According to a report by TechSci Research titled “Canada Eye Care Market – By Region, Competition, Forecast and Opportunities, 2028,” the eye care market in Canada is poised for impressive growth during the forecast period of 2024-2028. This growth can be attributed to the increasing prevalence of various ocular diseases, such as glaucoma, amblyopia, and strabismus, as well as the rise in screen time among both children and senior citizens due to studies, work, or entertainment. Moreover, the burgeoning imports and exports of pharmaceutical and therapeutic products like eye care items are expected to further drive the expansion of the Canada eye care market. Additionally, consumer spending on healthcare services to ensure optimal patient care will contribute to the escalating growth of the Canada eye care market in the coming years. Furthermore, the introduction of new products is poised to lend support to the growth trajectory of the Canada eye care market.
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However, eye care services and products can carry a hefty price tag, particularly for those lacking insurance coverage, potentially restraining the growth of the Canada eye care market throughout the forecast period. Despite initiatives implemented by the Canadian government to enhance access to eye care services, numerous Canadians still face challenges in obtaining these services, which could impede market growth during the forecast period. Additionally, as the Canadian population ages, the demand for eye care services is expected to rise, which could strain the healthcare system, particularly in regions with a shortage of eye care professionals. This strain could impact patient compliance and further hinder the expansion of the Canada eye care market.
The Canada eye care market can be segmented based on product type, coating, lens material, distribution channel, and region. In terms of product type, the market encompasses eyeglasses, contact lenses, intraocular lenses, eye drops, and other products. The intraocular lens segment dominated the Canada eye care market in 2022 and is projected to maintain its dominance throughout the forecast period. This can be attributed to the increasing demand for alternatives to wearing glasses, along with the growing treatment of conditions such as nearsightedness, farsightedness, astigmatism, and other vision-related issues.
Regarding distribution channels, the Canada eye care market can be divided into retail stores, e-commerce platforms, clinics, and hospitals. The retail stores segment is expected to lead the market during the forecast period, driven by the growing availability of vision care products through retail outlets and the enticing benefits offered by these stores, including discounts and convenient home delivery services.
Major companies operating in Canada eye care market are:
On 27 January 2022, for instance, a calcineurin inhibitor immunomodulatory called Cequao (cyclosporine ophthalmic solution 0.09% w/v) has been launched by Sun Pharma Canada Inc. The medication is the first dry eye treatment offered in Canada that uses nan micellar (NCELL) technology to deliver medication, which increases the bioavailability and chemical stability of cyclosporine to boost ocular tissue penetration.
“Canada eye care is expected to dominate the market during the forecast period on account of the high prevalence of eye diseases, such as age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and growing awareness about eye treatment and care among people across the region. Similarly, technological innovations and improvements by different key companies and the emergence of small startups with unique product lines are expected to drive the growth of the Canada eye care market during the forecast period. Also, growing initiatives by major players for mergers and acquisitions will further propel the growth of Canada eye care market during the forecast period. Furthermore, increasing awareness of reducing harmful effects owing to excessive ultraviolet rays along with the growing geriatric population across the region is a major factor influencing the growth of the Canada eye care market over the years. Besides, the growing spending capacity of Canadian population on eye care treatments is expected to create a lucrative growth of the Canada eye care market during the forecast period” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Canada Eye Care Market Segmented By Product Type (Eyeglasses, Contact Lens, Intraocular Lens, Eye Care, and Others), By Coating (Anti-Glare, Anti-Reflecting, and Others), By Lens Material (Normal Glass, Polycarbonate, Trivex, and Others), By Distribution Channel (Retail Stores, E-Commerce, Clinics, and Hospitals), By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future growth potential of Canada eye care market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Canada eye care market.
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In conclusion, the Canada eye care market is set to experience notable growth due to factors such as increasing ocular diseases and the rise in screen time. However, challenges related to costs, access to services, and the strain on the healthcare system could temper this growth.
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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