Vision Care Devices

Vision Care Devices

The vision care devices market encompasses a wide range of products and services aimed at addressing various vision-related issues. This market includes eyeglasses, contact lenses, refractive surgery, and other vision enhancement technologies. With the growing global population and increasing prevalence of vision problems, the vision care devices market has witnessed significant growth in recent years. One of the key drivers of the vision care devices market is the rising incidence of vision problems, such as myopia, hyperopia, astigmatism, and presbyopia, which are often associated with factors like genetics, lifestyle changes, and increased screen time. As a result, the demand for corrective eyewear solutions has been steadily rising, leading to a surge in the sales of eyeglasses and contact lenses globally. In addition to corrective eyewear, the market for protective eyewear, such as sunglasses and safety glasses, has also been witnessing significant growth. With increasing awareness about the harmful effects of UV radiation on eye health, consumers are increasingly opting for sunglasses with UV protection to shield their eyes from the sun's rays.

The Vision Care Devices Market is expected to grow at a strong CAGR of 8% during the forecast period owing to increasing geriatric population. The rising geriatric population is one of the key driver in the vision care devices market. As humans age, their eyes become more susceptible to developing conditions like cataracts, macular degeneration, and glaucoma. According to the National Eye Institute, cataracts affect over half of all Americans by age 80. Moreover, the older person is also at a higher risk of developing glaucoma. According to HealthinAging, around 5% of people age 65 and older develop glaucoma and 10 percent of those age 80 and older develop it. The elderly population may also require specialized vision care devices like magnifiers, low-vision aids, or devices with enhanced contrast to help them perform daily activities. For instance, a 2022 report by the Administration for Community Living (ACL), part of the US government, highlights that nearly half of all adults aged 80 and over in the United States experience vision impairment. This translates to a significant demand for vision care products and services to maintain their independence and quality of life. As the global population ages, the demand for vision care devices is expected to surge, creating a strong market for companies catering to this growing demographic.

• Based on the type, the market is segmented into intraocular lens, glaucoma drainage devices, contact lenses, ophthalmic lasers, and others. The intraocular lens segment held a dominant share of the market in 2022. Intraocular lenses (IOLs) are vision care devices that are implanted within the eye to replace the natural lens after its removal during cataract surgery or to correct refractive errors. The segment is growing due to several factors, such as the rise in the ophthalmic issues, growing cases of cataracts in the diabetic population, and rising adoption of advanced premium IOLs. According to the American Academy of Ophthalmology, in 2021, myopia, an eye-focusing disorder, was a significant, prevalent disease that affected an estimated 25% of Americans. Moreover, the rising number of product launches is also driving the market growth during the forecast period. For instance, in January 2023, Bausch + Lomb has completed the acquisition of AcuFocus, a privately owned ophthalmic medical device company. This acquisition gives Bausch + Lomb access to AcuFocus's innovative small aperture non-toric extended depth of focus (EDOF) intraocular lens (IOL) technology, currently available in Australia and New Zealand.
• By application, the market is categorized into surgeries, diagnosis, and eye care. Eye care segment is anticipated to grow with significant CAGR during the forecast period. A rising need by the general public to correct and improve their vision due to increasing eye problems, increasing geriatric population, and many other factors are expected to increase the sales of vision care products during the forecast period. Moreover, consumption of poor diet and lack of focus on health are some of the other factors because of which the demand for vision care products and services is expected to increase.
• On the basis of end-user, the market is segmented into hospitals, optical centers, and others. In 2022, the hospitals segment held a substantial market share of over 50.0% due to the high volume of cataract and vision repair surgeries conducted within these facilities. As developing regions witness a significant rise in independent ophthalmic clinics, which are not affiliated with hospitals, the competition among eye care service providers is expected to intensify. These clinics, along with an increasing number of eye care practitioners, may attract patients with their competitive pricing, ultimately driving the growth of this segment.
• For a better understanding of the market adoption of the limb prosthetics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America held the dominant share of the market and is expected to do so even in the forecast period. North America is expected to hold a significant market share in the studied market over the forecast period, owing to an increase in vision-related disorders, high adoption of new technologies and products in the healthcare sector, and a surge in demand for better healthcare facilities. Additionally, the increasing prevalence of cataract issues, such as age-related cataracts and congenital cataracts, is anticipated to propel the market's growth over the forecast period. According to statistics published by NVision Centers, in 2022, it was found that about 12 million people aged 40 years and above were suffering from vision impairment in the United States. Similarly, as per the May 2021 update by Fighting Blindness Canada, 1.2 million Canadians were living with vision loss in 2021. As per the same source, 8 million Canadians had an eye condition that could result in blindness. Hence, the market is anticipated to develop due to the rising frequency of eye illnesses and the increased need for intraocular lenses.
• Some of the major players operating in the market include Johnson & Johnson; EssilorLuxottica; NIDEK CO., LTD; Ziemer Ophthalmic Systems AG; Bausch + Lomb; ZEISS Group; Tomey Corporation; Alcon; CooperVision, and VisionCare Devices.