Vision Care Market

Market Overview:

The global vision care market size reached US$ 71.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032. The easy and improved access to healthcare services, growing awareness campaign to educate individuals regarding the importance of eye health, and emerging technological advancements in contact lenses, eyeglass frames, and lens materials are some of the major factors propelling the market.

Vision Care Market Analysis:

• Market Growth and Size: The global vision care market is experiencing steady growth, driven by the rising awareness about eye health and the increasing prevalence of vision-related disorders.
• Major Market Drivers: Key factors include the growing global incidences of visual impairments and disorders, such as myopia, hyperopia, and astigmatism, coupled with advancements in eye care, including innovative contact lenses and eyewear.
• Key Market Trends: There is a noticeable shift towards personalized eye care solutions and the adoption of smart eyewear technology that integrates digital advancements with traditional vision correction tools.
• Geographical Trends: North America dominates the market, driven by high healthcare expenditure, advanced medical infrastructure, and the strong presence of leading market players. However, Asia Pacific is emerging as a fast-growing market, attributed to a large population base, increasing disposable incomes, and heightened awareness of eye health needs.
• Competitive Landscape: Partnerships and mergers and acquisitions (M&As) are prevalent strategies among key players, aiming to expand their product portfolios, enhance their geographical presence, and leverage new technologies to meet evolving individual expectations.
• Challenges and Opportunities: Major challenges include regulatory hurdles, high costs associated with eye care treatments, and the need for continuous innovation to address the diverse needs of the population. Nonetheless, opportunities in the growing elderly population, the global rise in eye health awareness, and technological advancements in vision care products are projected to overcome these challenges.
   

Vision Care Market Trends/Drivers:

The easy access to healthcare services

The increasing improvement in healthcare services in the vision care market is influencing the vision care industry growth. In addition, governments and healthcare organizations are enhancing access to vision care services with numerous initiatives such as establishing vision care clinics in remote and underserved areas, conducting eye health awareness campaigns, and integrating eye care services into primary healthcare systems, thus contributing to the market growth. Moreover, the integration of telemedicine and online consultation platforms has made it possible for individuals to seek professional advice from ophthalmologists and optometrists without the need for physical appointments representing another major growth-inducing factor. This digital transformation in healthcare is benefitting individuals who face geographical barriers or mobility challenges. Besides this, collaborations between non-governmental organizations (NGOs), private healthcare providers, and international agencies are resulting in community-based eye care programs focusing on early detection and treatment of common vision problems, thus preventing avoidable vision impairments, which is propelling the market growth.

The growing awareness regarding the importance of eye health

The importance of eye health with the rising awareness campaigns is compelling individuals to prioritize their visual well-being. These campaigns are essential in educating individuals about the significance of regular eye check-ups, early detection of eye conditions, and adopting healthy practices to maintain optimal eye health. In addition, awareness campaigns are reaching audiences through various channels, including social media, traditional media outlets, community events, and educational programs thus contributing to the market growth. Also, the educational campaigns provide information about common eye conditions such as myopia, astigmatism, and age-related macular degeneration, while highlighting the potential risks associated with prolonged screen time and inadequate protective measures thus augmenting the market growth. Moreover, individuals are now inclined to schedule regular eye examinations, and early detection of eye conditions allows for timely interventions, minimizing the risk of vision loss and preserving visual acuity which represents another major growth-inducing factor. Furthermore, these campaigns emphasize the importance of ultraviolet (UV) protection for the eyes, fostering the use of sunglasses and other protective eyewear.

The emerging technological advancements

The market is witnessing a rapid influx of technological advancements that are transforming the field of eye care. These innovations include various aspects of vision correction, eyeglass frames, contact lenses, and lens materials, contributing to enhanced visual experiences and improved eye health. Moreover, the development of advanced materials that offer greater comfort, breathability, and longer wear times represents another major growth-inducing factor. For instance, silicon hydrogel lenses allow for increased oxygen permeability, reducing the risk of eye dryness and irritation. Along with this, the integration of smart technologies into contact lenses holds the potential to monitor intraocular pressure and provide real-time data for individuals with conditions such as glaucoma, thus augmenting the market growth. Besides this, eyeglass frames are undergoing remarkable advancements, combining style with functionality with lightweight and durable materials, such as titanium and memory metals, to offer comfort and longevity are propelling the market growth. Furthermore, three-dimensional (3D) printing technology allows the creation of customizable frames catering to individual preferences and facial structures, thus creating a positive market outlook.

Vision Care Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vision care market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on product type and distribution channel.

Breakup by Product Type:

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

Glass lenses represents the most popular product type

The market analysis has provided a detailed breakup of the market based on the product type. This includes glass lenses, contact lenses, intraocular lenses, contact solutions, LASIK equipment, and artificial tears. According to the report, glass lenses accounted for the largest market share.

Glass lenses also known as eyeglasses or spectacles are driven by the traditional and widely used vision correction solution. They offer various designs and coatings to address refractive errors like myopia, hyperopia, and astigmatism due to their durability, scratch resistance, and affordability to individuals seeking reliable and cost-effective visual correction. Additionally, glass lenses offer excellent ultraviolet (UV) protection, shielding the eyes from harmful ultraviolet rays which enhances eye health, thus contributing to the market growth.

Besides this, contact lenses are available in numerous types, including soft, rigid gas permeable (RGP), and specialty lenses. It addresses numerous refractive errors and conditions, including myopia, hyperopia, astigmatism, and presbyopia. Along with this, intraocular lenses are primarily used in cataract surgery to replace the eye's natural lens which are artificial lenses implanted to restore clear vision after cataract removal. Furthermore, artificial tears are lubricating eye drops used to alleviate dryness, discomfort, and irritation in the eyes which are beneficial for individuals with dry eye syndrome, which can result from environmental conditions, aging, and prolonged screen time.

Breakup by Distribution Channel:

• Retail Stores
• Online Stores
• Clinics
• Hospitals
   

Retail stores presently accounts for the largest market share

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes retail stores, online stores, clinics, and hospitals. According to the report, retail stores accounted for the largest market share.

Retail stores offer unparalleled accessibility to consumers seeking vision care products. In addition, these stores are strategically positioned in urban and rural locales, ensuring easy availability for a numerous clientele. It facilitates convenience and enhances the brand's visibility, fostering trust and familiarity among consumers.

Moreover, retail stores provide a tactile and immersive shopping experience, allowing customers to interact directly with products which are essential in the vision care sector. Also, consumers can examine eyewear, try on frames, and consult knowledgeable staff, thereby making informed decisions that align with their optical needs and preferences thus contributing to the market growth.

Furthermore, the comprehensive nature of retail stores engenders a one-stop solution for all vision care requirements. These establishments include various eyeglasses, contact lenses, and accessories under a single roof which simplifies the shopping journey and resonates with consumers seeking convenience and variety.

Breakup by Region:

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

North America exhibits a clear dominance in the market

The market analysis has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.  According to the report, North America accounted for the largest market share.

North America market is driven by the growing healthcare infrastructure, characterized by advanced medical facilities and cutting-edge technologies. In addition, the increasing eye care centers, equipped with state-of-the-art diagnostic tools and treatment options are contributing to exceptional patient care.

Moreover, the growing emphasis on research and innovation is essential resulting in collaborations between renowned medical institutions, optometry schools, and pharmaceutical companies yielding groundbreaking advancements in ocular health.

Besides this, consumers are willing to invest in premium eye care services and products, and the increasing public awareness campaigns and government support for preventive eye care initiatives are fostering a culture of proactive ocular health management to ensure sustained demand for vision care services, thus accelerating market growth.

Competitive Landscape:

At present, key players in the market are strategically implementing various measures to strengthen their positions and remain competitive in a rapidly evolving industry. These efforts encompass innovation, expansion, strategic partnerships, and a focus on customer-centric approaches. Additionally, companies are investing in research and development (R&D) to introduce innovative products that address emerging trends and consumer needs including advanced contact lens materials, lens coatings, and design options to enhance comfort, visual clarity, and eye health. Moreover, they are embracing digital platforms and e-commerce channels to engage with customers directly and provide convenient purchasing options. Online platforms allow customers to order contact lenses, eyeglasses, and related products with ease. Also, digital tools are used to offer virtual try-on experiences, aiding customers in selecting frames and lenses that suit their preferences. Furthermore, key players are focusing on providing personalized solutions by offering customization options for eyewear and contact lenses which allows customers to choose frame styles, lens coatings, and prescription options that cater to their individual preferences and needs.

The vision care market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Johnson & Johnson Services, Inc.
• CooperVision, Inc. (Cooper Companies, Inc.)
• Bausch Health Companies, Inc.
• Essilor International
• Novartis International AG

Recent Developments:

• In December 2022, Johnson & Johnson Services, Inc, announced the availability of ACUVUE Abiliti 1-day soft therapeutic lenses for myopia management, which is a daily wear, single-use, disposable lens with the potential to slow the progression of myopia in children who are 7 to 12 years old at the start of treatment.
• In August 2022, Cooper Vision Inc, launched Beyond the Limbus master's training for scleral lens fitters which offers master's training for intermediate and advanced scleral lens fitters and basic training for support staff and ECPs.
• In June 2023, Bausch Health Companies, Inc.’s subsidiary Bausch + Lomb Corporation entered into a definitive agreement with Novartis to acquire XIIDRA (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop especially approved to treat the signs and symptoms of dry eye disease (DED) focusing on inflammation associated with dry eye.

Vision Care Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vision care market from 2018-2032
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global vision care market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vision care industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.