Vision Care Market to cross USD 169.37 billion by 2032, Says Future Market Insights

In 2022, the vision care market share will be worth US$83.72 billion. By 2032, the market is projected to be worth US$ 169.37 billion. 7.3% is the predicted CAGR over the forecasted period.

The utilization of electronic devices has increased during the last ten years. Our eyes are exposed to the device’s radiation more and more as we spend more time in front of the screen. This then starts to have an impact on our eyes, and we start using different kinds of vision care solutions.

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Additionally, the time period we are in makes it difficult for those employed by big corporations to cook meals on their own. They begin eating fast food as a result, which is thought to be unhealthy.

As a result, the eyes are unable to get the nutrition they need. As a result, there is now more demand for products related to eyesight care.

Additionally, there have been significant advancements in logistics and supply chain management, making it possible to ship vision care products anywhere in the world.

The ageing population has, nonetheless, made a considerable contribution to the expansion of the vision care market. Age causes the eye lens to stiffen, which causes various eye issues. Thus, it is anticipated that the demand from the ageing population will raise sales of vision care items.

Additionally, there have been more government and other controlling authority activities to raise awareness of vision care devices.

Key Takeaways:

• The vision care market is expected to grow at a CAGR of 7.3% during the forecast period.
• The vision care market is expected to be valued at US$ 169.37 billion by 2032.
• The vision care market is valued at US$ 83.72 billion as on 2022.
• Based on the product type, the spectacle lens segment is the most preferred segment in the vision care market.
• Based on the type, the non-prescription mode is expected to surge the market for vision care devices.
• Based on the channel, the retail hypermarket/superstore is the most preferred in the vision care market.
• North America is projected to be the largest market based on regional insights.
• Asia Pacific is the second largest, and the fastest growing vision care market.
• Based on country analysis, USA vision care market the largest market, with a share of nearly 34% in North America, and is expected to grow at a CAGR of 7.5% during the forecast period.
• India market is expected to grow at a CAGR of 9.4% during the forecast period.
• Chinese vision care market is anticipated to grow at a CAGR of 7.1%

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Competitive Landscape

With a view to increase their footprints across the nations, the major players are getting involved in mergers and acquisitions which would drive their business to new heights.

Some of the recent developments are:

• In July 2022, Bausch and Lomb enrolled first patient in LASIK clinical trial, thereby evaluating the use of Technolas TENEO Excimer Laser for vision correction surgery for hyperobia.
• In February 2022, Johnson and Johnson was named a 2022 Fortune world’s most admired company and ranked #1 on the pharmaceutical industry list.

Key Companies Profiled

• Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
• Alcon (sub. Novartis AG)
• CooperVision
• Johnson & Johnson
• LUXOTTICA GROUP
• Essilor
• ZEISS International
• Safilo Group
• Rodenstock.

Key Segments in the Vision Care Market

By Product Type:

• Spectacle Lenses
• Contact Lenses
• Cleaning & Disinfecting Solutions

By Type:

• Rx (Prescription)
• Non-Rx (Non-prescription)

By Distribution Channel:

• Hospitals
• Ophthalmic Clinics
• Optometry Stores
• E-Commerce
• Retail Hypermarket/Superstore

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