Eye Care Market to Grow at CAGR of 6.31% by 2026 | TechSci Research
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Increasing adoption of eyeglasses and lenses due to the rising myopic and hypermetropic population is expected to drive the growth of the Global Eye Care Market.
According to recently released TechSci Research report “Global Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, UV coating, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By Distribution channel (Retail stores, E-commerce, Clinics, Hospitals), By Region, Forecast & Opportunities, 2026F”, Global Eye Care Market is forecast to grow at CAGR of 6.31% in value terms to reach USD75.61 billion by 2026F. Increasing demand for eyeglasses and lenses has been generated from the country’s rising children and geriatric population. Growing awareness towards eye health and increasing prevalence of various eye disorders, furthermore, increasing usage of electronic devices such as smartphones have led to various eye related disorders, which is propelling the Global Eye Care Market.
Advent of innovative technologies in the eye care industry has enabled manufacturers to launch new products, which is expected to drive market growth in the coming years. Moreover, initiatives taken by governments and various health organizations to spread awareness about eye care are providing major boost for the market growth. The growing geriatric population base is also acting as a key factor for the growth of the eye care market as they are highly prone to one or more vision related disorders and diseases.
The value share of contact lenses is anticipated to reach up to 21.23% by 2026F, owing to the continuous launch of innovative products and rising disposable incomes. Major companies operating in the Global Eye Care Market include Alcon Inc, Allergan Inc, Essilor Luxottica SA, Johnson and Johnson, Hoya Corporation, Bausch and Lomb Inc, F. Hoffmann-La Roche AG, Carl Zeiss Meditec AG, CopperVision Inc, Menicon Co Ltd., Pfizer Inc., Novartis AG, Merc & Co. Inc, Interojo Inc, and Avizor SA, among others. The market players are working on strategic collaborations to increase their global reach. They are also investing in R&D activities to launch new and innovative eye care products into the market.
Browse 131 Figures spread through 110 Pages and an in-depth TOC on "Global Eye Care Market”
In terms of distribution channel, e-commerce segment is expected to dominate the market during the forecast period as they offer a variety of eye care products to choose from and some of them also offer products at a discounted price. Some of these e-commerce sites are also introducing online testing, where one can check the status of their eyes and take professional advice.
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North America is a key market for eye care products owing to the early technological advancements in the eye care industry. Additionally, increasing expenditure by governments in countries such as United States and Canada on healthcare is acting as a major booster for market growth in the region. However, the rising prevalence of various eye disorders in Asia-Pacific is expected to make the region a lucrative market for the eye care industry over the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, UV coating, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By Distribution channel (Retail stores, E-commerce, Clinics, Hospitals), By Region, Forecast & Opportunities, 2026F’ has evaluated the future growth potential of the Global Eye Care market and provided statistics and information on market size, shares, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Eye Care Market.
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Created on Mar 2nd 2021 00:25. Viewed 134 times.