Industry Research Report

Monday, 6 January 2020

Medical Tourism Market Analysis and Demand with Forecast Overview to 2026

New York, NY 6 Jan 2020: The medical tourism market is anticipated to reach over USD 31.21 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the orthopedic treatment dominated the global medical tourism market, in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue in 2017.

There has been a great demand for medical tourism in the years. Hence, attracting the international customers has been a great challenge for the companies to attract the medical travelers. These companies have potential strategies that help in creating number awareness in the target audience. This strategy has helped successfully building the brands and has influenced the market growth in the recent past. Furthermore, the patients travelling for medical to the developing countries due to affordability, better and higher level of quality of healthcare to also boost the medical tourism market in the coming years.

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Considering, the cost factor for the healthcare in the U.S. continues to rise. According to the Visa and Oxford Economics, the figure of will grow up to 25% in coming years. Also, this increase would cover various treatment range like orthopedic surgeries, dental work, and cosmetic surgery. However, issues with the patient follow-up and post surgical complications, and different standards for the treatment in various countries would impede the medical tourism market growth.

Asia-Pacific generated the highest revenue in the medical tourism market in 2017, and is expected to be the leading region globally during the forecast period. Increasing demand, accessibility of healthcare facilities, increasing number of medical facilities for international patients are the primary factors driving the market growth in this region. Additionally, decreased cost of various treatment procedures in the countries across Asia Pacific to also boost the market growth in coming years. Moreover, India is considered to be the leading market followed by Brazil in the medical tourism market during the forecast period. In addition to this, Turkey is considered to be strong contender in the market, owning to zero waiting time for the treatment with a quality healthcare facility.

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The key players operating in the medical tourism market include Bumrungrad International hospital, Apollo Hospitals Enterprise Limited, KPJ Healthcare Berhad, Prince Court Medical Center, Raffles Medical Group, Fortis Healthcare, and Samitivej Hospital. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.

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Oilfield Chemicals Market Current and Future Industry Trends, 2026

New York, NY 6 Jan 2020: The global oilfield chemicals market is anticipated to reach USD 35.08 billion by 2026 according to a new study published by Polaris Market Research.

The moderate increase currently and expected boom in the near future of crude oil prices are expected to bring about increases in demand for oilfield chemicals that are used in well drilling & completion, hydraulic fracturing and EOR operations. The revival of drilling operations in the existing wells owing to increase in crude prices to a feasible level and the rise in drilling of unconventional wells for pilot project and also for production especially in the North American and North Sea regions will add to demand for these products. The enhanced technologies currently utilized for developing shale gas and tight oil resources have evolved as major trend over the past years. This will include the ongoing trend towards fracturing fluids for slick water and also high-performance drilling mud chemicals.

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Development of several chemical formulations that can address environmental concerns will have an important impact on its market, promoting to added demand for high quality environmentally friendly chemicals, including less toxic biocides and biodegradable shale inhibitors. Offshore operations are anticipated to stay vital contributor for the market globally and the necessity for environmentally compatible chemicals and fluids will be leading in the offshore environments.

Projections for raw materials used for the development of oilfield chemicals are entrenched in the finished products outlook in which these are used. Polymers and acids used in such stimulation chemicals are expected to register higher growth, driven by constant expansion of the well stimulation technologies. However, clays along with other commodities used in the drilling fluids are anticipated to decline moderately early over the forecast period.

Increasing concerns for pollution of groundwater and the environment are some of the major concerns for the industry participants. Companies have been investing significantly in R&D operations to constantly upgrade their products and offer novel chemicals to the upstream sector that satisfy every aspect of environmental regulations thus enhancing the required parameters of operations.

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North America is expected to be the largest market by the end of the forecast period. The U.S. market is anticipated to grow at a CAGR of around 4% from 2018 to 2026. After a short term decline in demand for these products in the country, the growing exploration and production from unconventional wells have played a major role boosting its demand again.Hydraulic fracturing is anticipated to be one of the major application segments globally. Despite the low crude prices, increase in average volume of chemicals used per well during 2017 was a primary factor driving the market.

Some of the leading industry participants currently operating in the industry include Clariant, Solvay, NALCO, Croda International Plc, Baker Hughes, Kemira, Halliburton, Schlumberger Limited, Stepan Company, Akzo Nobel N.V., The Lubrizol Corporation, BASF SE and Dow Chemical Company

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Telehealth Market : Global Analysis of Key Manufacturers, Dynamics & Forecast 2019-2026

New York, NY 6 Jan 2020 : According to a new study published by Polaris Market Research the global telehealth market is anticipated to reach USD 16.7 billion by 2025.

The use of digital technologies to deliver health education, medical care, and public health services by connecting multiple users from distinct locations is known as telehealth. This includes technology-enabled health care services, telemedicine, and services such as monitoring, assessment, communications, education, and prevention. Additionally, it also involves a wide range of videoconferencing, health information, telecommunications, and digital image technologies. The virtual technology and telecommunications are used in telehealth to deliver health care facilities outside of tradition healthcare facilities.

The telehealth includes virtual health care, where elderly or chronically ill patients are given medical guidance as well as treatment in certain procedures by residing home. The use of telehealth made easy accessibility of medical tools and guidelines for both professionals as well as patients in terms of diagnosis and patient care.

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The global telehealth market is segmented on the basis of component, mode of delivery, end user, and by region. By component, the global telehealth market is further segmented into three major categories, including hardware, software, and services. On the basis of component, the services segment accounted major share in the global telehealth market. The services segment is further segmented into three major types, real-time interactions, remote monitoring, and store-and-forward consultations. The growing awareness and acceptance of remote monitoring solutions, and increasing technological advancement in telecommunication is the key factor responsible for high share of telehealth services in the telehealth industry. The hardware segment by component is further segmented into two types, medical peripheral devices, and monitors. The software segment is further segmented into, standalone software and integrated software’s. The software segment in the telehealth industry is expected to grow at high CAGR during the forecast period. The software is the important tool of telehealth systems. They work as an interface between the database and end users.

By mode of delivery the global telehealth market is further segmented into, web-based, cloud-based, and on premises delivery system. By end user, the global telehealth market is further segmented into providers, payers, patients, and others.

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On the basis of region, the telehealth industry is further segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America is estimated to account major share in the global telehealth industry in 2017. The continuous increasing in telehealth funding and government support for telehealth in the region is the one of key factor responsible for growth of the market. The Asia Pacific is expected to register high CAGR during forecast period, owing to growing economy, and rising healthcare expenditure in that region.

The key players operating in global telehealth market includes Medtronic plc, Koninklijke Philips N.V., McKesson Corporation, Tunstall Healthcare Group Ltd, AMD Global Telemedicine, Inc., Medvivo Group Ltd., Vidyo, Inc., Care Innovations, LLC, Cisco Systems, Inc., General Electric Company, and Honeywell Life Care Solutions among others. The increasing investment for telehealth research and development activities across the top players is expected to propel the growth of the global telehealth market.

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Erectile Dysfunction Drugs Market by Manufacturers, Countries, Type and Application

New York, NY 6 Jan 2020: According to a new study published by Polaris Market Research the global erectile dysfunction drugs market is anticipated to reach USD 2.63 billion by 2025. Impotence, also known as erectile dysfunction is the condition of sexual dysfunction where, during the sexual intercourse, men cannot maintain the erection. According to World Health Organization statement, for the emotional, physical and wellbeing of the individual, and to the economic and social development of countries and communities, sexual health is a fundamental thing. Erectile dysfunction affects the quality of life for both partners and patients and is connected with relationship difficulties.

Erectile dysfunction is generally an age-related condition but can also be triggered by psychological factors. Cardiovascular diseases such as high blood pressure, clogged arteries etc., diabetes, hormonal insufficiency, chronic kidney disease, multiple sclerosis, injury to the penis, bladder, and pelvis, and neurological issues are the common factor which can cause erectile dysfunction. Moreover, sedentary lifestyle, smoking, excessive alcohol intake, obesity and consumption of drugs such as, antihypertensive drugs, antidepressant, recreational drugs, and psychotropic drugs are some other factors which are significantly contributing towards erectile dysfunction. Exercise, pharmacotherapy, well balanced and maintain lifestyle, penis implants, erection devices, and injections into penis are current treatment available to cure erectile dysfunction. Currently, oral PDE5 (phosphodiesterase type 5 inhibitors) is the first line drug therapy prescribed by physicians for erectile dysfunction.

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The availability of oral drugs globally, and rising awareness about erectile dysfunction and sexual diseases is resulting in significant adoption of treatment globally. Moreover, rising number of referrals to secondary care and primary care consultations is expected to propel the growth of erectile dysfunctions drugs market over the forecast period. The increasing elderly population and high rate of chronic diseases such as kidney failure, diabetes, hypertension, hormonal imbalance, and neurological disorders are increasing demand for erectile dysfunction drugs globally.

The global erectile dysfunction drugs market is segmented on the basis of drug type, dosage form, end user, and geographically. On the basis of drug type, the global erectile dysfunction market is further segmented into Testosterone, Phosphodiestarse – 5 Inhibitors (PDE5I), Alprostadil, and others. Testosterone is hormone. The lack of testosterone hormone cause impotence or erectile dysfunction, and in such conditions, testosterone hormones are prescribed to the patient to balance the hormone in the body. The Phosphodiestarse – 5 Inhibitors is the drug used to control or block the degenerative action of c-GMP specific phosphodiesterase type 5 (PDE5) on cyclic GMP. The Sildenafil, Vardenafil, Tadalafil, Avanafil, Udenafil are the few examples of Phosphodiestarse – 5 Inhibitors. The Phosphodiestarse – 5 Inhibitors drugs are most commonly prescribed drugs to treat erectile dysfunction and hence accounted major share in global erectile dysfunction drugs market.

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The high effectiveness and efficacy of Phosphodiestarse – 5 Inhibitors are the major factors contributing towards the large share in the global erectile dysfunction market. The introduction of long effective pills such as Levitra (vardenafil) and Cialis (tadalafil) are effective for 36 hours and hence they are also know as weekend pill. Moreover, the increasing research and development and various drugs for erectile dysfunction are in various stages of pipeline. The introduction of such blockbuster drugs in the market over the forecast period is expected to propel the growth of erectile dysfunction market globally.

By dosage form, the global erectile dysfunction drugs market is further sub segmented into topical, oral, injections and others. The oral segment accounted major share in global erectile dysfunction drugs market. The oral drugs are more convenient to handle the dose, and hence it is highly preferable dosage form. The injections segment is expected to grow at high CAGR over the forecast period.

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Smart Locks Market Reviewed for 2019 - 2026 in New Research Available at Polaris Market Research.

New York, NY 6 Jan 2020: According to a new report published by Polaris Market Research the global smart locks market is anticipated to reach USD 6.1 billion by 2026. Increasing adoption of smart homes in both developed and developing economies and growing need for more secured locking mechanism, has pushed the market for smart locks. There has been a significant growth in the adoption of smartphones and other handheld devices which act as an interface to control these locks. Smart locks allow its users to connect through smart phones, with the help of advance connectivity technology such as Near Field Communication (NFC), Bluetooth, ZigBee/Z-Wave. There is also a considerable increase in the compact IoT gadgets or connected gadgets adoption. All these factors are foreseen to drive the market over the forecast period.

Deadbolts are estimated to have a large market share followed by padlocks and lever handles. The growth for these products is anticipated to continue owing to different advance features such as touch screens, usage of biometrics, and remote access of these locks using smartphones. Major companies are constantly investing in the R&D capabilities for smart locks, thus enabling them to integrate new features and technological advancements. This is helping them to increase the adoption of smart locks in the market.

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The adoption of smart locks is largely seen in the home and residential segment due to growing smart homes across the globe. Increasing awareness about technology and increased spending capacity of the individuals are another factors which are driving the market growth in this segment. Adoption is also largely seen in the hospitality vertical. Hotels and resorts have multiple rooms which requires limited and restricted access to the authorized persons and guests. Smart locks can be configured according to these requirements, thus allowing secured stay for the hotel customers. The access can be controlled remotely by the hotel staff and the locks with password can be reconfigured every time for the new guest, thus increasing safety and security. Enterprises and government organizations on the other hand are expected to have large market share after home and hospitality segment.

Key Findings from the study suggest products accessible in the market are much competitive and manufacturers are progressively concentrating on advancements to pick up an aggressive edge. Companies are in a stage of development of new items in order to guarantee simple implementation and connection with the current mechanical door locks. The hospitality segment is anticipated to grow at a high growth rate over the forecast period with the expanding utilization of smart locks inferable from expanding security-related worries among clients amid their stay at the hotels. North America is presumed to dominate the global smart locks market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.

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Electric Motors Market Analysis and Demand with Future Forecast to 2026

New York, NY 6 Jan 2020: Global electric motors market is anticipated to reach over USD 157.4 billion by 2026 according to a new study published by Polaris Market Research. In 2017, the AC motor segment dominated the global market, in terms of revenue Asia-Pacific is expected to be the leading contributor to the global market revenue of electric motors during the forecast period.

The diverse applications of electric motors in majority of industries such as healthcare, construction, packaging, automotive, and consumer goods among others are expected to support the growth of this market. Other driving factors include rising demand for electric motor in household appliances, growing use in HVAC applications, and government support for development of high efficiency electric motors are propelling the market growth. However, high maintenance costs, and stringent regulations hampering the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

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The growing adoption of electric vehicles is expected to support market growth of electric motors. The increasing requirement to reduce vehicle emissions and global carbon footprint drives the demand for electric vehicles. Use of electric vehicles offer benefits such as low maintenance costs, reduced harmful vehicle emissions, while providing comparable power. Electric vehicles are increasingly being used to restrict the emission of carbon, nitrogen, and other harmful compounds from gasoline and diesel vehicles. This is one of the largest ancillary industry which is pushing the demand for electric motors globally.

Asia-Pacific generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The presence of emerging industries such as healthcare, agriculture, construction, and automotive, substantial initiatives in research and development, and favorable government policies drive the market growth. Rapid industrialization and growth of manufacturing industry further support market growth in the region.

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The different types of electric motors include AC motors, DC motors, and hermetic motors. In 2017, the AC motor segment accounted for the highest market share owing to the increasing demand for AC motors from industries such as agriculture, paper & pulp, and chemicals. They are majorly used in industrial applications and machine tools. Some key features offered by AC motors include controlled acceleration, low power demand on start, adjustable operational speed, adjustable torque limit, and reduced power line disturbances among others.

The well-known companies profiled in the report include Emerson Electric Co., Rockwell Automation, Inc., Ametek, Inc., Siemens AG, Denso Corporation, Bosch Group, Baldor Electric Co., ABB Ltd., Hitachi, Ltd., General Electric Company, Allied Motion Technologies, Inc., and Regal Beloit Corporation among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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Friday, 3 January 2020

Precision Farming Market Insights By Top Vendors, Growth, Revenue And Forecast Outlook 2019-2026

New York, NY 3 Jan 2020 : The global precision agriculture market is anticipated to reach over USD 13,016 million by 2026, According to a new study published by Polaris Market Research. In 2017, the yield monitoring application dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops. The global precision farming market is driven by the increasing need to improve the quality of crops produced, maximizing crop production, and enhanced crop monitoring. Technological advancement along with government subsidies further boosts the market growth. However, high initial investment and lack of awareness limit the precision farming market growth.

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North America generated the highest revenue in the precision agriculture market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labor, and presence of large farmlands in the North American region. Increasing investments and subsidies in the agriculture sector by governments boost the precision farming market growth during the forecast period in the region. Increasing need to improve food quality and productivity along with increased industrialization of farming equipment further supplements market growth.

Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. In 2017, yield monitoring accounted for the largest share in the global market, and was estimated at $1,974 million in 2017, registering a CAGR of 13.2% during the forecast period. This is attributable to the benefits offered by yield monitoring such as reduced cost, improved yields, and enhanced decision making. Yield monitoring is further divided into on-farm yield monitoring, and off-farm yield monitoring.

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The well-known companies profiled in the report include Ag Leader Technology, AGCO Corporation, Deere and Company, Topcon Corporation, Trimble, Inc., The Climate Corporation, Farmers Edge Inc., and AgJunction, Inc. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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Consumer Network Attached Storage Market Executive Summary, Introduction, Sizing, Analysis And Forecast To 2026

New York, NY 3 Jan 2020: According to a new study published by Polaris Market, the global consumer network attached storage market is anticipated to reach USD 10.2 billion by 2026. The demand for consumer network attached storage globally is driven by increasing demand for cost-effective storage systems, efficient data backup systems, and speedy data transfer. Further, the market is also bolstering due to easy installation and low-cost of product, coupled with network sharing of data that improves the accessibility of users’ to data, among the office or in-house network. Furthermore, innovative offerings including cloud backup that is capable of integrating with consumer network attached storage system, is also driving the market growth for consumer network attached storage.

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The market by end-user is dominated by SMEs segment. The demand is highly attributed to the cost-effectiveness as well rising awareness for consumer network attached storage system. Also, by regions, Asia Pacific is expected to notice the highest growth. Further, region Middle East & Africa is also expected to notice considerable growth during the forecast period. Rising awareness among people and their increasing spending capability are the major factors driving the market growth in these regions. The North America region is expected to dominate the market, with US being the major contributor.

The market in US is driven by presence of several start-ups in the country also, US in one of the hub for start-ups and a major location of several large technology companies. By design, the market is segmented into 1-Bay, 2-Bays, 4-Bays, 5-Bays, 6-Bays, and 6-Bays & above. The 4-Bays segment is dominating the market by design however, 2-Bay segment is expected to grow at a highest CAGR during the projected period.

Some of the key players operating in the consumer network attached storage market are Western Digital Corporation, Netgear Inc., Synology Inc., ASUSTOR Inc., QNAP Systems, Inc., ZyXEL Communications Inc., Buffalo America Inc., Drobo Inc., D-Link Corporation, and Seagate Technology Public Limited Company among others.

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Kitchen Appliances Market Major Players, Volume, Development, Opportunities, Market Dynamic Forces & Forecast

New York, NY 3 Jan 2020: According to a new report published by Polaris Market Research the worldwide kitchen appliances market is anticipated to reach USD 340.9 billion by 2026. In 2017, the refrigerator segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

The changing lifestyles and hectic schedules of the working professionals lead to growing demand for kitchen appliances. Consumers prefer kitchen appliances, which are easy–to-operate and facilitate faster cooking. Rising disposable income is one of the factors responsible for the growth of the market. Increasing propensity of consumers to spend on appliances to lead convenient lives has also resulted in an increased demand for kitchen appliances.

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The well-known companies profiled in the report include Whirlpool Corporation, Robert Bosch GmbH, LG Electronics, AB Electrolux, Haier Group Corporation, Panasonic Corporation, Samsung Electronics, Koninklijke Philips N.V., Sharp Corporation. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

The other factors responsible for the growth of the market are convenience in fast cooking and healthy food consumption. Players in the market are launching cooking appliances which enable faster cooking while keeping the nutrients of food intact. Introduction of energy efficient cooking appliances equipped with multiple cooking functionalities are available in the market to cater to the consumers in the market. Moreover, the increasing trend of smart appliances would also encourage manufacturers to launch innovative kitchen appliances, which are compact and easy-to-use.

There has been a considerable increase in middle class and young working population across the globe. Rising female working population and busy schedules of people have led to an increasing demand of kitchen appliances. Increase in the number of social gatherings coupled with growing need for quick and efficient kitchen activities has boosted the market. Growing purchasing power of individuals has led to increased spending on consumer goods. Rising disposable income enables consumers to purchase multipurpose and easy-to-operate kitchen appliances to simplify and ease their kitchen activities. Consumers generally opt for stylish and technologically advanced kitchen appliances, which complement their living standards. Market players are introducing new products equipped with advanced features at affordable prices to cater to the growing consumer demands.

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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The high living standards along with high disposable income in the region encourage consumers to purchase kitchen appliances to simplify kitchen activities. The growing adoption of smart technologies and home automation systems is further expected to augment market growth in the region. Asia-Pacific is expected to grow at a significant rate during the forecast period owing to the increasing population and improving living standards.

The different types of kitchen appliances include cooking appliances, refrigerators, dishwaters, and others. In 2017, refrigerators accounted for the highest market share owing to increasing need to conserve edible items at a range of different temperatures. Consumers prefer to use energy efficient refrigerators owing to growing environmental concerns. Introduction of advanced refrigerators equipped with smart technologies is expected to drive the market in the future.

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The various end-users of kitchen appliances include residential and commercial users. In 2017, residential users accounted for the largest share in the global market, and are estimated to grow at a substantial rate during the forecast period. Residential consumers are increasingly spending on kitchen appliances to simplify kitchen chores and lead comfortable lives. Household consumers are opting for kitchen appliances, which are energy efficient and have minimal space requirements. In addition, improvement in living standards has encouraged consumers to buy technology-driven and luxury kitchen appliances. Integration of technologies such as Internet of Things and smart technologies into kitchen appliances is expected to provide growth opportunities in the coming years.

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Thursday, 2 January 2020

Eyewear Market Competitor Landscape, Opportunity Analysis, Growth, Trends & Forecast 2019-2026

New York, NY 2 Jan 2020: According to a new study published by Polaris Market Research the worldwide eyewear market is anticipated to reach over USD 235 billion by 2026. In 2017, the spectacles segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global eyewear market.

The increasing rate of diseases associated with vision, along with growing ageing population majorly drives the market growth. Consumers are increasingly becoming aware of eye health, which supports market growth. The growing popularity of fashion trends, and increasing disposable income encourage consumers to purchase designer and branded eyewear. Other factors driving market growth include spending longer durations in front of computers and laptops, increasing cases of myopia, hypermetropia, & astigmatism, and changing dietary habits. New emerging markets, emerging consumer demographics, and sale through online channels would provide growth opportunities for eyewear market in the coming years.

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The increasing need for vision correction and growing diseases related to vision in the geriatric population drives the market growth. Consumers are increasingly spending more time in front of mobile devices for work or leisure, which leads to higher cases of vision problems. Changing dietary habits and hectic lifestyles also lead to increasing vision problems. Increasing life expectancy and associated diseases with old age such as presbyopia and cataract augment market growth. There is increasing awareness among consumers regarding eye care, which encourages them to take preventive measures, thereby boosting market growth.Sale of products through online channels has gained significant popularity over the years.

The trend of online shopping is gaining traction in developing economies, thereby encouraging established market players to distribute their products globally. Emerging and new players are also using online platforms for promotion and sale of products. Online distribution channels offer a global platform to market players for expansion of customer base, while reducing operation cost.

The growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer sunglasses according to latest trends prevailing in the market. Youth prefer to don contact lenses in an effort to accentuate their overall appearance. Thus, lofty living standards and increasing fashion consciousness, would contribute to the growth of the eyewear market, thereby positively affecting the market growth.

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The growing popularity of fashion trends has increased the demand for branded and luxury eyewear products. Consumers are increasingly buying spectacle frames, lenses, and sunglasses with respect to changing fashion trends. The rising standards of living, increasing disposable income, and increase in fashion conscious population drives the market for luxury eyewear products. Earlier premium eyewear products were only available at selected stores at high prices. However, with technological advancements, and mass manufacturing processes, global players are offering these products globally at affordable prices.

Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth. Increasing use of mobile devices and online shopping further augments market growth.

 The various types of eyewear include spectacles, lenses, and sunglasses. The spectacle segment is expected to lead the market during the forecast period owing to increasing defects and diseases associated with vision. Growing geriatric population and changing lifestyles support the market growth. Spectacle frames can be made using materials such as metal, plastic, and nylon. Consumers are increasing opting for lenses for vision defects as well as for cosmetic purposes.

 The well-known companies profiled in the report include Luxottica Group S.p.A, Bausch + Lomb Inc., Johnson & Johnson Vision Care, Prada S.p.A, Safilo Group S.p.A, Fielmann AG, Cooper Companies, Inc., Essilor International S.A., GrandVision, Carl Zeiss AG, Hoya Corporation, De Rigo SpA. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.

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