Vision Correction Market to reach USD 42.7 Mn by 2029 at a CAGR of 8.9 percent – says Maximize Market Research

Pune, April 10, 2023 (GLOBE NEWSWIRE) — A global Healthcare business consulting and research firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Vision Correction Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Vision Correction Market from a global point and regional standpoint. Over the forecast period, Maximize Market Research expects, the market to grow from USD 23.5 Mn in 2022 to USD 42.7 Mn in 2029 at a CAGR of 8.9 percent.

Vision Correction Market Report Scope and Research Methodology

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Primary and secondary data sources are used for the data collection in the report. The research process entails the investigation of various factors affecting the industry, such as government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges. All conceivable elements influencing the markets included in the research report have been considered, examined in depth, validated through primary research and evaluated to provide the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the impact of inflation, economic downturns, regulatory & policy changes, and other variables is factored into the management consulting market forecast. This data is combined and added with detailed inputs and analysis, and presented in the report.

The Vision Correction Market size by region was estimated using the bottom-up approach. Online interviews with respondents chosen from the entire business ecosystem were conducted as part of the primary research. Representatives from the hospital, healthcare, and food and beverage industries are among the primary respondents. To validate the key findings, emerging manufacturing companies in the Vision Correction Industry were also interviewed. World Health Organization reports medical records, the National Center for Health Statistics, MIMC (Medical Information Mart for Intensive Care), and Health Data APIs were used in the secondary research. The Vision Correction Market report includes a detailed list of sources. Government databases, annual reports of publicly traded companies, and paid databases for unorganized players have also been mentioned. PORTER and PESTLE analyses were used to understand the potential impact of macro and microeconomic factors on the Vision Correction Market.

Vision Correction Market Overview

The vision correction market is the industry that sells products and services to correct vision problems such as near-sightedness, farsightedness, and astigmatism. Eyeglasses, contact lenses, surgical procedures such as LASIK and PRK, and implantable lenses are among the products and services available in the market. The most common types of vision correction are spectacles and contact lenses, which account for a sizable portion of the market. Contact lenses are becoming more popular due to factors such as their convenience and cosmetic appeal. Moreover, technological advancements have resulted in the development of multifocal and toric contact lenses, which can correct a broader range of vision issues.

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Vision Correction Market Dynamics

The growing popularity of laser-assisted vision correction procedures such as LASIK (Laser-Assisted in Situ Keratomileusis) and PRK (Photorefractive keratomileusis) (Photorefractive Keratectomy) because of their high success rates and short recovery times, laser-assisted vision correction procedures have grown over the years. These procedures reshape the cornea of the eye using laser technology, correcting refractive errors such as myopia, hyperopia, and astigmatism. The rising popularity of these procedures is propelling the vision correction market forward, as more people prefer laser-assisted procedures to traditional methods such as eyeglasses and contact lenses. Furthermore, advances in laser technology have made these procedures safer and more precise, which is expected to increase their adoption over the forecast period. Furthermore, the COVID-19 pandemic has accelerated the trend toward laser-assisted procedures, as people seek contactless options for vision correction. As a result, demand for LASIK and other laser-assisted procedures has increased as people seek to reduce their reliance on contact lenses and eyeglasses.

Vision Correction Market Regional Insights

North America dominated the global vision correction market, accounting for 40 percent of the market in 2022. This is due to factors such as the region’s high prevalence of vision problems, as well as the presence of a large number of established companies in the vision correction market. The United States is the largest market in North America for vision correction products and services, accounting for the majority of the regional market share. The high demand for vision correction in the United States can be attributed to factors such as an aging population, an increase in the prevalence of myopia among young people, and high levels of disposable income, which make vision correction procedures and devices more affordable for many consumers.

Vision Correction Market Segmentation

By Method

By Application

• Orthopedic
• Cancer
• Cardiovascular
• Others

Based on the Application, The glasses segment has traditionally been the dominant segment of the vision correction market, and it still holds a sizable market share. For centuries, eyeglasses have been a popular choice for vision correction, and they continue to be so due to factors such as affordability, accessibility, and convenience.

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By End-user

• Hospital pharmacies
• Drug and retail store pharmacies
• Online providers

Based on the End-user, The vision correction market includes various segments such as hospitals, clinics, and ambulatory surgical centers, among others. Each segment offers different products and services for correcting vision problems.

Vision Correction Market Key Competitors include:

• Alcon Inc
• Bausch Health Companies Inc
• Carl Zeiss Meditec AG
• Essilor International S.A.
• CooperVision
• Hoya Corporation
• STAAR Surgical, Inc.
• SynergEyes, Inc
• Johnson & Johnson Vision Care
• MaxiVision Eye Hospital
• The Cooper Companies Inc
• Rayner Surgical Group Limited
• Ziemer Group AG
• SCHWIND eye-tech-solutions GmbH & co.kg
• Novartis AG
• Topcon Corporation
• Abbott Laboratories
• Menicon Co., Ltd.
• Allergan, Inc.
• Nidek Co., Ltd.
• Lumenis Ltd.
• Acufocus Inc.
• ReVision Optics, Inc.
• Lenstec, Inc.

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Method, Application, End-user, and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Key questions answered in the Vision Correction Market are:

• What is the growth potential of the Vision Correction Market?
• What was the Vision Correction Market size in 2022?
• What are the global trends in the Vision Correction Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for Vision Correction Market?
• How the intervention from regulatory authority is shaping the Vision Correction Market?
• What growth strategies are the players considering to increase their presence in the Vision Correction Market?
• Who are the leading companies and what are their portfolios in Vision Correction Market?
• What are the major challenges posed to Vision Correction Market?
• Who held the largest market share in Vision Correction Market?

Maximize Market Research is leading Healthcare research firm, has also published the following reports:

Laser Therapy Devices Market: The Market size was valued at USD 6.75 Billion in 2021 and the total Laser Therapy Devices revenue is expected to grow at a CAGR of 9.32 percent from 2022 to 2029, reaching USD 13.77 Billion. The growing popularity of minimally invasive surgeries, the increasing number of cosmetic surgeries, and the rising frequency of eye problems are all driving factors in the laser therapy devices market’s growth.

Ocular Implants Market– The Market was valued USD 13.27 Bn in 2021 and is expected to reach USD 22.16 Bn by 2029, at a CAGR of 6.62 percent during a forecast period. The growing demand from healthcare workers is driving the demand for the market.

Contact Lenses Market – The market was valued at USD 8.05 Bn. in 2021. The Global Contact Lenses Market size is estimated to grow at a CAGR of 7.31 percent and is expected to reach USD 13.19 Bn during the forecast period. The demand for contact lenses is expected to be driven by the growing trend among young people to improve their aesthetic appearance and the growing elderly population.

Intraocular Lens (IOL) Market – The Market size was USD 3.64 Bn in 2021 and is expected to reach USD 5.02 Bn. by year 2029 at a CAGR of 4.1 percent during the forecast period. The market is driven by Rising Prevalence of Eye Diseases & Diabetes in the Overall Population across the globe.

Ophthalmic Lasers Market – The Market size is USD 546 Mn and is expected to reach nearly US$ 852.12 Mn. by 2029 with a CAGR of 5.72 percent during the forecast period. The growth of the ophthalmic lasers market is driven by increase in number of eye-related diseases, such as glaucoma, cataract, refractive errors, and diabetic retinopathy.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial Distribution channels, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated Ages. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.