Global Vision Care Market Research and Forecast 2018-2023

Increasing Prevalence of Eye Diseases across the Globe to Promote the Demand of Vision Care Products

Eyesight is one of the most vital senses in a human body. But due to changing lifestyle patterns across the globe and increasing exposure for majority of the population to electronic gadgets has deteriorated the eyesight of the global population by a great extent. This is one of the key factors which is expected to promote the growth of the global vision care market over the forecast period. Vision care products are used for the treatment of eye diseases such as astigmatism, myopia and hypermetropia. As the prevalence of these diseases increase across the globe, the demand of vision care products is expected to subsequently increase in the coming years. Moreover, as the adoption of modern technologies across the globe increases, it leads to introduction of products such as contact lenses, artificial tears and intraocular lenses. This is one of the key factors which is expected to promote the growth of the market over the forecast period.

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Few of the key players which are engaging in the global vision care market are Aura Laboratories Ltd., Novartis International AG, Valeant Pharmaceuticals International, Inc. and Essilor International S.A. Vision care market is very competitive in nature. As the prevalence of eye diseases increase across the globe, the demand of advanced vision care products increases rapidly and the consumer demand changes over a short duration of time. The companies are therefore trying to cope up with this fluctuating demand scenario by introducing new products in the market at a regular interval, so as to gain a competitive edge over others. Few of the key product launches in the recent times include:

• In 2018, Alcon, a Novartis AG company introduced multifocal toric and multifocal ultraviolet absorbing intraocular lenses in order to expand its product portfolio for the Acrysoft brand. These lenses are being designed for patients undergoing cataract surgery in order to address their problems related to presbyopia and astigmatism.
• In 2018, Alcon introduced Air Optix plus HydraGlyde, multifocal contact lenses, in order to expand its portfolio related to multifocal lenses. These types of lenses enable the patients of presbyopia with improved vision characteristics along with increasing the moisture content in the eyes.
• In 2018, Alcon also introduced Dilies Total 1 water gradient contact lenses with advanced functional characteristics which increase the comfort in eyes of the patients. The contact lenses are designed such that they have significant oxygen transmissibility as compared to other products of same category. All the recent product launches from Alcon signify that Novartis AG is focusing on improving their contact lens product portfolio so as to give a significant boost to their vision care business.
• In 2018, Hoya Corporation introduced MyoSmart lens which are enabled with D.I.M.S technology. The lens is used for controlling the increasing prevalence of myopia in youth and children. The company developed these lenses in cooperation with the Hong Kong Polytechnic University.

Moreover, North America is expected to dominate the market over the forecast period. This can be attributed to the increasing awareness among the population for use of vision care products. Additionally, Asia-Pacific is expected to grow at a significant rate in the coming years. This can be attributed to the increasing average age of the population in economies across the globe. This will subsequently increase the prevalence of eye diseases in the region, thereby increasing the demand of vision care products in Asia-Pacific region. This is expected to further promote the growth of global vision care market over the forecast period.

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