Global Vision Care Industry: Key Statistics and Insights in 2024-2032
Summary:
- The global vision care market size reached USD 71.6 Billion in 2023.
- The market is expected to reach USD 93.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032.
- North America leads the market, accounting for the largest vision care market share.
- Glass lenses account for the majority of the market share in the product type segment as they offer excellent ultraviolet (UV) protection, shielding the eyes from harmful ultraviolet rays.
- Retail stores hold the largest share in the vision care industry.
- The rising aging population is a primary driver of the vision care market.
- The increasing prevalence of eye disorders and technological advancements are reshaping the vision care market.
Industry Trends and Drivers:
- Aging Population:
The growing demand for vision care among the geriatric population, as they are more prone to age-related eye conditions, such as cataracts, macular degeneration, and glaucoma, is offering a favorable market outlook. As life expectancy increases, the demand for comprehensive eye care services and products, including regular eye examinations, corrective lenses, and surgical interventions, rises. This is creating opportunities for healthcare providers, ophthalmologists, and optometrists to offer specialized services catering to the unique vision needs of older adults, thereby driving market growth. Apart from this, there is an increase in the focus on geriatric care and preventive measures that encourages regular eye health assessments, reinforcing the importance of vision care as an essential aspect of overall health for the aging population.
- Rising Prevalence of Eye Disorders:
The increasing prevalence of eye disorders due to lifestyle changes, such as increased screen time, poor dietary habits, and a lack of outdoor activities, among individuals is propelling the market growth. Conditions like myopia are becoming more common, especially among children and young adults. The rising number of eye disorders is catalyzing the demand for corrective lenses, contact lenses, and surgical procedures like laser-assisted in situ keratomileusis (LASIK) among the masses around the world. In line with this, the growing need for eye care solutions on account of the increasing awareness among individuals about the impact of digital eye strain and computer vision syndrome is offering a favorable market outlook.
- Technological Advancements:
Innovations in diagnostic equipment, such as optical coherence tomography (OCT) and digital retinal imaging, allow for earlier and more accurate detection of eye conditions. Furthermore, the development of advanced surgical techniques, like minimally invasive (MI) cataract surgery and laser eye procedures, aid in enhancing patient outcomes and satisfaction. Advancements in eyewear, including smart glasses and customizable contact lenses, are also expanding market offerings. These technologies not only improve the effectiveness of treatments but also cater to the growing demand for personalized and high-quality eye care solutions. As technology continues to evolve, it is expected to play a crucial role in improving accessibility, affordability, and overall patient experience in vision care.
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Vision Care Market Report Segmentation:
Breakup By Product Type:
- Glass Lenses
- Contact Lenses
- Intraocular Lenses
- Contact Solutions
- LASIK Equipment
- Artificial Tears
Glass lenses account for the majority of shares as they offer excellent ultraviolet (UV) protection, shielding the eyes from harmful ultraviolet rays.
Breakup By Distribution Channel:
- Retail Stores
- Online Stores
- Clinics
- Hospitals
Retail stores dominate the market due to the rising focus on enhanced convenience and brand visibility.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position owing to a large market for vision care driven by the presence of advanced healthcare infrastructure.
Top Vision Care Market Leaders:
The vision care market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Johnson & Johnson Services, Inc.
- CooperVision, Inc. (Cooper Companies, Inc.)
- Bausch Health Companies, Inc.
- Essilor International
- Novartis International AG
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