Vision Care Market Size is Expected to Reach US$ 127,730 Million, By 2028 With a CAGR of 7.1% During the Forecast Period - Future Market Insights

VALLEY COTTAGE, New York, October 23, 2018 /PRNewswire/ --

The increasing usage of electronic devices, changing lifestyle and hygiene have led to vision-related problems worldwide. The number of patients with vision-related problems have increased and so is the need for vision care products and services. According to the latest report published by the company, the global vision care market size is projected to account for over US$ 127,730 Mn, in terms of value, by 2028 end. The report further projects significant growth with an average CAGR of 7.1% through 2028.

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Vision Care Market: Dynamics 

According to the World Health Organization (WHO), approximately 285 million people are visually impaired worldwide. Out of these, 39 million people are blind and 246 million people have low vision. Most of the disorders & conditions causing visual impairment & blindness are preventable or readily treatable with known & cost-effective interventions, and normal vision can be restored with the help of eyeglasses, contact lenses or refractive surgery. Ageing is one of the prime factors responsible for vision-related problems. Population aged 65+ years is growing day by day and with it the demand for eye care-related products and solutions is also increasing. This increasing ageing population and the growing demand for vision care products are factors expected to create growth opportunities for the manufacturers globally. Healthcare initiatives by the Federal health care programs have increased the number of population opting for vision care benefits. Besides, the out-of-pocket costs have reduced due to insurance coverage. Likewise, in the U.S., "The Patient Protection and Affordable Care Act" has defined eye care for pediatric as an essential benefit. This factor, in particular, is likely to play an instrumental role in driving the growth of the vision care market.

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With a rapid increase in the internet usage, technological changes and number of research-based industries, the usage of laptops, mobiles, PCs and others electronic devices has increased in the day-to-day life, which is the major factor responsible for eye-related problems. To overcome this alarming situation, "VISION 2020 - The Right to Sight" a global action program is conducted by NGOs and private organizations in collaboration with the WHO to prevent avoidable blindness. Also, "VISION 2020" has initiated global campaigns to raise awareness among governments about the societal effects of blindness and to gather a strong, long-term political & professional commitment to reduce avoidable blindness. "VISION 2020" has taken initiatives to develop & strengthen the primary health/eye care methodology to prevent the avoidable blindness.