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Vision Care Devices and Equipment: A Global Market Overview for 2024
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According to The Business Research Company's, The vision care devices and equipment market size has grown rapidly in recent years. It will grow from $30.69 billion in 2023 to $33.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to eye health awareness, aging population, fashion and aesthetics, increased screen time.
The vision care devices and equipment market size is expected to see strong growth in the next few years. It will grow to $49.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to digital eye strain, aging demographics, myopia management, sustainable and eco-friendly products. Major trends in the forecast period include smart eyewear, customized and 3d-printed eyewear, ai-powered eye examinations, teleophthalmology.
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Market Drivers and Trends:
The rising use of electronic devices is a continuous driver for the growth of the vision care devices and equipment market. Usage of laptops, mobiles, PCs, and other electronic devices has increased in day-to-day life, which is the major factor responsible for eye-related problems. According to a survey by Deloitte, Americans collectively check their phones over 8 billion times per day. On average, every person spends about five hours daily browsing the internet and using apps.
Technological advancement in vision care devices has transformed eye care. Vision technology has witnessed some great scientific breakthroughs and innovations in the past few years and these advances are rapidly changing the future of those with chronic eye conditions. The innovation includes DriveSafe lenses with anti-glare coating to help with poor driving conditions, photochromic contact lenses that block the sun's harmful UV rays, and blue light blocking glasses among others. Major companies such as Johnson & Johnson Vision have invested in adaptive lenses.
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Major Key Players of the Market:
Essilor International, Johnson & Johnson, Carl Zeiss AG, The Cooper Companies, Novartis AG, Bausch & Lomb, Nidek Co.Ltd., Valeant Pharmaceuticals International Inc., Luxottica Group SpA, Escalon Services, Tomey Corporation, CIBA Vision Corporation, Visionix Ltd., Potec, LuxVisions Innovation Limited, Heine Optotechnik, Luneau Technology Operations SAS, Heidelberg Engineering Inc., Huvitz Technologies, STAAR Surgical Company, Swiss Advanced Vision, Visioneering Technologies Inc., Rayner Intraocular Lenses Limited, Jiangsu Hongchen Optical Co. Ltd., Alcon, Hoya Corporation, Topcon Corporation, Carl Zeiss Meditec AG, Lumenis Ltd., Ellex Medical Pty Ltd., Abbott Medical Optics, Canon Medical Systems, Haag-Streit AG, Optovue Inc., Quantel Medical SAS, VisionCare Devices LLC, Med-Logics Inc., Advanced Vision Science Inc., Eyenovia Inc., HumanOptics Holding AG, Clearside Biomedical Inc.
Vision Care Devices And Equipment Market 2024 Key Insights:
• The vision care devices and equipment market size is expected to see strong growth in the next few years. It will grow to $49.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Electronic Device Dependency Is Fueling The Surge In Vision Care Devices And Equipment Market
• Technological Advancements In Vision Care Devices And Equipment Market
• North America was the largest region in global vision care devices and equipment market in 2023
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