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Advancing healthcare industry is driving the growth of Saudi Arabia Eye Care Market, in the forecast period, 2022-2026.
Saudi Arabia eye care market owes its growth to the factors like rapidly evolving healthcare facility in the country. Kingdom of Saudi Arabia is supporting and evolving the healthcare industry with advanced technology and extended research and the factor is driving the growth of the market. Moreover, rising geriatric population of the country along with the young population inclined toward prolonged screen exposure like smart phones, laptops, televisions etc. is further substantiating the growth of the market in the next five years.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Eye Care Market"
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The Saudi Arabia eye care market is segmented by product type, coating, lens material, distribution channel, competitional landscape, and regional distribution. Based on coatings, the market is further sub-segmented into anti-glare, UV, and others. Anti-glare coatings over the optic devices like glasses and lenses is anticipated to hold the largest revenue shares of the market and dominate the segment in the next five years. The growth can be attributed to the growing demands of eye glasses and contact lenses for the prolong exposure to the screens.
With the extended work-schedules and the entertainment sector involving long duration exposure to various screens, the demand for the anti-glare glasses in rapidly increasing and aiding the growth of the market in the next five years. UV is a popular method of eyesight repair and correction and thus is anticipated to hold significant growth of the market segment in the next five years. These factors are further aiding to the growth of the market in the subsequent five years.
Based on product type, the market is further bifurcated into eyeglasses, contact lens, intraocular lens, eye drops, eye vitamins, and others. Eye glasses are anticipated to hold the largest shares of the revenue in the market segment. The sub-segment might dominate the market segment on the account of rapidly increasing cases of weak eyesight among the population. Rising geriatric population, and increased cases of weak eye sight in the young children are the major driving factor for the market growth.
Lifestyle of the population and their involvement in the activities like prolong exposure to the screen like smartphones, television, laptops, gaming station etc. is aiding to the extensive growth of the demand for eyeglasses in the subsequent five years. Contact lenses are anticipated to register fastest growing CAGR in the next five years on the grounds of consumer inclination toward contact lenses for the weaker eyesight. Also, due to the trend of multiple colored eye lenses for the aesthetics and makeovers, the demand for the same is rapidly increasing and substantiating the growth of the Saudi Arabia eye care market in the upcoming five years.
A partial list of market player in the Saudi Arabia eye care market includes Bausch Health Companies, Inc. (Saudi Arabia), Alcon, Inc. (Saudi Arabia), Johnson & Johnson, Cooper Vision, Inc. (Saudi Arabia), Essilor Luxottica Group (Saudi Arabia), AbbVie Inc. (Saudi Arabia), Carl Zeiss, Inc. (Saudi Arabia), Novartis Saudi Arabia, Pfizer Saudi Limited, Al Barakat Group Company Ltd. (TRIANO Lab) among others. These market players hold larger shares of the market than the new market players.
With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products and services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Research and technological advancement for the best available product manufacturing is going to be golden rules for the growing and expanding eye care market in Saudi Arabia. The consumers in need of healthcare facility for the best possible eyecare is further anticipated to drive the market growth. New market players are advised to study the market thoroughly. The product demand is ever evolving therefore they must invest in the advanced material for the eye care that is aesthetically pleasing like multi-color lenses as well as advanced technology and satisfy the consumer demands,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Eye Vitamins, Others) By Coating (Anti-Glare, UV, Others) By Lens Material (Normal Glass, Polycarbonate, Trivex, Others) By Distribution Channel (Retail Stores, E-Commerce, Clinics, Hospitals) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia 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 Saudi Arabia eye care market.
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Increasing awareness pertaining to ocular health is expected to drive the growth of the global eye care market.
According to recently released TechSci Research report “Global Eye Care Market By Product Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins, Others), By Eye Drops (Prescription v/s Over-The-Counter), By Coating (Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate, Normal Glass, Trivex, Others), By Distribution Channel (Retail Stores, E-commerce, Clinics, Hospitals), By Region, Competition, Forecast & Opportunities, 2026”, the global eye care market stood at USD57.65 billion in 2020 and is expected to witness a significant growth of 6.95% during the forecast period. This can be attributed to the growing penetration of smartphones, laptops, tablets, T.V., among others which has increased the overall screen time for individuals, especially the youth. This in turn has led to several eye problems including the most common dry eyes syndrome. Additionally, the increasing adoption of online learning platforms and work from home culture across the globe due to the sudden outbreak and spread of COVID-19 has also increased the screen time of individuals over the internet and over devices such as smartphones, laptops, among others. Also, it has been witnessed that the overall time over internet increased for population across the globe during lockdowns caused due to the pandemic spread especially over the Over-The-Top (OTT) platforms. This in turn has led to an increase in various eye problems such as macular degeneration, blurred vision, dryness, inflammation in the eyes, among others in the individuals worldwide. Thus, these factors are expected to positively influence the growth of the overall eye care market. The changing lifestyle patterns, especially among the youth, has increased the use of eyeglasses and contact lenses more as a fashion accessory. An increase in the use of colored contact lenses has been witnessed especially in the countries of Asia Pacific region such as South Korea, Japan, China, and India. Even people who do not have any eye problem are also wearing spectacles just for aesthetic value. This in turn is expected to increase the demand for various eyeglasses such as cat eyeglasses, colored frames and contact lenses, thereby driving the growth of the global eye care market. Also, different countries across the globe are developing programs for spreading awareness related to eye care. This in turn is expected to drive the market growth. However, high costs of eyeglasses, contact lenses, intraocular lenses, among others lead to affordability constraints among the population pertaining to the use of these products especially in the developing and under-developed countries. This in turn is expected to restrict the market growth of the overall eye care products in these countries.
Browse 163 Figures spread through 218 Pages and an in-depth TOC on "Global Eye Care Market”.
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The global eye care market can be segmented based on product type, coating, lens material, distribution channel, region, and company. Based on coating, the market can be categorized into anti-glare, UV coating and others. The anti-glare segment dominated the market in 2020 with an overall market share of around 43.66% since anti-glare eliminates reflections both from front and back. Anti-glare coating also eliminates glare caused by light reflecting from the lenses. Based on distribution channel, the market can be fragmented into retail stores, e-commerce, clinics, and hospitals. The e-commerce segment is expected to a hold a market share of around 28.04% in 2020. This can be ascribed to the growing internet penetration, faster internet speed, increasing proliferation of smartphones & tablets, among others worldwide. Additionally, the emergence of several e-commerce platforms through which eye care products can be bought is further expected to drive the growth of e-commerce channels. Also, various benefits associated with e-commerce channels such as doorstep delivery without stepping out especially during pandemic crisis (COVID-19), availability of a wide range of purchasing options of different brands under one platform at competitive pricing, availability of option to compare the prices of different products offered by different brands, among others are expected to spur the segmental growth. Besides, the availability of platforms such as Lenskart, Titan Eye Plus, among others which are specifically focusing on different eye care products such as lenses, eyeglasses, among others is expected to create opportunities for the growth of e-commerce channels.
Major companies operating in the global eye care market include EssilorLuxottica SA, Bausch Health Companies, Inc., Johnson & Johnson, Alcon, Inc., Hoya Corporation, CooperVision, Inc., Menicon Co., Ltd., AbbVie Inc., Carl Zeiss Meditec AG, Novartis AG, F. Hoffmann-La Roche AG, Safilo Group S.P.A., Fielmann AG, Avizor SA, Pfizer Inc, among others. The market players are working on strategic collaborations to increase their global reach. They are also investing in research & development activities to develop and launch new, advanced, and innovative eye care products into the market. For instance, Facebook and Essilor-Luxottica SA collaborated and together to develop smart glasses which will have the features of augmented reality and will provide better vision since they are incorporated with liquid crystal technology which will help in filtering the level of brightness coming through the smart lenses and will also be available at an affordable cost. Facebook plans to launch these glasses in 2021.
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Asia Pacific is expected to witness the highest growth in the global eye care market during the forecast period. This can be ascribed to the growing geriatric population susceptible to various ocular diseases in the region. Additionally, the presence of two world’s highly populated countries China and India, with a large patient pool, is expected to significantly impact the growth of the eye care market in the region. Furthermore, Asia Pacific region with countries such as Japan and India witness the highest number of cataract surgeries performed worldwide. This in turn drives the market for intraocular lenses in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Eye Care Market By Product Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins, Others), By Eye Drops (Prescription v/s Over-The-Counter), By Coating (Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate, Normal Glass, Trivex, Others), By Distribution Channel (Retail Stores, E-commerce, Clinics, Hospitals), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global eye care market and provided statistics and information on market size, shares, 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 the global eye care market.
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Increasing adoption of eyeglasses and lenses due to the rising myopic and hypermetropic population is expected to drive the growth of the Global Eye Care Market.
According to recently released TechSci Research report “Global Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, UV coating, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By Distribution channel (Retail stores, E-commerce, Clinics, Hospitals), By Region, Forecast & Opportunities, 2026F”, Global Eye Care Market is forecast to grow at CAGR of 6.31% in value terms to reach USD75.61 billion by 2026F. Increasing demand for eyeglasses and lenses has been generated from the country’s rising children and geriatric population. Growing awareness towards eye health and increasing prevalence of various eye disorders, furthermore, increasing usage of electronic devices such as smartphones have led to various eye related disorders, which is propelling the Global Eye Care Market.
Advent of innovative technologies in the eye care industry has enabled manufacturers to launch new products, which is expected to drive market growth in the coming years. Moreover, initiatives taken by governments and various health organizations to spread awareness about eye care are providing major boost for the market growth. The growing geriatric population base is also acting as a key factor for the growth of the eye care market as they are highly prone to one or more vision related disorders and diseases.
The value share of contact lenses is anticipated to reach up to 21.23% by 2026F, owing to the continuous launch of innovative products and rising disposable incomes. Major companies operating in the Global Eye Care Market include Alcon Inc, Allergan Inc, Essilor Luxottica SA, Johnson and Johnson, Hoya Corporation, Bausch and Lomb Inc, F. Hoffmann-La Roche AG, Carl Zeiss Meditec AG, CopperVision Inc, Menicon Co Ltd., Pfizer Inc., Novartis AG, Merc & Co. Inc, Interojo Inc, and Avizor SA, among others. The market players are working on strategic collaborations to increase their global reach. They are also investing in R&D activities to launch new and innovative eye care products into the market.
Browse 131 Figures spread through 110 Pages and an in-depth TOC on "Global Eye Care Market”
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In terms of distribution channel, e-commerce segment is expected to dominate the market during the forecast period as they offer a variety of eye care products to choose from and some of them also offer products at a discounted price. Some of these e-commerce sites are also introducing online testing, where one can check the status of their eyes and take professional advice.
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North America is a key market for eye care products owing to the early technological advancements in the eye care industry. Additionally, increasing expenditure by governments in countries such as United States and Canada on healthcare is acting as a major booster for market growth in the region. However, the rising prevalence of various eye disorders in Asia-Pacific is expected to make the region a lucrative market for the 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, UV coating, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By Distribution channel (Retail stores, E-commerce, Clinics, Hospitals), By Region, Forecast & Opportunities, 2026F’ has evaluated the future growth potential of the Global Eye Care market and provided statistics and information on market size, shares, 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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