Growing prevalence of eye diseases and technological advancements in ophthalmology to drive Europe eye care market
According to TechSci Research report, “Europe Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, Anti-Reflecting, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Country, Forecast & Opportunities, 2025”, the market is anticipated to witness significant growth rate during the forecast period owing to the rising technological advancement in the field of ophthalmology. Growing awareness about eye care and rising prevalence of vision related issues in people of all ages are key factors driving the growth of Europe eye care market. Furthermore, growing geriatric population, which is highly prone to eye disorders such as cataract, glaucoma, amblyopia and strabismus, is also accelerating the demand for eye care products. Europe’s world-class healthcare infrastructure acts like a major support for the growth of eye care market.
Moreover, excessive use of electronic devices such as laptops and smart phones are creating various eye disorders, which is augmenting Europe eye care market. Various healthcare organizations and NGOs are also working towards creating awareness about eye health, which is providing a major boost for the growth of eye care industry. Additionally, manufacturers are coming up with new generation eye care products, featuring innovative materials, which is further fueling the growth of this market. With increasing expenditure on healthcare and high per capita disposable income of countries such as Germany, France and United Kingdom, the market is anticipated to witness a healthy growth through 2025.
However, Europe eye care market might also face some challenges. Side effects related to the usage of certain eye care products might hamper the growth of eye care market in the region.
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The Europe eye care market is segmented based on product type, coating, lens material, distribution channel and region. Based on product type, the market can be split into eyeglasses, contact lens, intraocular lens, eye drops and others. Europe accounts for world’s third largest region for contact lenses and solutions. The reasons can be attributed to wide availability of products at lower price. The segment is anticipated to dominate the market until 2025 with increasing cases of vision related disorders.
Based on distribution channel, Europe eye care market is segmented into retail stores, e-commerce, clinics and hospitals. Among them, e-commerce segment underwent fastest growth in 2019 and is further expected to dominate the market through 2025 owing to the increasing number of manufacturers using online platforms as their key marketing and distribution tool.
Major players operating in the Europe eye care market include Novartis AG, Essilor International SA, F.Hoffmann-La Roche, Alcon Laboratories UK Ltd, Allergan, Ltd., Johnson & Johnson Vision Care Ireland Ltd, Hoya Lens UK Ltd., Bausch & Lomb GmbH , Abbott (UK) Holdings Ltd., Carl Zeiss Meditec AG, CooperVision Ltd., Merck KGaA, Luxottica Group SpA and Valeant Pharmaceuticals Ltd. The companies are extensively focusing on research & development activities to launch novel eye care products into the European market. Other growth strategies include mergers & acquisitions and partnerships.
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“Europe is serving as a lucrative market for eye care products market as people are willing to spend on high-end products. Additionally, rising prevalence of myopia and hypermetropia is creating demand for vision correcting lenses, particularly contact lenses. The market is highly concentrated with top five companies representing over 60% of value sales in the region.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Eye Care Market By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare, Anti reflecting, Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Country, Forecast & Opportunities, 2025”has evaluated the future growth potential of Europe eye care market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Europe eye care market.
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