Global Vision Care Devices & Equipment Market Report 2020 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 12, 2019--
The “Vision Care Devices And Equipment Global Market Report 2020” report has been added to ResearchAndMarkets.com’s offering.
The global vision care devices and equipment market was valued at about $27.6 billion in 2018 and is expected to grow to $33.68 billion at a CAGR of 5.1% through 2022. Major players in the market are Essilor, Johnson & Johnson, ZEISS, The Cooper Companies and Novartis.
Rising use of electronic devices is a continuous driver for the growth of vision care devices and equipment market. Usage of laptops, mobiles, PCs and others electronic devices has increased in day-to-day life, which is the major factor responsible for eye-related problems. According to a survey by Deloitte, Americans collectively check their phones over 8 billion times per day. On an average, every person spends about five hours daily browsing the internet and using apps.
Lack of awareness among the people regarding the eye diseases include glaucoma, macular degeneration, and others effects the market growth of the vision care devices and equipment market. According to a study in the USA, around one-third of survey respondents are not aware of glaucoma, more than half were unaware of macular degeneration, and one-fourth of survey respondents were not aware of any eye conditions.
Technological advancement in vision care devices have totally transformed the eye care. Vision technology has witnessed some great scientific breakthroughs and innovation in the past few years and these advances are rapidly changing the future of those with chronic eye conditions. The innovation includes DriveSafe lenses with anti-glare coating to help with poor driving conditions, photochromic contact lenses that blocks sun’s harmful UV rays, and blue light blocking glasses among others. Major companies such as Johnson & Johnson Vision have invested in adaptive lenses.
In the USA, eyeglass frames and prescription lenses are regulated by FDA. These are classified as class 1 medical devices. These devices are exempt from filing a pre-market notification application, and FDA clearance before marketing a Class 1 device in the United States. Due to this prescription eyeglasses sold via the internet are still considered an FDA regulated product.
In European Union (EU) medical devices including contact lens are regulated by European Commission (EC). The EC works in close conjunction with each country (Member State) respected Health Authorities to integrate the various national requirements into a single law that could be rolled out and applied across the EU.
The EU region is set to roll out new medical device regulations (MDR) in 2020, under which the contact lenses are included. These new regulations sheds light on the importance of prioritizing safety and efficacy prior to achieving marketing approval, and on transparency of device information. These new EU regulations will have an impact on contact lens approvals in Europe.
Key Topics Covered
1. Executive Summary
2. Vision Care Devices & Equipment Market Characteristics
3. Vision Care Devices & Equipment Market Size & Growth
3.1. Global Vision care devices and equipment Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Vision care devices and equipment Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Vision Care Devices & Equipment Market Segmentation
4.1. Global Vision care devices and equipment Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
4.2. Global Vision care devices and equipment Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
5. Vision Care Devices & Equipment Market Regional & Country Analysis
5.1. Global Vision care devices and equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
5.2. Global Vision care devices and equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
Companies Mentioned (A-Z)
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INDUSTRY KEYWORD: OPTICAL HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/12/2019 01:37 PM/DISC: 11/12/2019 01:37 PM