At 4.2% CAGR, the Middle East & Africa Vision Care Market is projected to be worth US$ 4,784.42 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa vision care market was valued at US$ 3,741.50 million in 2022 and is expected to reach US$ 4,784.42 million by 2028, registering a CAGR of 4.2% from 2022 to 2028. Growing prevalence of eye diseases and development of innovative products are the critical factors attributed to the Middle East & Africa vision care market expansion. 

Extensive ongoing research across the Middle East & Africa to identify new treatments for eye diseases is likely to favor the vision care market growth in the coming years. The institute also funds trials to develop cutting-edge therapies for blinding diseases. In 2017, the NEI launched a 3D Retina Organoid Challenge Competition (3D-ROC) to develop functioning mini-retinas from human stem cells. It announced the prize money of US$ 1.1 million to the team with the best replication of retina structure and function.

Thus, increasing funds for eyecare research are likely to bring new trends in the vision care market to trigger its growth. This is expected to drive the Middle East & Africa vision care market during the forecast period.

On the contrary, adverse effects of contact lens on eye condition hurdles the growth of Middle East & Africa vision care market. 

Based on type, the Middle East & Africa vision care market is categorized into eyeglasses, contact lens, intraocular lens, and others. The eyeglasses segment held 53.3% market share in 2022, amassing US$ 1,993.14 million. It is projected to garner US$ 2,627.40 million by 2028 to expand at 4.7% CAGR during 2022–2028.

Based on distribution channel, the Middle East & Africa vision care market is categorized into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held 45.9% market share in 2022, amassing US$ 1,715.64 million. It is projected to garner US$ 2,224.58 million by 2028 to expand at 4.4% CAGR during 2022–2028.

Based on country, the Middle East & Africa vision care market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa.  Our regional analysis states that the Rest of Middle East & Africa captured 37.1% share of Middle East & Africa vision care market in 2022. It was assessed at US$ 1,389.43 million in 2022 and is likely to hit US$ 1,714.39 million by 2028, exhibiting a CAGR of 3.6% during the forecast period.            

Key players dominating the Middle East & Africa 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 Jan 2021, Alcon Inc. launched of AcrySof IQ Vivity Diffractive Extended Depth of Focus Intraocular Lens.
• In Aug 2020, BAUSCH + LOMB launches innovative infuse silicone hydrogel (sihy) daily disposable contact lenses.

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