-commerce sites is further boosting the demand for eyeglasses around the world.
Based on distribution channel, the global eye care market is segmented into retail stores, e-commerce, clinics and hospitals. Here, the e-commerce segment is anticipated to undergo highest growth rate during the forecast period as these platforms are offering variety of options of eye care products to choose from and that too at discounted prices. Various websites are also introducing online eye testing, where one can check the status of their eyes and take professional advice.
Major players operating in the global eye care market include Alcon Inc, Allergan Inc, Novartis AG, Essilor International SA, Johnson and Johnson Vision Care Inc, Hoya Corp, Bausch and Lomb Inc, F.Hoffmann-La Roche, Abbott Medical Optics Inc, Carl Zeiss Meditec , CopperVision Inc, Merck & Co. Inc, Pfizer Inc., Luxottica and Valeant Pharmaceuticals. The companies are investing on research and development activities to introduce novel products into the market. They are also undertaking strategic collaborations to enhance their position in global market.
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“North America is a key market for eye care products owing to the early technological advancements in vision care industry. Additionally, increasing expenditure by governments in countries such as United Nation and Canada on healthcare, is acting as a major booster for market growth in the region. However, rising prevalence of various eye disorders in Asia-Pacific is expected to make the region a lucrative market for eye care industry over the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, Anti reflecting, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global eye care market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global eye care market.
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