A specific trend is driving the growth, research firm says.
The global vision market, which amounted to $54 billion in 2016, is poised to hit $66 billion by 2022, according to a new report.
ResearchAndMarkets.com predicts a compound annual growth rate of 3.4 percent over that time frame. The company has released a new report called “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022.”
The key factor driving the growth will be the “growing prevalence of electronic screens in day-to-day lives,” the company stated in a press release.
“Increased use of laptops, PCs, tablets, mobile phones, and other devices along with sedentary lifestyles and unhealthy diets have led to the development of vision related problems such as myopia, astigmatism, hyperopia, retinal tears, macular edema, diabetic retinopathy, etc.,” according to the company.
Other factors are coming into play as well. ResearchandMarkets.com noted that “the lack of comfort associated with eye glasses has augmented the demand for contact lenses.” Additionally, “brand name and product design have become the deciding factors for purchase, instead of functionality,” and that shift is driving market expansion.