Vision Care Market to grow by USD 13.96 Bn; APAC to occupy 36% market share — Technavio – QNT Press Release

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NEW YORK, Oct. 14, 2022 /PRNewswire/ — The global vision care market size is expected to grow by USD 13.96 billion between 2021 and 2026, accelerating at a CAGR of 3.79% during the forecast period. The report identifies APAC as the key market for vision care, occupying 36% of the global market share. The rising investments in the healthcare sector is creating high growth opportunities for players operating in the region. Explore key revenue-generating regions, future growth opportunities, current market size, vendor landscape, key growth drivers, and much more. Buy Report Now

The market is driven by the increasing number of M&As. Many firms operating in the market are focusing on increasing their range of product portfolios and expanding their presence in the market through mergers and acquisitions. For instance, in March 2021Zeiss completed the acquisition of US Vision Corp.’s optical laboratory in Blackwood, US. This new addition helped Zeiss expand its R&D network in the US. Similarly, in July 2021EssilorLuxottica completed the acquisition of GrandVision, representing an important milestone for EssilorLuxottica and a significant step toward unlocking EssilorLuxottica’s full potential. Many such M&As among vendors are expected to fuel the growth of the vision care market during the forecast period.

However, limitations in vision care products will reduce the growth potential in the market. Contact lenses can cause irritation to the eye for some individuals. Contaminated contact lenses or lenses that are worn for too long can lead to medical conditions such as keratitis. In some cases, particularly with daily disposable contact lenses, the overall cost of lenses may be much higher when compared with buying a regular pair of glasses. Moreover, contact lens-related discomfort can encourage people to opt for vision correction surgery. Such limitations may hamper the market growth during the forecast period. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The vision care market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Request Sample Report Here

Vision Care Market 2022-2026: Segmentation

• Product
• Glass Lens
• Contact Lens
• Intraocular Lenses
• Contact Lens Solution
• Others

The glass lens segment will have the largest share of the market during the forecast period. The constant rise in the demand for glass lens products due to the rising cases of myopia and their cost-effectiveness. is driving the growth of the segment.

• Geography
• North America
• Europe
• APAC
• South America
• The Middle East and Africa

36% of the market growth is expected to come from APAC during the forecast period. China and Japan are the key markets for vision care in APAC. Market growth in this region will be faster than the growth of the market in other regions. Discover Insights into the impact of each segment and make informed business decisions: Request Sample Report Now

Vision Care Market 2022-2026: Vendor Analysis and Scope

Some of the major vendors of the vision care market include UltraVision CLPL, Alcon Inc., Bausch Health Co Inc, Carl Zeiss AG, EssilorLuxottica SA, Ginko International Co. Ltd., HOYA Vision Care Europe Hoya Holdings NV, Johnson and Johnson, Menicon Co. Ltd., Mojo Vision Inc., NIDEK Co. Ltd, Ophtec BV, SAV IOL SASeiko Optical Products Co. Ltd., Sensimed AG, Shanghai Conant Optical Co. Ltd., St.Shine Optical Co. Ltd., SynergEyes Inc., The Cooper Companies Inc., and Visioneering Technologies Inc. To help businesses improve their market position, Technavio’s report provides a detailed analysis of around 25 vendors operating in the market. The report covers the following areas:

• Vision Care Market Size
• Vision Care Market Trends
• Vision Care Market Industry Analysis

Vision Care Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist vision care market growth during the next five years
• Estimation of the vision care market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the vision care market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vision care market vendors

Related Reports:

• Optical Lens Market by End-user and Geography – Forecast and Analysis 2022-2026
• Contact Lens Solutions Market by Service and Geography – Forecast and Analysis 2022-2026

Full story available on Benzinga.com

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