Global Vision Care Market Report and Forecast 2023-2031

Global Vision Care Market Report and Forecast 2023-2031

Global Vision Care Market Outlook

The global vision care market size attained a value of USD 63.1 billion in 2022, driven by the significant increase in the usage of electronic devices. The market is expected to grow at a CAGR of 3% during the forecast period of 2023-2031 to attain a value of USD 82.4 billion by 2031.

Vision Care: Introduction

Vision care refers to the maintenance and enhancement of eye health and visual function through various practices, products, and services. It encompasses a range of activities aimed at preventing vision problems, diagnosing, and treating eye conditions, and providing corrective measures to improve visual acuity and overall eye health.

The uses of vision care include:

Eye Examinations: Vision care involves regular eye examinations conducted by optometrists or ophthalmologists. These examinations assess visual acuity, screen for refractive errors (e.g., myopia, hyperopia), detect and manage eye diseases (e.g., glaucoma, cataracts), and evaluate overall eye health. Routine eye exams are essential for early detection and prevention of vision problems.
Prescription Eyewear: Vision care provides corrective measures for refractive errors and other visual impairments. Prescription eyeglasses and contact lenses are prescribed based on the individual's visual needs, correcting near sightedness, farsightedness, astigmatism, or presbyopia. These corrective lenses improve visual acuity and enhance the quality of daily activities, such as reading, driving, and using digital devices.
Ophthalmic Surgeries: Vision care encompasses various surgical procedures performed by ophthalmologists to correct vision problems or treat eye conditions. This may include refractive surgeries (e.g., LASIK, PRK) to permanently reshape the cornea and reduce dependence on glasses or contact lenses, cataract surgeries to remove cloudy lenses and replace them with artificial intraocular lenses, or surgeries to address eye conditions like glaucoma or retinal disorders.
Eye Health Promotion: Vision care promotes eye health and emphasizes preventive measures to maintain good vision. This includes raising awareness about the importance of regular eye examinations, providing education on eye safety and proper eye care practices, and encouraging lifestyle modifications to reduce the risk of vision-related conditions (e.g., wearing protective eyewear, managing screen time, maintaining a healthy diet).
The benefits of vision care include:

Improved Visual Function: Vision care interventions, such as prescription eyewear or corrective surgeries, significantly enhance visual acuity and clarity, enabling individuals to see more clearly and perform daily tasks with greater ease and efficiency.
Early Detection and Treatment of Eye Conditions: Regular eye examinations as part of vision care facilitate early detection and treatment of eye diseases or conditions. Early intervention helps prevent or delay the progression of vision loss and allows for timely management of conditions that may have long-term implications for eye health.
Enhanced Quality of Life: Vision care contributes to an improved quality of life by optimizing visual function and reducing the impact of vision problems on daily activities, productivity, and overall well-being. Clear and comfortable vision allows individuals to engage fully in work, education, social interactions, and recreational activities.
Eye Health Maintenance: Vision care emphasizes preventive measures and encourages healthy practices that promote good eye health. This includes managing risk factors, maintaining a balanced diet rich in eye-healthy nutrients, protecting the eyes from injury or harmful ultraviolet (UV) rays, and being proactive in seeking regular eye care to monitor and maintain optimal eye health.
By prioritizing regular eye examinations, adopting appropriate corrective measures, and following recommended eye care practices, vision care aims to preserve and optimize visual function, promote eye health, and enhance the overall quality of life for individuals of all ages.

Vision Care Market Segmentations

The market can be categorised into product type, indications, treatment type, end user, distribution channel, and region.

Market Breakup by Product Type

Eyeglasses
Single Vision
Bifocal
Progressive
Contact Lens
Personalized/Custom
Specific Care
Single Vision
Progressive Lenses
Activity Lenses
Intraocular Lens
Traditional/Monofocal
Premium
Phakic
Others
Market Breakup by Indications

Refractive Error
Glaucoma
Diabetic Retinopathy
Amblyopia
Dry Eyes
Others
Market Breakup by Treatment Type

Surgery
Laser Therapy
Medications
Others
Market Breakup by End User

Eye Hospitals
Ophthalmology Clinics
Ambulatory Surgery Centres
Others
Market Breakup by Distribution Channel

Online Stores
Retail Stores
Others
Vision Care Market Breakup by Region

North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Italy
Others
Asia Pacific
China
Japan
India
ASEAN
Australia
Others
Latin America
Brazil
Argentina
Mexico
Others
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
South Africa
Others
Vision Care Market Scenario

The vision care market has witnessed steady growth and is expected to continue expanding in the coming years. Several factors contribute to the positive market scenario.

Firstly, the increasing prevalence of vision disorders and eye conditions, such as myopia, hyperopia, presbyopia, and cataracts, drives the demand for vision care products and services. Factors such as aging populations, lifestyle changes, and increased screen time contribute to the rising incidence of these conditions. As a result, there is a growing need for vision correction solutions and eye care services, including prescription eyewear, contact lenses, and ophthalmic surgeries.

Secondly, technological advancements have significantly impacted the vision care market. Innovations in lens materials, design, and manufacturing techniques have led to the development of more advanced and comfortable eyewear options. This includes the introduction of high-index lenses, aspheric lenses, and progressive lenses that provide enhanced vision correction and aesthetics. Additionally, the advancement of contact lens technologies, such as silicone hydrogel lenses and daily disposables, has improved comfort and convenience for contact lens wearers.

Moreover, the increasing adoption of refractive surgeries, such as LASIK (laser-assisted in-situ keratomileusis), has contributed to the growth of the vision care market. LASIK and other laser eye surgeries offer a permanent vision correction solution for individuals with refractive errors, reducing their reliance on glasses or contact lenses.

Furthermore, the growing awareness and emphasis on preventive eye care have propelled market growth. Regular eye examinations, early detection of eye conditions, and the promotion of eye health contribute to the increased demand for eye care services. With a greater emphasis on overall well-being and proactive healthcare, individuals are seeking comprehensive eye care to maintain good vision and prevent vision-related complications.

Additionally, the expansion of distribution channels, such as e-commerce platforms and online eyewear retailers, has enhanced accessibility to vision care products. Consumers have greater convenience and a wider range of choices when purchasing eyewear or contact lenses, which has further fuelled market growth.

However, challenges such as high costs associated with certain vision care procedures, affordability issues, and the lack of access to eye care in certain regions remain. Efforts to address these challenges, improve access to affordable vision care, and raise awareness about the importance of regular eye examinations will be crucial for the continued growth of the vision care market.

In conclusion, the vision care market is expected to experience sustained growth due to the increasing prevalence of vision disorders, technological advancements, emphasis on preventive eye care, and expanding distribution channels. With a focus on innovation, accessibility, and quality eye care services, the market is poised for further expansion in the future.

Key Players in the Global Vision Care Market

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the vision care market are as follows:

CooperVision
Essilor
Johnson & Johnson Vision Care, Inc.
LUXOTTICA GROUP
Novartis AG
Bausch & Lomb Incorporated
Menicon Co., Ltd.
Carl Zeiss AG
EssilorLuxottica
Zydus Cadila
Rayner Intraocular Lenses Limited
GrandVision
Blanchard Lab
CHEMIGLAS CORP
Fielmann AG