Vision Care Market 2024 - viable Growth Strategy And huge Industry Improvement Till 2032

The global vision care market was valued at USD 62.30 billion in 2022 and is projected to experience steady growth, with a revenue CAGR of 3.5% expected during the forecast period. The demand for vision care products is rising, driven by technological innovations and an increasing prevalence of eye disorders worldwide.

Market Drivers: Technological Advancements and Increasing Eye Disorders
One of the key factors contributing to the growth of the vision care market is the development of advanced products like smart contact lenses. These lenses, equipped with sensors, can monitor health conditions such as blood glucose levels and intraocular pressure. In addition to this, new technologies such as gene therapy, artificial intelligence (AI), and 3D printing are beginning to be applied in vision care, further propelling market growth.

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The growing number of individuals with eye disorders is another major factor driving demand. According to the World Health Organization (WHO), there are 2.2 billion people globally with vision impairment, of which over 1 billion cases could have been prevented or treated. The rising prevalence of conditions such as cataracts and diabetic retinopathy, along with growing awareness, is expected to support continued market expansion.

3D printing is also revolutionizing the field, with the ability to produce biosynthetic corneas that closely resemble human tissue. As AI continues to advance, it is further expected to integrate into the development of vision care products.

Dominant Product: Eyeglasses
Eyeglasses represent the largest segment in the vision care market, driven by the global aging population and the growing need for vision correction in conditions like presbyopia, a common vision problem for individuals over the age of 40. The wide variety of styles, materials, and price points for eyeglasses makes them an accessible option for consumers worldwide.

Intraocular Lenses (IOL): Steady Growth Driven by Surgical Advances
The market for intraocular lenses (IOL) is anticipated to grow steadily, largely due to the increasing number of cataract surgeries. Corneal blindness, which affects approximately 10 million people globally, is commonly addressed through cataract surgery, and the use of premium IOLs is becoming more widespread. Advances such as Femtosecond Laser-Assisted Cataract Surgery (FLACS) have made the procedure more precise and less invasive, improving patient outcomes.

Application Segments: Glaucoma and Diabetic Retinopathy
Glaucoma is expected to account for a significant share of the vision care market during the forecast period. Recent advancements in glaucoma surgery, such as minimally invasive techniques and robotic systems, are making procedures more precise and safer, increasing the adoption of these treatments.

Diabetic retinopathy, another key segment, is projected to see moderate growth due to the rising incidence of diabetes. The International Diabetes Federation (IDF) estimated that 537 million people were affected by diabetes in 2021. Diabetes is a major risk factor for retinopathy, a condition responsible for about 4.8% of global blindness cases. New treatments, including anti-VEGF injections and laser therapies, are improving outcomes for individuals with diabetic retinopathy.

End-Use Segments: Hospitals and Eye Clinics
The increasing number of surgeries, particularly for cataracts and glaucoma, is driving demand in the hospital and eye clinic segments. These facilities are seeing higher admissions due to advancements in surgical procedures and growing healthcare expenditures.

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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.

Some major players included in the global vision care market report are:

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 Updates

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 Market Segmentation 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)

Contact Lens
Eye Glasses
Intraocular Lens
Others

Application Outlook (Revenue, USD Billion; 2019-2032)

Glaucoma
Amblyopia
Diabetic Retinopathy
Dry Eyes

End-Use Outlook (Revenue, USD Billion; 2019-2032)

Hospitals
Eye Clinics
Ambulatory Surgical Centers (ASCs)

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Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa

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