The Global Vision Care Market is estimated to reach USD 65,800.2 million in 2021, and is projected to grow at a CAGR of 4.5% during the forecast period. Vision supports in performing day-to-day activities, such as writing, reading, and viewing. It also impacts the ability of an individual to communicate and work with others.
An unhealthy diet and the increasing number of chronic conditions have led to an increase in the occurrence of related vision ailments, which can lead to complete or partial vision loss. Therefore, there is an increase in the demand for vision care products across the globe. The exponential growth of social media is offering new development avenues for the vision care market. As popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus allowing them to offer especially curated products as per the different geographies.
There has been a substantial rise in the number of people suffering from vision-related ailments, such as glaucoma, cataracts, retinal detachment, and conjunctivitis. This can be accredited to the growing aged population, increasing pollution levels, and sedentary lifestyles. Growing eye-related disorders results in the production of various vision care medicines available as ointments, pills, and drops worldwide. Several international organizations are focusing on research and development (R&D) projects to announce more effective products. They are also offering numerous product variants with enhanced services and quality to expand their customer base.
The flourishing e-commerce segment due to various offers and discounts on online shopping, and the growing awareness about visual impairment caused by UV rays are driving the vision care market growth. Some of the major vendors in the industry are also concentrating on the prevention of visual impairments with the support of progressive technologies. Furthermore, new treatments, such as computerized eye evaluations, stem cell therapy and gene therapy are expected to drive market growth during the forecast period.
Factors such as increasing aged population more susceptible to eye diseases and technological progression in eye care devices are majorly propelling the market growth for vision care. Exploding use of electronic devices for day-to-day functioning has also been associated with eye disorders. In recent years, the use of technology has mainly surged among children.
Studies advise excessive use of electronic devices could lead to eye disorders. This indirectly is stoking demand for vision care products in the years to come. However, disadvantages related to contact lens can hinder the vision care market growth. The increasing awareness about vision care can offer major opportunities for the global vision care market growth.
Across the globe, vision loss is considered to be the major health challenge. In the in years to come, with the increasing occurrence of eye disease among the aging population, the prices of vision loss is also expected to rise significantly. Decreasing eye care treatment rate is one of the key factors hampering the growth of the vision care market
As per the World Health Organization (WHO) estimates, worldwide 285 million people are visually impaired across the globe. Out of these, 246 million people have low vision and 39 million people are blind. The burden of low vision or impaired vision is high on state agencies and impacts socio-economic growth of a country. For instance, in emerging nations such as Sub-Sahara, Africa, and India, 60% of individual suffer from vision-associated problems. Such high percentage of individuals with vision-associated problems drive the demand for vision care products.
The emergence of COVID-19 has brought the world to a halt. This health crisis has brought an unprecedented effect on businesses across industries. Increasing support from numerous companies and governments can help in the fight against this extremely contagious disease. There are some industries that are stressed and some are thriving. Overall, almost each segment is expected to be stuck by the pandemic.
TABLE 1: GLOBAL VISION CARE MARKET OVERALL SNAPSHOT
The global vision care market is segmented based on product type, distribution channel, and region.
FIGURE 2: GLOBAL VISION CARE MARKET SEGMENTATION
Global Vision Care Market, by Product Type
Based on product type, the vision care market is segmented into eye glasses, contact lens, intraocular lens (IOLs), and others. The intraocular lens segment is further sub segmented into traditional/monofocal IOLs, premium IOLs, and phakic IOLs. The intraocular lens segment holds the largest market share in 2021, and is expected to remain the largest market during the forecast period. The growth of intraocular lens segment can be attributed to increasing in number of cataract surgeries across the globe. Globally, North America and countries such as India and Japan are propelling the intraocular lens market growth. The ocular health is anticipated to grow at a slower rate on account of the lower awareness in underdeveloped countries and a lower rate of diagnosis of ocular health diseases like dry eye.
The eye glasses segment is anticipated to boost the market growth during the forecast period. The eye glasses segment is further sub segmented into single vision eyeglasses, bifocal eyeglasses, and progressive eyeglasses. This eye glasses market trend is owed to the extensive product offering of varying price range offered by local and leading manufacturers. In addition, the increase in the incidence of ocular disease is anticipated to augment the development of eye glasses market segment in the forecast period.
Global Vision Care Market, by Distribution Channel
Based on distribution channel, the vision care market is segmented into retail stores, e-commerce, clinics and hospitals. The e-commerce segment is the fastest growing segment in 2021, and is expected to remain fastest growing segment during the forecast period. There is a surge in the preference of e-commerce websites compared to the mortar channel and traditional brick for buying and sealing products. This is attributed to the increasing advantages offered by online channels, like free home delivery, and discounts, etc. This key trend is expected to positively affect the development of online stores in the market segment.
In addition, e-commerce websites also allow users to write and read reviews about products, improving the customer journey, and supporting them to use e-commerce distribution channels. The increasing popularity of the online distribution channel has resulted in a remarkable rise in the number of online eyewear start-ups globally, such as Hubble, Eyewa, and Ace & Tate.
Additionally, the retail stores segment in the vision care market is also expected to boost the market growth during the forecast period. The segment growth can be attributed to increased availability of vision care products through retail stores.
Global Vision Care Market, by Region
Based on region, the vision care market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is a largest regional market in 2021, and anticipated to remain largest segment in the forecast period. The growth is attributed to technological advancements and high spending on healthcare from both individuals, and government account for substantial share of the North America vision care market.
Asia Pacific is a fastest growing segment in 2021, and anticipated to remain fastest growing segment during the forecast period. Increasing awareness of eye health, upgrade of healthcare infrastructure, and extreme use of electronic devices in emerging countries of the region are expected to positively impact the Asia Pacific vision care market. Europe is expected to boost the market growth in the forecast period. On account of favorable medical reimbursement policies, government-run healthcare is driving the Europe vision care market.
TABLE 2: GLOBAL VISION CARE MARKET OVERVIEW
FIGURE 2: GLOBAL VISION CARE MARKET (USD MILLION), 2021–2030
Recent Developments in the Global Vision Care Market
- September, 2019- Johnsons and Johnson’s vision sector introduced TECNIS Synergy Lol, an intraocular lens that offers continuous vision correction
- September, 2019- Johnson and Johnson’s vision sector introduced the ACUVUE line of Revitalens multi-purpose disinfecting solution for contact lens
- August, 2019- CooperVision introduced a soft contact lens recycling program in collaboration with TrraCycle to surge its sustainability efforts
- August, 2019- The U.S. FDA approved Coopervision’s Paragon Contact lens production site in Phoenix, U.S.
- July, 2018- Carl Zeiss introduced the first sunglass to offer 400nm UV protection
What Does This Report Provide?
This report provides a detailed understanding of the global vision care market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global vision care market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
- Eye Glasses
- Single Vision Eyeglasses
- Bifocal Eyeglasses
- Progressive Eyeglasses
- Contact Lens
- Specific Care
- Single Vision
- Progressive Lenses
- Activity Lenses
- Intraocular Lens
- Traditional/Monofocal IOLs
- Premium IOLs
- Phakic IOLs
- Contact Lens Solutions
- Artificial Tears
- Retail Stores
North America Vision Care Market
- North America, by Country
- North America, by Product Type
- North America, by Distribution Channel
Europe Vision Care Market
- Rest of Europe
- Europe, by Product Type
- Europe, by Distribution Channel
Asia Pacific Vision Care Market
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Product Type
- Asia Pacific, by Distribution Channel
Middle East and Africa Vision Care Market
- Middle East and Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Middle East and Africa, by Product Type
- Middle East and Africa, by Distribution Channel
South America Vision Care Market
- South America, by Country
- Rest of South America
- South America, by Product Type
- South America, by Distribution Channel
Major Companies: The key players operating in the global vision care market are Coopervision, Essilor Group, Johnson & Johnson, Luxottica, Novartis, Valeant Pharmaceuticals, Bausch and Lomb, Menicon, Paragon Vision Sciences, and Carl Zeiss.
Objectives of this Report:
- To estimate the market size for the vision care market on a regional and global basis
- To identify major segments in the vision care market and evaluate their market shares and demand
- To provide a competitive scenario for the market with major developments observed by the key companies in the historic years
- To evaluate the key factors governing the dynamics of the vision care market with their potential gravity during the forecast period
- To evaluate the leading company-wise pricing analysis for the mentioned applications
Key Questioned Answered in the Study:
- What are major growth drivers and market trends that are impacting the global vision care market?
- What is the market size both in terms of value and volume for the global vision care market?
- Who are the leading market players and who are the new market players that operate in the global market with an estimated market share?
- What are the future investment pockets and opportunities in the global vision care market?
- Major list of customers and potential futuristic customer list along with an estimated buying volume
- Impact of COVID-19 on the global vision care market
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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