Vision Care Market to Reach Valuation of USD 113.8 Bn at CAGR of 5% by 2032
According to Market.us, The global vision care market growth is driven by the increasing accessibility of eye care products, geriatric population, eye problems in youth and adoption of contact lenses.
New York, March 29, 2023 (GLOBE NEWSWIRE) — The global vision care market Revenue is expected to be USD 71.4 Billion by the end of 2022. In the long term, the market is estimated to reach around USD 113.8 Billion by 2032, a CAGR of 5% from 2022 to 2032. The eye is a vital organ that helps in visual information processing and provides vision. The Treatment and care of the eyes are a part of vision care. Contact lenses, eyeglasses, and sunglasses are all examples of eye care products.
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- By Product, in 2022, the eyewear segment has generated a revenue share of 72% 2022.
- By Treatment, the laser therapy segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By Indication, the glaucoma segment dominated the market.
- By Distribution Channel, the retail store segment is projected to hold the leading position in the market.
- In 2022, North America dominated the market with the highest revenue share of 39.4%.
- Asia-Pacific will grow at the fastest CAGR from 2023-2032.
The highly segmented market for vision care includes ocular health products, intraocular lenses, spectacles, and sunglasses. There are numerous domestic and international players in the global vision care market. One of the trends in the market for vision care is the rising popularity of spectacles as a fashion accessory. The prevalence of ocular diseases is also rising. For example, the WHO anticipates billions of new cases of myopia worldwide. As a result of increased awareness of ocular diseases caused by UVB and UVA rays, sunglasses have also seen a rise in use as an eye care product.
Factors affecting the growth of the vision care market
There are several factors that can affect the growth of the vision care industry. Some of these factors include:
- Increasing geriatric population: With the increasing geriatric population, the demand for bifocal lenses are also increasing, which results in a boost in sales of vision care products.
- Technological advancements: Several technological developments in the market leads to the growth of the market during the forecast period.
- Increasing initiatives to raise awareness: Several initiatives taken by various ruling authorities or big companies will increase the demand for vision care products.
- Increasing eye problems in youth: The increase in several eye problems in youth will boost the market.
- Increase in the adoption of contact lenses: Nowadays, people prefer contact lenses, which drives the market growth.
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Top Trends in Global Vision Care Market
The development of cutting-edge technologies has facilitated a rise in the demand for eye care products at higher prices. During the forecast period, the growth of the vision care market is anticipated to be aided by the expanding healthcare infrastructure and rising affordability of vision care products in developing nations. Adoption of the contact lens category of eyewear has increased, particularly in Asia-Pacific nations. This is because colored contact lenses have a higher aesthetic value.
The scope of vision care encompasses a wide range of conditions, including color blindness, allergies, glaucoma, macular degeneration (AMD), corneal transplants, cataract surgeries, blurry vision, hyperopia, astigmatism, and myopia. Diabetes is more likely to occur in those who are overweight or obese. Diabetic retinopathy occurs mostly in people who are suffering from diabetes. It is essential to determine whether anyone in the family has had some eye disorders because some of them are inherited.
It is expected that North America will remain the market leader throughout the forecast period, with a revenue share of 39.4%. It is anticipated that the region’s market expansion will be accelerated by the increased use of vision care products. Moreover, preference for premium eye care products, favorable reimbursement for surgery of cataracts, and increased awareness of ocular disease will boost the market in NA. The increasing use of spectacles will further fuel the market’s expansion.
Additionally, countries in the Asia-Pacific region consistently come in at the top of the list for cataract surgeries. During cataract surgery, the increased use of intraocular lenses is likely due specifically to this. While the MEA market is expected to expand at a slower rate, the market for vision care in Latin America is expected to expand at a steady rate. The unmet requirement for eye care is anticipated to be the primary driver of the market in Latin America.
The competitive landscape of the market has also been examined in this report. In the global market for vision care, numerous local and international players compete. Alcon, on the other hand, is anticipated to maintain its leadership position in the market throughout the forecast period. Partnership strategies, investments in vision care products, and technological advancements are all expected to help the company maintain its position. Additionally, the company has solid strategic plans to target developing and developing nations.
- Recent Development of the Vision Care Market
- In August 2019, CooperVision and TerraCycle introduced a program to recycle soft contact lenses as part of their efforts to be more sustainable.
- In August 2019, In Phoenix, United States, CooperVision’s Paragon contact lens manufacturing facility received FDA approval.
- In April 2021, Johnson and Johnson Vision, a worldwide leader in eye health and part of the Johnson and Johnson Clinical Gadgets Organizations, declared a worldwide vital joint effort with Menicon, a main producer of creative contact focal points. The partnership is a part of Johnson & Johnson’s Vision’s larger commitment to lead with science, help reshape the future of myopia, and present a novel portfolio of products and services to manage myopia in children.
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Scope of the Report
|Market Value (2022)||USD 71.4 billion|
|Market Size (2032)||USD 113.8 Billion|
|CAGR (from 2022 to 2032)||5%|
|North Revenue Share||39.4%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
As the number of cataract cases increases around the world, it is anticipated that the intraocular lens segment will expand. According to a number of published research articles, the United States and India perform the majority of cataract surgeries annually worldwide. In vision care products, it is anticipated that this will encourage the use of intraocular lenses. The WHO says that cataracts cause 50% of blindness worldwide. There is an expansion in the number of cases as the elderly population grows. This trend is observed by both developing and developed nations.
In addition, countries like Japan and India are becoming more aware of cataract disorders. It is expected that favorable reimbursement policies will expand the market for cataract surgeries in developed nations. When compared to standard intraocular focal points, head intraocular focal points provide superior and enhanced vision. The market’s expansion is estimated to be aided by an increase in the elderly population.
The wearer may experience vision distortion if they have astigmatism. Additionally, there is a problem with the glasses’ sides, which typically worsens with decreased eye power. There are many other factors that could make it difficult to purchase eye care products.
Dry eye is the most common problem associated with using contact lenses. Additionally, if the contact lenses are not cleaned appropriately, debris and other allergens may build up. Errors in handling contact lenses have also occasionally led to eye ulcers. As a result, eye care product sales may suffer significantly.
A rise in the incidence of associated vision ailments, which can result in partial or complete vision loss, has been caused by an increase in the number of chronic conditions and an unhealthy diet. As a result, there is an increase in global demand for products that help with vision. In addition, numerous international organizations are concentrating on projects related to R&D in order to introduce products that are more effective. In order to increase its customer base, they are also providing a variety of product variants with enhanced services and quality. In addition, the expanding e-commerce industry and rising awareness of UV-induced visual impairment are driving market expansion. With the assistance of cutting-edge technologies, some of the most important vendors in the sector are also concentrating on the prevention of visual impairments. In addition, it is anticipated that new treatments like gene therapy, computerized eye exams, and stem cell therapy will drive market expansion in the coming years.
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Report Segmentation of the Vision Care Market
There are three distinct segments of the market: ocular health, intraocular lens, and eyewear. The market for eyewear is further fragmented by sunglasses, contact lenses, and spectacles. The eyewear category, which is estimated to hold the majority of the total market share and the largest revenue share of 72% during the forecast period, is expected to experience steady growth. It is anticipated that the eyewear industry will continue to lead the market during the forecast period.
There are three types of treatments in the global market for vision care: medication, laser therapy, and surgery. Laser therapy had the largest share, with 49%, due to the rapid adoption of advanced vision care laser therapy and the availability of skilled medical personnel. A growing number of vision care surgeries and government initiatives to improve the healthcare infrastructure are expected to support the segment’s growth.
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Based on Product
- Contact Lens
- Intraocular Lens
- Ocular Health
- Laser Therapy
- Refractive Error
- Diabetic Retinopathy
- Dry Eyes
- Other Indications
By Distribution Channel
- Retail Store
- Hospitals & Clinics
- Online Stores
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Johnson & Johnson Vision
- Bausch Health Companies Inc.
- Menicon Co., Ltd.
- Safilo Group
- Other Key Players
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