Vision Care Products Market By Product (Eye Glasses, Contact Lens, Other); By Modality (Spherical, Toric, Multi-focal); By End-User (Retail Stores, Online Stores, Clinics, Hospitals) - Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The human eye is optimized to have good color vision during the day and provide high sensitivity during the night. The eye, made of many working parts, functions much like a digital camera. The pupils of the human eyes are its aperture and the iris is the diaphragm that serves as the aperture stop. Eye care is carried out for various reasons but mainly to treat visual impairments.
Vision care products may comprise of eye glasses, contact lenses, eye drops, intraocular lenses and more. The eye glasses range specially share its market with functional fashion accessories, for instance decorative glasses and UV protective glasses. The vision care market is however largely driven by the number of patients suffering from visual irregularities, such as cataract, diabetic retinopathy, myopia, hyperopia, astigmatism and presbyopia of which myopia is the most prevalent kind of visual impairment followed by hyperopia.
Vision Care Products Market is anticipated to record a significant CAGR over the forecast period. Many multi-national companies are concentrating towards new product advances in Vision Care Products. Moreover, the increasing number of geriatric population with rising population with visual impairments is expected to propel the market speedily over the forecast period i.e. 2018-2027. At present the global vision care products market is observing vibrant growth owing to increasing technological advancements with rising frequency in the populations with eye disorders across the globe. Furthermore, the increasing awareness regarding UV rays causing visual impairments are additionally propelling the eye care UV protection glasses market segment rapidly.
On the basis of regional platform, global Vision Care Products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North-America is estimated to contribute the highest to the vision care market in terms of revenue owing to being equipped with advanced healthcare infrastructure. North-America will be followed by Europe in the vision care products market because of the presence of many developed countries in the region. Asia Pacific is expected to drive demand and positively impact vision care products market growth over the forecast period owing to increasing prevalence of eye disorders in the developing countries owing to changing lifestyles such as increased usage of computers, mobile devices along with television viewing activities.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the global Vision Care Products market includes the following segments:
Global Vision Care Products Market is further classified on the basis of region as follows:
The demand for vision care products are increasing owing to rising aging population along with increased number of eye disorders such as cataract, diabetic retinopathy, age related macular degeneration, myopia, hyperopia, astigmatism and presbyopia. Further rising technological advancements in healthcare sector are propelling the market growth. Besides, increased disposable incomes along with rise in health consciousness are expected to additionally augment the vision care products market growth across the globe.
Moreover, increasing awareness regarding preventive measures from UV radiations to ward off visual disorders will increasingly boost the vision care products market growth. Change in lifestyles with the increasing use of electronic devices such as smartphones, tablets, and laptops are directly influencing the market throughout the sphere. Furthermore, infections caused by normal eye lenses causes additional eye disorders that will also increase the market growth of vision care products over the forecast period. However, availability of forged products in the market along with large number of local players offering the same products at lower prices in the vision care products market may act as a barrier for the growth of the global players in this market across the globe over the forecast period.
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