Vision care: Key market research findings
- Change in lifestyle indirectly drives market growth
- Americas dominate the market geographically
- Key vendors – Cooper, Essilor, Johnson & Johnson, Luxottica, Novartis, and Valeant Pharmaceuticals
Technavio’s market research analysts predict the global vision care market to grow at a CAGR of around 4% between 2016 and 2020. The global demand for vision care is augmented by the changes in the lifestyle of people. The increasing use of laptops, PCs, tablets, and mobiles is impacting the eyesight of many users. In 2015, the Americas led the vision care market with over 40% share of the overall market space. The rise in eye disorders like cataracts, diabetic retinopathy, glaucoma, and age-related macular degeneration coupled with the increasing popularity of contact lenses is likely to drive growth in the vision care market in Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the vision care segments based on the product.
“The introduction of innovative contact lenses is an ongoing trend in the market. Researchers are proposing the introduction of an antimicrobial coating on the surface of contact lenses to minimize the chances of an infection triggered by the use of contact lenses. Such antimicrobial lenses are lined with a peptide called melamine,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
Exciting read: Key Drivers of the Global Vision Care Market
Currently, the glass lens segment dominates the global vision care market by accounting for almost 40% of the overall market share. The rise in eye disorders brought about by the increasing use of electronic devices such as smartphones, tablets, and laptops is directly influencing the growth of this segment. Vendors are increasingly coming up technologically advanced products in an attempt to meet the ever-increasing demand and strengthen their foothold in the competitive market.
The key vendors in the global vision care market include Cooper, Essilor, Johnson & Johnson, Luxottica, Novartis, and Valeant Pharmaceuticals. The global vision care market is characterized by the presence of diversified international and regional providers. As the international vendors are consistently increasing their footprint in the market, regional vendors are finding it increasingly difficult to compete with them, especially in terms of quality, pricing, market reach, and financial resources. The market competition is anticipated to intensify with an increase in product and service extensions, product innovations, and mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global Vision Care Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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