Vision Care Market Size Worth USD 87.99 Billion in 2032 | Emergen Research

The global vision care market size was USD 62.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.5% during the forecast period. In a recent analysis, the global vision care market is projected to experience robust growth, fueled by the increasing demand for surgical procedures and notable technological advancements.

Key Market Drivers:

One of the significant advancements is the development of smart contact lenses, equipped with sensors to monitor eye health parameters like blood glucose levels and intraocular pressure. These lenses represent a breakthrough in vision care technology, promising improved management of conditions such as diabetes and glaucoma.

Additionally, the market is witnessing a surge in the prevalence of eye disorders globally, with over 2.2 billion people affected by vision impairment. Awareness and interventions, including cataract treatment and the use of corrective eyewear, have helped mitigate vision loss for over 1 billion individuals.

Technological innovations, including AI and 3D printing, are revolutionizing the production of vision care products, enhancing their efficacy and accessibility.

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Market Restraints:

Despite the promising growth prospects, challenges such as high product costs and complex manufacturing processes hinder market expansion. Moreover, the lack of awareness regarding the importance of regular eye check-ups presents a barrier to market growth.

Segment Insights:

• Eye Glasses Segment Dominance: Eyeglasses remain the most widely used vision care product, particularly among the aging population facing age-related vision issues like presbyopia. The availability of diverse styles and price ranges contributes to the segment's dominance.

• Steady Growth for Intraocular Lens Segment: The rise in cataract surgeries propels the demand for intraocular lenses, with advanced options offering improved vision correction. Technological advancements, including Femtosecond Laser-Assisted Cataract Surgery (FLACS), contribute to the segment's steady growth trajectory.

• Glaucoma Segment Leadership: The increasing prevalence of glaucoma drives demand for advanced treatment options. Technological innovations, such as minimally invasive surgical procedures and robotic systems, enhance the efficacy and safety of glaucoma surgeries, consolidating the segment's market share.

• Moderate Growth for Diabetes Retinopathy Segment: With the escalating diabetes epidemic, the demand for diabetic retinopathy treatments is on the rise. Advancements in therapies, such as intravitreal injections and laser treatments, contribute to the segment's moderate growth.

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End-Use Insights:

Hospitals, eye clinics, and Ambulatory Surgical Centers (ASCs) serve as key end-users in the vision care market. The increasing healthcare expenditure and government initiatives drive the adoption of vision care services, particularly for cataract and glaucoma surgeries.

Collaborative Efforts to Drive Innovation:

Partnerships between industry leaders, such as the collaboration between Vision Care Group and ThinkCyte, propel the development of innovative solutions for retinal diseases. Such collaborations leverage expertise in cellular therapies and cutting-edge technologies like AI to advance treatment options and improve patient outcomes.

Outlook:

The vision care market is poised for substantial growth, driven by technological advancements, rising prevalence of eye disorders, and collaborative initiatives. Continued focus on innovation, affordability, and accessibility will be pivotal in addressing market challenges and meeting the evolving needs of global consumers.

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Vision Care Top Companies and Competitive Landscape

The global vision care market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more vision care solutions.

• Bausch & Lomb Incorporated
• Johnson & Johnson Services, Inc.
• ZEISS
• CooperVision
• Novartis AG
• Alcon
• EssilorLuxottica
• RODENSTOCK GMBH
• Hoya Corporation
• SAFILO GROUP S.P.A

Vision Care Latest Industry News

• On 2 February 2023, NIDEK announced its partnership with HOYA Vision Care to provide ECPs with a suite of advanced optical instruments and products, enabling to deliver seamless patient care from examination to lens delivery. This collaboration seeks to enhance ECPs' businesses and patient offerings through innovative solutions and exceptional product quality. This partnership empowers ECPs to provide their patients with the most advanced eye and vision examination equipment, ensuring exceptional visual quality and performance.

• On 22 November 2022, Alcon acquired Aerie Pharmaceuticals, Inc., strengthening its position in the ophthalmic pharmaceutical sector by expanding its product portfolio and development pipeline. This acquisition brings Alcon the commercial product Rocklatan (netarsudil and latanoprost ophthalmic solution), along with a promising pipeline of ophthalmic pharmaceutical product candidates, leveraging Aerie's established research and development expertise. This acquisition will enhance Alcon's product portfolio by adding several new ophthalmic products.

Vision Care Segment Analysis

For the purpose of this report, Emergen Research has segmented the global vision care market on the basis of product type, application, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o Contact Lens
o Eye Glasses
o Intraocular Lens
o Others

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Glaucoma
o Amblyopia
o Diabetic Retinopathy
o Dry Eyes

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Hospitals
o Eye Clinics
o Ambulatory Surgical Centers (ASCs)

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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