Vision Care Market

Global Vision Care Market Size (2023 to 2028)

The size of the global vision care market is forecasted to be growing at a CAGR of 3.48% during the forecast period and worth USD 76.61 billion by 2028 from USD 64.57 billion in 2023.

Global Vision Care Market Share Insights:

• Based on product type, the glass lenses segment had the major share of the global market in 2022.
• Based on distribution channel, the retail stores segment held the leading share of the global market in 2022.
• Based on region, North America captured the largest share of the global market in 2022.

Impact of COVID-19 on the global vision care market:

The COVID-19 pandemic has had a substantial impact on the global vision care market that affected both the demand and supply sides of the industry. The demand for eye care services was reduced as many people postponed their routine eye examinations and procedures due to lockdowns and fear of contracting the life-threatening virus. Therefore, the demand for non-essential medical services was restricted which led to a drop in the sales of contact lenses, eyeglasses, and eye surgeries. However, there was a shift in consumer behaviour as people started adopting online consultation services and buying goods and services online. As a result of this, online retailers saw significant growth due to a boost in the online sales of contact lenses and eyeglasses. Consumer perception had changed concerning "virtual clinics" and associated low interaction with a specialist due to the increased comfort and security that comes with online consultation. Also, the disruptions in global supply chains restricted the import and export of eyeglasses and posed logistical challenges.

MARKET DRIVERS:

The growing patient population suffering from eye diseases primarily drive the vision care market growth.

According to the WHO World Report on Vision (2019), more than 50% of the world's blindness is caused due to cataracts. In 2019, there were at least 2.2 billion cases of vision impairment, out of which more than 1 billion could have been prevented. Therefore, an increase in the awareness of ocular diseases in emerging countries has led to an increase in the adoption of vision care products globally.

The growing number of cataract cases across the globe propel the growth of the vision care market. India and USA are among the leading nations in terms of the number of cataract surgeries performed annually. Cataract cases are more prevalent among the older generation 50 plus years of age. Therefore, with the growing geriatric population, the vision care market is likely to see growth as older people suffer from age-related vision problems. In developed countries, favourable reimbursement policies for cataract surgeries are estimated to drive the market. The increase in the prevalence of eye diseases such as glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD) globally is likely to drive the demand for vision care products and services. There has been increasing popularity of coloured contact lenses and other eyewear.

The adoption of eyewear as a fashion accessory supports the vision care market growth.

In addition to that, the rising affordability of people will continue to boost the demand for eyecare products during the forecast period as people continue to adopt innovations in the eye care segment like laser eye surgery, smart glasses for the visually impaired, blue ray protective glasses and advanced contact lenses. Eyes are an essential sense organ of the body as it is proven that 80% of what we perceive comes from our eyes. It is important to not only have treatments available for eye problems but also take diagnosis and precautions further to avoid having them. The growing awareness among the populations about the struggles of eye problems are supporting the growth of the market. In an era where eye problems are becoming more common by the da, owing to increasing exposure t technology and rising jobs in the software industry, there is a need to spread awareness about eye health and have better care services. Therefore, the rapid urbanization and digitalization of the world is also leading to an increased demand for vision care.

MARKET RESTRAINTS:

In certain developing countries, there is limited access to vision care services due to a shortage of trained eye care professionals and limited resources. Lack of awareness about the benefits of eye care products and services in emerging nations is anticipated to act as a restraint for vision care market growth in emerging nations. High cost of vision care treatment hinders the market growth. Vision care treatment can be expensive, particularly for complex procedures such as cataract surgery or laser eye surgery. This can act as a barrier for many consumers who have low income or inadequate medical insurance coverage. Also, some vision care services and products are not covered by insurance policies which forces consumers to pay out of their pockets. This can deter consumers from spending on vision care.

REPORT COVERAGE:

 This research report on the global vision care market has been segmented and sub-segmented into the following categories.

Global Vision Care Market - By Product Type:

• Glass Lenses
• Contact Lenses
• Intraocular Lenses
• Contact Solutions
• LASIK Equipment
• Artificial Tears

Based on product type, the glass lenses segment is expected to account for the leading share of the global market during the forecast period. Factors such as strong preference for eyeglasses among individuals accustomed to them for vision correction, rapid adoption among older individuals and those seeking non-invasive solutions for vision problems and the emergence of advanced lens materials and coatings for improved durability and vision clarity drive the growth of the glass lenses segment in the global vision care market.

The contact lenses segment is anticipated to capture a substantial share of the worldwide market in the coming years owing to the growing prevalence of refractive errors such as myopia, hyperopia, and astigmatism, technological advancements and rising preference for cosmetic or colored contact lenses among younger populations.

Global Vision Care Market – By Distribution Channel:

• Retail Stores
• Online Stores
• Clinics
• Hospitals

Based on distribution channel, the retail stores segment is expected to hold the largest share of the global market during the forecast period. The convenience of trying on eyewear before purchasing in retail mode and the availability of trained staff to provide personalized recommendations in the retail stores primarily drive the segmental growth in the worldwide market. The ability of retail stores to cater to immediate needs for prescription eyewear and sunglasses further fuel the growth rate of the retail stores segment in the global market.

Global Vision Care Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the vision care market in 2022 and the domination of the North American market is anticipated to continue throughout the forecast period. Factors such as the high incidence of vision problems, increasing aging population and rising digital device usage primarily drive the growth of the North American market. The availability of advanced ophthalmic treatments, diagnostics, and surgical procedures and strong consumer awareness and spending on vision care products and services further fuel the growth rate of the North American market. The U.S. is estimated to capture the largest share of the North American market in the coming years owing to the well-established healthcare infrastructure, increasing prevalence of vision-related disorders and advanced technologies.

Europe is a promising regional market for vision care worldwide and is estimated to occupy a substantial share of the worldwide market during the forecast period. The growing prevalence of age-related eye conditions such as cataracts and macular degeneration in Europe, the presence of well-established reimbursement systems supporting eye care procedures and treatments and rapid adoption of telemedicine and digital health solutions for remote eye care majorly drive the growth of the vision care market in Europe. Germany followed by UK are expected to lead the vision care market in Europe during the forecast period owing to the growing aging population, rising focus on healthcare quality, and robust eye care infrastructure.

Asia-Pacific holds the second most dominant position in the global vision care market. It is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising population of patients with ocular diseases in the region. Countries in Asia Pacific hold the top position in terms of the number of cataract surgeries performed annually. The rising disposable incomes and awareness among people will drive the market growth by the end of the forecast period.

KEY MARKET PLAYERS:

A few of the promising players operating in the global vision care market profiled in this report are Carl Zeiss Meditec, Valeant Pharmaceuticals, Paragon Vision Sciences, Luxottica, Johnson & Johnson Vision Care, Bausch + Lomb, Menicon, Essilor International S.A, CooperVision, Alcon, and GrandVision.

RECENT MARKET DEVELOPMENTS:

• Non-mydriatic Fundus Camera (NMFC) is a recent invention that aids in the early diagnosis of Diabetic Retinopathy by capturing high-resolution images of the retina. If any retinopathy is detected, the patient can then be referred to a retina specialist and vision loss can be avoided. Additionally, NMFC also captures a large amount of data that is key to driving further research in the treatment of Diabetic Retinopathy.
• In 2022, Twin sisters Matlhogonolo and Masego Mphahlele brought a revolution in the ophthalmology industry with a life-changing invention. They came up with an idea of digital X-ray glasses that was presented at the Red Bull Basement Global Final in Turkey and backed the third position out of dozens of representatives from 43 countries.
• In May 2022, HOYA Vision, the leading provider of ophthalmic lens technology released the first packaged Sun Lenses Portfolio for vision care professionals.