PUNE, India, Dec. 9, 2019 /PRNewswire/ -- The global
Vision Care Market size is expected to reach USD 192.85 billion by 2026, exhibiting a CAGR
of 5.6% during the forecast period. Increasing awareness regarding
ocular diseases in emerging nations is expected to aid the growth
of the market. The increasing adoption of vision care products
will boost the Vision Care Market growth in the forthcoming year.
In addition, the growing cases of cataracts to create growth
opportunities for the market. For instance, according to the World
Health Organization, 51% of the world's blindness is caused due to
cataracts. In addition, the increasing risks of cataract incidence
predominantly in developing as well as developed countries will
fuel demand for vision care.
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As per the report, published by Fortune Business Insights in a
report, titled "Vision Care Market Size, Share & Industry
Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular
Health), By Distribution Channel (Retail Store, Online Store,
Hospital & Clinics), and Regional Forecast, 2019-2026" the
market size stood at USD 125.16
billion in 2018. The report offers dynamic insights on all
the prevailing trends and characteristics of the Vision Care
Market. It provides an all-encompassing summary and analytical data
of all the segments. It is created after extensive research
followed by deep analysis to benefit companies, stakeholders,
financers and potential investors. It is designed with an aim to
provide a clear picture of the market size. In addition, it also
includes the latest advances and development, product launches,
acquisitions, collaborations & partnerships, and
others.
Increasing Cases of Cataract to Promote Healthy
Growth
The increasing incidence of cataracts around the world will
subsequently aid the growth of the market in the forthcoming
period. According to the Global Burden of Diseases Study, 2010
cataract caused worldwide 33.4% of all blindness in 2010 and around
10.8 million people were blind and 35.1 million were visually
impaired due to cataract. With the growing risk of cataracts, the
demand for vision is increasing, which therefore supports market
growth. The growing population of individuals suffering from ocular
diseases is expected to be one of the key reasons for driving the
market.
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Favorable Reimburusmnet policies to Stimulate Growth in
North America
North America generated a
revenue of USD 38.82 billion in 2018
and is expected to remain dominant during the forecast period.
Higher adoption of vision care products in the region will further
create opportunities for the market. Factors such as increasing
awareness of the ocular disease, favorable reimbursement for
cataract surgery, and increasing inclination towards eye care
products is projected to further escalate the market's revenue in
North America. The market in
Latin America is estimated to grow
at a steady rate alongside the Middle
East and Africa. The unmet
need for vision care in Latin
America is estimated to be one of the prime reasons for
spurring the growth in the region
FDA Approval for Pargon's New Manufacturing Facility to Spur
Sales Opportunities
The approval of Paragon Vision Science's newly-constructed
contact lens manufacturing site in suburban Phoenix by the U.S. Food and Drug
Administration (FDA) will boost the Vision Care Market trends. For
instance, The facility will produce advanced ortho-k products such
as Paragon CRT® for use in the
United States. The new site is more than double the size of
the company's current plant in nearby Mesa, Arizona. Furthermore, the launch of
TECNIS Synergy IOL by Johnson and Johnson's vision division will
foster the growth of the market. For instance, Johnson and
Johnson's vision division launched TECNIS Synergy IOL, an advanced
intraocular lens that provides continuous high-contrast vision
correction for patients with cataracts from far through near, even
in low-light conditions. In addition, the increasing accessibility
of spectacles and sunglasses owing to the affordability in emerging
nations will further accelerate the growth of the market.
List of the Major Companies in the Global Vision Care
Market:
- Alcon (Part of Novartis AG)
- Essilor
- CooperVision
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- GrandVision
- Carl Zeiss
- Menicon
- Luxottica
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Table of Content:
- Introduction
-
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
-
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
-
- Introduction of New Products / Approvals (by Major
Players)
- Epidemiology of Ocular Disease - For Key Countries, 2018
- Key Industry Developments - Mergers, Acquisitions, and
Partnerships, 2018
- Snapshot: U.S Reading Glasses Market, 2018
- Key Trends in Vision Care Market
- Key Pipeline Products
- Global Vision Care Market Analysis, Insights and Forecast,
2015-2026
-
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
Type
-
- Eyewear
-
- Spectacles
- Sunglasses
- Contact Lens
- Intraocular Lenses
- Ocular Health
- Market Analysis, Insights and Forecast – By Distribution
Channel
-
- Retail Store
- Online Store
- Hospitals and Clinics
- Market Analysis, Insights and Forecast – By Region
-
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued….!!!
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