Vision Care Market Growth with Worldwide Industry Analysis to 2023

Our latest research report entitled Vision Care Market (by product type (eye glasses, contact lens, intraocular lens, others), by distribution channel (retail stores, hospitals and clinics, e-commerce)) provides complete and deep insights into the market dynamics and growth of Vision Care. Latest information on market risks, industry chain structure Vision Care cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Vision Care growth factors.

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The forecast Vision Care Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Vision Care on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. The global market for vision care was valued at around USD 54.4 billion in 2016 and is expected to reach USD 70.0 million by 2023, growing at a CAGR of around 3.7% during the forecast period of 2017 to 2023. Vision care is defined as the anticipation or prevention of visual impairment and blindness. These are common problems among the population and will soon becoming major healthcare challenges. Vision care deals with both vision and eye related problems, and corrects refractory disorders by prescription eyeglasses and contact lenses. With growing addiction towards digital world and technological innovations, vision care products are expected to grow in quality and quantity in the coming years. High investments from major players of the market and continuous research for improving the manufacture and supply process of eyeglasses, lenses, and other eye wear is clearly encouraging the sales in this market. According to WHOM statistics, in 2014 there were almost 285 million people are estimated to be visually impaired worldwide in which 39 million are blind and 246 have low vision. About 90% of the world’s visually impaired live in low-income settings. 82% of people living with blindness are aged 50 and above.

Rapidly ageing population in the most developed consumer health markets, rising prevalence of allergies, increasing exposure to computer or digital screens, changing lifestyle habits, and side effects of most commonly used medications such as dry eye, age-related muscular degeneration and allergic eyes are the key driving factors for the growth of this market. In addition, increasing refractor disorders in children, rise in innovative customer-centric products and increasing optical network further expected to propel this market in the coming years. However, there are certain restraining factors which could hinder the growth of this market includes restrictions over OTC eye care in emerging markets like China, Brazil, etc.

Geographically, North America is the leading contributor to the market and is expected to retain its position during the forecast period due to high awareness, better product availability, well connected distribution network and large base of patients with greater affordability. However, Middle East, Africa and Latin America (RoW) market is expected to grow at a faster rate during the forecast period. This is predominantly due to increased healthcare awareness, technological advancements, mandate health insurance and growing awareness among the population about the treatment options available in the market.

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