Global Vision Care Market: Overview
The global vision care market is poised to display steadfast growth in the years ahead. Factors such as rising geriatric population more susceptible to eye diseases and technological advances in eye care devices are mainly driving the global vision care market.
Exploding use of electronic devices for everyday functioning has also been related to eye disorders. In recent years, use of technology has particularly increased among children. Studies suggest excessive use of electronic devices could lead to eye disorders. This, indirectly is stoking demand for vision care products.
The report provides a brilliant assessment of the global vision care market with a focus on market dynamics, segmentation, and competition. The analysis of the market presented in the market could serve as a useful guide for market stakeholders to formulate winning growth strategies.
Global Vision Care Market: Key Trends
As per statistics of the World Health Organization, worldwide, almost 285 million people are visually impaired. Of these, 39 million people are blind and 246 million people have low vision. The burden of impaired vision or low vision is high on state agencies and impacts socio-economic growth of a country. For example, in developing countries such as India and sub-Saharan Africa, 60% of individuals suffer from vision-related problems. Such high percentage of individuals with vision-related problems is stoking demand for vision care products.
Efforts from international agencies to raise awareness for eye health and to address vision-related problems is also serving to boost the vision care market. The international community spends about US$80 million each year for the prevention of blindness. Furthermore, ‘VISION 2020 – The Right to Sight’, is a global awareness program wherein several non-governmental organizations (NGOs) worldwide have collaborated with WHO to prevent blindness and boost eye care service.
Global Vision Care Market: Geographical Analysis
The global vision care market could be segmented into North America, Eastern Europe, Western Europe, Asia Pacific excluding China, the Middle East and Africa, and China. Among them, North America is a key market for vision care products. Technological advances and high expenditure on healthcare from both government and individuals account for substantial share of the North America vision care market.
Europe is another key regional vision care market. Government-run healthcare and favorable medical reimbursement policies are fueling the Europe vision care market.
Asia Pacific is poised to emerge as a key vision care market. Upgrade of healthcare infrastructure, increasing awareness of eye health, and excessive use of electronic devices in developing countries of the region are likely to positively impact the Asia Pacific vision care market.
Global Vision Care Market: Competitive Analysis
The report profiles key companies in the global vision care market, namely Bausch and Lomb, CooperVision, LUXOTTICA GROUP, ZEISS, Safilo Group, Alcon, Johnson & Johnson, Essilor, and Rodenstock. Research and development to introduce novel products is the focus of key companies in the global vision care market. This, along with strategic collaborations are likely to help key players enhance their presence in the overall market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.