At 5.5% CAGR, the Asia Pacific Vision Care Market is projected to be worth US$ 19,670.68 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific vision care market was valued at US$ 14,304.32 million in 2022 and is expected to reach US$ 19,670.68 million by 2028, registering a CAGR of 5.5% from 2022 to 2028. Mounting prevalence of eye diseases and expansion of innovative products are the critical factors attributed to the Asia Pacific vision care market expansion.

Several players operating in the vision care market are developing and launching new products. The strategic expansion of the region presence and manufacturing capacities, along with the launch of new products, helps companies cater to a broad customer base. A few of the recent developments contributing to the growth of the Asia Pacific vision care market are:

In May 2019, the company launched Menicon Bloom Myopia Control Management System. Menicon Co., Ltd., a leading contact lens developer, received US FDA PMA approval for its Menicon Z Night (tisilfocon A) contact lenses for overnight wear. The Menicon Bloom Night therapy of the company includes the overnight wear of a specifically designed reverse geometry orthokeratology contact lens, which is manufactured in hyper-oxygen-permeable Menicon Z rigid material that guarantees ideal corneal oxygenation for comfortable contact lens wear. In August 2019, Alcon, a global leader in eye health, launched PRECISION1 as the latest addition to its robust contact lens portfolio. PRECISION1 are the daily disposable, silicone hydrogel (SiHy) contact lenses that are the first and only contact lenses with Alcon’s proprietary SMARTSURFACE technology, which delivers lasting visual performance from morning to night. In January 2022, Titan Eye+ introduced Titan EyeX, a new smart eyewear designed for comfort for everyday use. This product is loaded with features such as class audio, touch control, fitness tracker, voice-enabled eye care notifications, sweat resistance, and Android and iOS compatibility. In June 2022, Noise launched its first pair of smart eyewear—Noise i1. The newly launched product is paired with smartphones using Bluetooth 5.1. It has touch controls integrated into one of the stalks of the frames, which can be used to play or pause music, accept or reject phone calls, and activate a voice assistant on the user’s phone.   This is expected to drive the Asia Pacific vision care market during the forecast period.

On the contrary, adverse effects of contact lens on eye condition hurdles the growth of Asia Pacific vision care market. 

Based on type, the Asia Pacific vision care market is categorized into eyeglasses, contact lens, intraocular lens, and others. The eyeglasses segment held 53.1% market share in 2022, amassing US$ 7,598.69 million. It is projected to garner US$ 10,773.02 million by 2028 to expand at 6.0% CAGR during 2022–2028.

Based on distribution channel, the Asia Pacific vision care market is categorized into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held 45.7% market share in 2022, amassing US$ 6,542.05 million. It is projected to garner US$ 9,122.72 million by 2028 to expand at 5.7% CAGR during 2022–2028.

Based on country, the Asia Pacific vision care market has been categorized into Japan, China, India, South Korea, Australia, and the Rest of Asia Pacific.  Our regional analysis states that Japan captured 35.6% share of Asia Pacific vision care market in 2022. It was assessed at US$ 5,090.09 million in 2022 and is likely to hit US$ 6,819.26 million by 2028, exhibiting a CAGR of 5.0% during the forecast period.            

Key players dominating the Asia Pacific vision care market are Alcon Inc.; Bausch Health Companies Inc.; Carl Zeiss AG; Cooper Companies Inc; Essilor International SAS; Johnson & Johnson; Hoya Corp; Rodenstock GMBH; Menicon Co., Ltd; and Rayner Intraocular Lenses Limited among others.

• In Dec 2022, Johnson & Johnson Vision Announces Availability of ACUVUE Abiliti 1-Day Soft Therapeutic Lenses for Myopia Management in Singapore
• In June 2022, CooperVision Acquires EnsEyes to Accelerate Nordic Region Specialty Contact Lens Growth.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com