The global eye care products in China market is driven by multivitamins and pain relievers. But the Chinese market is driven by smog pollution, digital screens, and lifestyle disorders. Chinese consumers are used to buying eye care products to relieve themselves of eye pain and resume regular work. This has boosted the regional market growth.
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The shortage of ophthalmologists could pose a challenge to market growth. But the high disposable earnings of Chinese citizens and improvement in the standard of living are expected to turn around the regional market. The regional market is segmented according to products and regions.
Online portals are offering consumers a better opportunity to buy eye care products from the comfort of their homes. Optometrists should learn from this emerging trend and offer the same services on their website to retain customer loyalty.
Products encompass eye glasses, eye care products, and others. Eye glasses comprise sunglasses, optical glasses, reading glasses, prescription lenses, nonprescription lenses, and special glasses. Eye care products include eye ointments, eye drops/lotions, solid matrices and devices, and aqueous gels. ‘Others’ encompasses lamps for eye care, anti-infection drugs, anti-glaucoma drugs, decentralization pupil drugs, and other related drugs.
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Eye glasses segment accounted over 70% market revenue in 2015. It had grossed over USD 102 billion in the same year. This figure is expected to double due to the increasing geriatric populace and rising cases of cataract surgeries and glaucoma. Contact lenses are anticipated to register a CAGR exceeding 3% over the forecast period (2016-2025). Among contact lenses, rigid gas permeable (RGP) contact lens is in demand due to their use in presbyopia and orthokeratology.
Renowned players in the eye care products market in China are Prestige Brands International Inc.; Bausch + Lomb; Shanghai Weicon Optics Co.; and Essilor International. Partnerships are a prime strategy adopted by these players for sustainability. For instance, Bausch + Lomb has partnered up with Apple & IBM to launch their own mobile application (app) in 2016. This app can integrate all the patients’ data and medical history, allowing surgeons to diagnose the disease correctly.
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Table Of Contents
I. INTRODUCTION
Report Scope and Methodology
Executive Summary
II. BUSINESS ENVIRONMENT
- Economic Outlook
- Key Economic Indicators
- Industrial Output
- Population and Labor
- Foreign Investment
- Foreign Trade
- Financial and Tax Regulations
- Banking System and Regulations
- Foreign Exchange
- Taxes, Tariff and Custom Duties
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