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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 2021 , Zeiss 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 2021 , EssilorLuxottica 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
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.
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 N.V, Johnson and Johnson, Menicon Co. Ltd., Mojo Vision Inc., NIDEK Co. Ltd, Ophtec BV, SAV IOL SA , Seiko 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 2022-2026: Key Highlights
Accelerate at a CAGR of 3.79%
North America, Europe, APAC, South America, and the Middle East and Africa
US, China, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
UltraVision CLPL, Alcon Inc., Bausch Health Co Inc, Carl Zeiss AG, EssilorLuxottica SA, Ginko International Co. Ltd., HOYA Vision Care Europe Hoya Holdings N.V, Johnson and Johnson, Menicon Co. Ltd., Mojo Vision Inc., NIDEK Co. Ltd, Ophtec BV, SAV IOL SA, Seiko 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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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