Global Vision Care Market Projected to Reach USD 67.2 Billion by 2024

New York, USA, 2018-Dec-06 — /EPR Network/ —  Vision Care Market size is foreseen to hit USD 67.2 billion by 2024, flourishing at a CAGR of 3.15% over the forecast period 2016-2024. The major driving factor is the shift in visual demands due to reliance on digital devices and improvements in glasses and contact lenses.

Global vision care market segmentation has been done on the basis of product type, distribution channel, end user and geography. The optometry market analysis witnesses that the LASIK equipment and contact lenses are the fastest growing market at a CAGR of 3.1% over the forecast period. Moreover, glass lenses dominated the market with a share of 32% in 2016 attributed to the factors like style of living, facility, accessibility, budget and aesthetics where the viable popularity of electronic screens in day-to-day lives represents the key factor of the vision care market.

Global vision care market, based on geography, North America dominated the market with total revenue worth USD 15.2 billion in 2016 attributed to femtosecond laser which is growing at a hefty compounded growth rate of 15.5% as the devices continue to increase in popularity and surgeons expand their use of Zeiss’ small incision lenticule extraction (SMILE) procedure.

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Market Segmentation

On the basis of our in-depth analysis, Global Vision Care Market can be segmented as follows:

By Product Type

• Glass Lenses
• Contact Lenses
• Intraocular Lenses
• Contact Solutions
• Lasik Equipment
• Artificial Tear

By Distribution Channels

• Retail Stores
• Online Stores
• Clinics
• Hospitals

By End-User

• Hospitals
• Clinics
• Ambulatory Surgery Centers
• Others (homecare settings)

By Region

• North America
• Europe
• Middle East and Africa
• Latin America
• Asia Pacific

“Global Vision Care Market Outlook 2024” contains detailed overview of the global vision care market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by product type, distribution channel and end user.

The Vision Care Market Report enclose the market drivers, market challenges, Y-O_Y growth rate, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model, actionable market insights to identify opportunities in existing market and their competitive positions within dynamic market scenarios.

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This market research report also includes competitive outlook of some of the major players profiling of companies such as Cooper, Essilor, Johnson & Johnson, Novartis AG, Luxottica, Valeant Pharmaceuticals, All Pro Intraocular Lens, Blanchard, CHEMIGLAS, Fielmann, Hongchen Optical, Hoya, Menicon, Rodenstock, Seiko Group, Shanghai Conant Optics, Synergeyes, UltraVision, Wesley Jessen, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

The industry report represents the global vision care market trends along with market forecast that will help industry consultants, technology providers, entrepreneurs, investors, researchers, consultants, existing players searching for enlargement opportunities, new players searching potential in vision care market & other stakeholders, collaborators, to align their market strategies as per the current and expected emerging trends in the future.

OCT Market

Optical Coherence Tomography Market size is set to reach USD 1.72 billion by 2025, at a CAGR of 7.5% over the forecast years. Presence of accessory provider companies i.e the aftermarket of OCT devices and a strong network of distributors and suppliers in the market are the growth drivers of the market. The major driving factor for the global growth of OCT Market growth is the increasing intensity of prevalence of both diagnosed and undiagnosed diabetes. In 2015, an assessed 23.1 million people or 7.2% of the United States population had diagnosed with diabetes and currently, about 60% of people with diabetes have yearly screenings for diabetic retinopathy

Opthemelic Diagnostics Market

Increasing frequency of eye-related disorders, such as glaucoma and diabetic retinopathy are impacting the demand for ophthalmic diagnostic equipment across the globe. Ophthalmic Diagnostic Equipment Market is projected to grow at a CAGR of 4.30% over the forecast period of 2016-2024. Asia-Pacific Ophthalmic Diagnostic Equipment Indsutry is projected to expand at a notable pace mainly due to large population base in countries such as China and India.