The global “Vision Care” Market 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.
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.
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Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves leading companies and adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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industry developments that will drive the market growth in the forthcoming years.
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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.
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