Vision Care Market is surging with CAGR of 4.5% from 2020 to 2027
According to the latest study on “Vision
Care Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product, and Distribution Channel,” the market was valued at US$
66,934.51 million in 2019 and is projected to reach US$ 93,817.82
million by 2027; it is expected to grow at a CAGR of 4.5% during 2020–2027. The report highlights the trends prevailing in
the global vision care market, and drivers and deterrents pertaining to the
market growth.
There are a wide variety of eye diseases prevalent across the
globe, including cataract, glaucoma, and refractive errors. Most of the people
have some sort of eye problems in their lifetime. As per the World Health
Organization (WHO), around 2.2 billion people across the globe have a near or
distance vision impairment. The leading cause of vision impairment is cataract
(94 million) and uncorrected refractive errors (88.4 million). The other causes
of vision impairment are glaucoma (7.7 million), corneal opacities (4.2
million), diabetic retinopathy (3.9 million), and trachoma (2 million).
As per the Canadian Survey on Disabilities 2017, 1.5
million Canadians were having a sight loss and around 5.59 million had an eye
disease that could lead to sight loss.
Moreover, as per the Royal National Institute of Blind People in 2017, in the
UK, there were around 350,000 people registered as blind and partially sighted;
around 173,735 were registered for severely sight impaired; and 176,125 were
registered for sight impaired. Therefore, growing prevalence of eye diseases is
driving the vision care market
Extensive
eye diseases research across the world to identify new treatments for the eye
diseases is likely to favor the market growth. For instance, India-US
Collaborative Vision Research Program 2020, would advance science and
technology, which is important to understand, prevent, and treat blinding eye
diseases, visual disorders, and their associated complications. Both the Indian
Department of Biotechnology and the US National Eye Institute (NEI) would fund
the research program.
In terms of product, the global vision care market is segmented
into eye glasses, contact lens, intraocular lens, and others. The eye glasses
segment held the largest share of the market in 2019 and is expected to
continue its dominance and register the highest CAGR in the market during the
forecast period.
Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson And Johnson Services Inc., Hoya Corporation, Rodenstock Gmbh, Menicon Co. Ltd, Rayner Intraocular Lenses Limited are among the prominent players in the vision care market. These companies are focused on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2021, The company received CE Mark for its multifocal contact lens, Acuvue Oasys multifocal with pupil optimized design for Europe. it will be used for patients with presbyopia.
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