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North America Vision Care Market Demand & Outlook 2033 | FMI
The Vision Care Industry in North America is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033, reaching a valuation of US$ 114.8 billion, according to a new report by Future Market Insights (FMI).
According to Future Market Insights analysts, factors such as rising prevalence of eye diseases leading to eye surgery procedures, an increasing geriatric population, and the introduction of new and advanced vision care products are major factors expected to fuel the revenue growth of the North America vision care market over the forecast period. Economic factors such as growing healthcare expenditure, increasing disposable income per capita, rising government support in developed economies, and favourable reimbursement policies are also expected to boost the growth of the North America vision care market over the forecast period.
However, rise in the costs of eye surgery and treatment and a risk of infection and vision loss may hinder the growth of the North America vision care market over the forecast period.
Sales of vision care services has remained quite healthy in the U.S. market in the recent years, making North America the most lucrative market globally. The North America vision care market revenue was accounted to be US$ 37.1 Bn in 2015, with the U.S. accounting for majority of revenue share.
For more insights into the Market, request a sample of this report:
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Segmentation highlights
The North America vision care market can be broadly classified into six product segments – Rx lenses, frames, non Rx sunglasses, contact lenses, readers, and contact lens solutions – each with different applications.
By product, Rx lenses accounted for higher revenue share in North America as compared to other product segments
The Frames product type segment accounted for the second largest revenue share followed by the contact lenses product segment in 2015. The contact lenses segment is expected to register the highest CAGR of 12.4% during the forecast period
By distribution channel, the retail segment accounted for a higher revenue share in the North America vision care market as compared to other distribution channels
The Retail segment is expected to reach a market valuation of US$ 60.6 Bn by 2026, reflecting a CAGR of 9.8% over the forecast period
The E-commerce segment is also expanding at a higher rate in the overall North America vision care market. This segment is expected to reach US$ 18.9 Bn by the end of 2026, registering a CAGR of 3.8% over the forecast period
Vendor insights
Key players in the North America vision care market include Johnson & Johnson Vision Care Inc., Valeant Pharmaceuticals International Inc., Novartis AG, The Cooper Companies Inc., SynergEyes Inc., Luxottica, Essilor International, and ZEISS International. Major market players are adopting different strategies such as partnerships and acquisitions to maintain and expand their market share. Recently in January 2016, Valeant Pharmaceuticals expanded its specialty lens business with the addition of Alden Optical Laboratories Inc. In 2016, Essilor International reinforced its expansion with independent eye care professionals in the U.S with the acquisition of Vision Source.
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Key Segments
By Product Type:
Rx-Lenses
Frames
Contact Lenses
Non Rx Sunglasses
Reading Glasses
Contact Lens Solutions
By Distribution Channel:
Retail Stores
E-Commerce
Clinics
Hospitals
By Country:
U.S.
Canada
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Biosimulation Market Size, Share, Trends & Outlook – 2032
The Global Biosimulation Industry, valued at approximately US$ 2.6 billion in 2021, is poised to experience unprecedented growth, projected at a remarkable CAGR of 21.5% over the next decade. By the end of 2032, the market is anticipated to reach a staggering US$ 20.9 billion, driven by the imperative need for the development of innovative pharmaceuticals to combat the rise of various ailments worldwide.
The latest market analysis report highlights the pivotal role of biosimulation software in steering this phenomenal growth trajectory. As revealed in the findings, a substantial portion of revenue within the biosimulation market will be generated through the software segment. The adoption of biosimulation software is crucial for enhancing the efficiency of trials, providing better and more accurate results.
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North America holds the largest market for biosimulation. The rising chronic disease among the population in the region and regulations implemented by the governments for patient safety and treatment standards is driving the demand for biosimulation in the region
Revenue through Drug Development to Continue Growth Axis For Global Biosimulation Industry
Pharmaceutical companies use biosimulation for drug development. During a drug, development process biosimulation helps to identify the possible effects that the drug can have on a patient. The market through the drug development segment recorded a CAGR of 16.3% during 2015-2021.
Global Biosimulation Industry: Competition Insights
Certara
Dassault Systemes
Advanced Chemistry Development
Simulation Plus Inc
Schrodinger, Inc.
Chemical Computing Group
Physiomics Plc
Rosa & Co. LLC
BioSimulation Consulting Inc.
Genedata AG
Instem Group of Companies
PPD, Inc.
Insilico Biotechnology AG
Rhenovia Pharma
LeadInvent Technologies
Nuventra Pharma
In Silico Biosciences
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Some of the recent developments by key providers of biosimulation are as follows:
In June 2022, Certara announced its new version of Biosimulation software for the progress of Novel Biologics. The new version includes Immunogenicity (IG), Immuno-Oncology (IO), and Vaccine simulators to understand and predict how drugs work and point out the key questions in the development of novel biologic therapies.
In June 2022, Genedata AG announced that Syros Pharmaceuticals has chosen Genedata AG’s Genedata Profiler as its data integration and investigative platform to accelerate its translational research strategy.
In March 2022, Advanced Chemistry labs announced that Pharmaron Inc. has chosen its NMR processing and interpretation software.
In March 2022, Simulation Plus, Inc. released its Membrane Plus 3.0 software. The new software includes improved data handling and simulation performance for in vitro-in vivo for extrapolation (IVIVE) for permeability, skin penetration, and release assay systems.
In February 2022, the US Food and Drug Administration (FDA) approved the license for Certara’s Immunogenicity (IG) stimulator to research and assess immunogenicity in protein-based remedies.
In February 2022, Physiomics Plc updated a new agreement with ValiRx plc. According to the new agreement, ValiRx will be able to use Physiomics Plc’s latest version of its Virtual Tumour technology. Physiomics Plc will also help ValiRx in modeling the use of VAL201 peptide in endometriosis (VAL301) and Coronavirus (BC201).
Key Segments Covered in Global Biosimulation Industry Survey
Biosimulation Market by Product Type:
Services
In-house services
Contract services
Software
Biosimulation Market by Deployment Mode:
Drug Development
Drug Discovery
Other Applications
Biosimulation Market by End-use:
Pharmaceutical &Biotechnology Companies
CROs
Regulatory Authorities
Academic Research Instituitons
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