Eye Care Market to Grow at CAGR of 6.95% by 2026
Increasing awareness pertaining to
ocular health is expected to drive the growth of the global eye care market.
According to
recently released TechSci Research report “Global
Eye Care Market By Product Type
(Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins, Others),
By Eye Drops (Prescription v/s Over-The-Counter), By Coating (Anti-Glare, UV
Coating, Others), By Lens Material (Polycarbonate, Normal Glass, Trivex,
Others), By Distribution Channel (Retail Stores, E-commerce, Clinics,
Hospitals), By Region, Competition, Forecast & Opportunities, 2026”, the global eye care market stood at USD57.65 billion in
2020 and is expected to witness a significant growth of 6.95% during the
forecast period. This can be attributed to the growing penetration of
smartphones, laptops, tablets, T.V., among others which has increased the
overall screen time for individuals, especially the youth. This in turn has led
to several eye problems including the most common dry eyes syndrome.
Additionally, the increasing adoption of online learning platforms and work
from home culture across the globe due to the sudden outbreak and spread of
COVID-19 has also increased the screen time of individuals over the internet
and over devices such as smartphones, laptops, among others. Also, it has been
witnessed that the overall time over internet increased for population across
the globe during lockdowns caused due to the pandemic spread especially over
the Over-The-Top (OTT) platforms. This in turn has led to an increase in
various eye problems such as macular degeneration, blurred vision, dryness,
inflammation in the eyes, among others in the individuals worldwide. Thus,
these factors are expected to positively influence the growth of the overall
eye care market. The changing lifestyle patterns, especially among the youth,
has increased the use of eyeglasses and contact lenses more as a fashion
accessory. An increase in the use of colored contact lenses has been witnessed
especially in the countries of Asia Pacific region such as South Korea, Japan,
China, and India. Even people who do not have any eye problem are also wearing
spectacles just for aesthetic value. This in turn is expected to increase the
demand for various eyeglasses such as cat eyeglasses, colored frames and
contact lenses, thereby driving the growth of the global eye care market. Also,
different countries across the globe are developing programs for spreading
awareness related to eye care. This in turn is expected to drive the market
growth. However, high costs of eyeglasses, contact lenses, intraocular lenses,
among others lead to affordability constraints among the population pertaining
to the use of these products especially in the developing and under-developed
countries. This in turn is expected to restrict the market growth of the
overall eye care products in these countries.
Browse 163 Figures spread through 218 Pages and an in-depth
TOC on "Global Eye Care
Market”.
https://www.techsciresearch.com/report/eye-care-market/4879.html
The global
eye care market can be segmented based on product
type, coating, lens material, distribution channel, region, and company. Based
on coating, the market can be categorized into anti-glare, UV coating and
others. The anti-glare segment dominated the market in 2020 with an overall
market share of around 43.66% since anti-glare eliminates reflections both from
front and back. Anti-glare coating also eliminates glare caused by light
reflecting from the lenses. Based on distribution channel, the market can be
fragmented into retail stores, e-commerce, clinics, and hospitals. The
e-commerce segment is expected to a hold a market share of around 28.04% in
2020. This can be ascribed to the growing internet penetration, faster internet
speed, increasing proliferation of smartphones & tablets, among others worldwide.
Additionally, the emergence of several e-commerce platforms through which eye
care products can be bought is further expected to drive the growth of
e-commerce channels. Also, various benefits associated with e-commerce channels
such as doorstep delivery without stepping out especially during pandemic
crisis (COVID-19), availability of a wide range of purchasing options of
different brands under one platform at competitive pricing, availability of
option to compare the prices of different products offered by different brands,
among others are expected to spur the segmental growth. Besides, the
availability of platforms such as Lenskart, Titan Eye Plus, among others which
are specifically focusing on different eye care products such as lenses, eyeglasses,
among others is expected to create opportunities for the growth of e-commerce
channels.
Major companies operating in
the global eye care market include EssilorLuxottica SA, Bausch Health
Companies, Inc., Johnson & Johnson, Alcon, Inc., Hoya Corporation,
CooperVision, Inc., Menicon Co., Ltd., AbbVie Inc., Carl Zeiss Meditec AG,
Novartis AG, F. Hoffmann-La Roche AG, Safilo Group S.P.A., Fielmann AG, Avizor
SA, Pfizer Inc, among others.
The market players are working on strategic collaborations to increase their
global reach. They are also investing in research & development activities
to develop and launch new, advanced, and innovative eye care products into the
market. For instance, Facebook and Essilor-Luxottica SA collaborated and
together to develop smart glasses which will have the features of augmented
reality and will provide better vision since they are incorporated with liquid
crystal technology which will help in filtering the level of brightness coming
through the smart lenses and will also be available at an affordable cost.
Facebook plans to launch these glasses in 2021.
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Asia Pacific is expected to witness the highest growth in the global
eye care market during the forecast period. This can be ascribed to the growing
geriatric population susceptible to various ocular diseases in the region.
Additionally, the presence of two world’s highly populated countries China and
India, with a large patient pool, is expected to significantly impact the
growth of the eye care market in the region. Furthermore, Asia Pacific region
with countries such as Japan and India witness the highest number of cataract
surgeries performed worldwide. This in turn drives the market for intraocular
lenses in the region.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global
Eye Care Market By Product Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular
Lens, Eye Vitamins, Others), By Eye Drops (Prescription v/s Over-The-Counter),
By Coating (Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate,
Normal Glass, Trivex, Others), By Distribution Channel (Retail Stores,
E-commerce, Clinics, Hospitals), By Region, Competition, Forecast &
Opportunities, 2026” has evaluated the future growth potential of the global
eye care market and provided statistics and information on market size, shares,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global eye care market.
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