Portland, OR, Jan. 13, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global vision correction market was estimated at $20.30 billion in 2021 and is expected to hit $41.25 billion by 2031, registering a CAGR of 7.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | USD 20.30 Billion |
| Market Size in 2031 | USD 41.25 Billion |
| CAGR | 7.4% |
| No. of Pages in Report | 394 |
| Segments Covered | Method, Application, End-User, and Region. |
| Drivers | Rise in the prevalence of eye disorders and increase in the geriatric population |
| Surge in adoption of digital technology | |
| Restraints | High cost associated with the treatment |
| Certain unavoidable sife-effects of the procedure | |
| Opportunities | Rise in the number of product launches and approvals |
Covid-19 scenario-
- A decrease in the number of consultations for eye diseases and cancellation of non-emergency procedures during the pandemic had a negative impact on the global vision correction market.
- However, as the global situation has recovered, the market has now got back on track.
The global vision correction market is analyzed across method, application, end-user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By method, the glasses segment held the largest share in 2021, garnering around three-fourths of the global vision correction market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 7.5% during the forecast period.
By application, the presbyopia segment contributed to nearly one-third of the global vision correction market share in 2021, and is projected to rule the roost by 2031. The myopia segment, on the other hand, would display the fastest CAGR of 8.1% throughout the forecast period.
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By end-user, the hospital segment accounted for the highest share in 2021, generating nearly half of the global vision correction market revenue. The same segment would also portray the fastest CAGR of 7.9% during the forecast period.
By region, North America held the major share in 2021, garnering more than one-third of the global vision correction market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 8.1% from 2022 to 2031.
The key market players analyzed in the global vision correction market report include MaxiVision Eye Hospital, Rayner Surgical Group Limited, Bausch Health Companies Inc, The Cooper Companies Inc, Carl Zeiss AG, STAAR Surgical Company, Johnson & Johnson, Ziemer Group AG, Alcon, and SCHWIND eye tech-solutions GmbH & co.kg. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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