Vision Care Market 2030 By Product Type (Contact Lens, Eyeglasses, Intraocular Lens, Contact lens solutions, and Others), Indication (Refractive error, Glaucoma, Diabetic Retinopathy, Amblyopia, Dry Eyes, and Others), Treatment, End Users, and Regional - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 180 Pages | Published On : Dec 2023
Vision Care Market had an initial valuation of USD 173.5 billion in 2022, and it is estimated to witness growth from USD 180.49205 billion in 2023 to reach USD 238 billion by 2030. This growth reflects a steady compound annual growth rate (CAGR) of 4.3% throughout the forecast period from 2023 to 2030. One of the primary factors driving this market expansion is the increasing awareness among patients about the advantages of vision care.
Vision Care Market Trends
Unhealthy diets and a surge in chronic illnesses are contributing factors to visual impairment, leading to partial or complete loss of vision. This has led to a heightened demand for eye care products worldwide. Many international organizations are focusing on research and development projects to introduce more effective products, offering multiple product variations with improved quality and service to expand their customer base. Furthermore, the thriving e-commerce sector and increased awareness of UV-related visual impairment are also propelling market growth. Leading players in the industry are concentrating on leveraging advanced technology to prevent visual impairment. Additionally, novel therapies such as gene therapy, computer-assisted ophthalmology, and stem cell therapy are factors contributing to the growth of the Vision Care Market.
Moreover, according to the National Highway Traffic Safety Administration (NHTSA), there were 3,142 fatal incidents resulting in loss of life due to distracted driving in the US in 2020. NHTSA also reported that nearly 8% of fatal accidents in 2020 were caused by distracted driving. Similarly, according to insights from the World Health Organization (WHO), drivers using mobile phones while behind the wheel are four times more likely to be involved in accidents. Similarly, data from the Indian Road Transport Ministry in 2016 showed that 4,746 individuals were injured due to distracted driving. These accidents often result in critical injuries to the cervical and spine region. Consequently, these factors are expected to enhance the global CAGR of the Vision Care market in recent years.
Vision Care Market Segment Insights:
Vision Care Product Type Insights
The global Vision Care market is categorized by product type, which includes Contact Lens, Eyeglasses, Intraocular Lens, Contact lens solutions, and Others. In 2022, the anterior Vision Care segment claimed the majority share, contributing approximately 65-67% to the global Vision Care market revenue. This dominance is primarily attributed to the wide range of products with varying cost options offered by both leading and local manufacturers, which significantly drives the market growth of the Vision Care industry.
Vision Care Indiacation Insights
When it comes to indication-based segmentation, the global Vision Care market encompasses Refractive error, Glaucoma, Diabetic Retinopathy, Amblyopia, Dry Eyes, and Others. In 2022, the glaucoma segment was the market leader, and it is expected to be the fastest-growing segment during the forecast period from 2023 to 2030. This growth can be attributed to the increasing prevalence of eye-related diseases and the rising elderly population, which is expected to have a positive impact on market expansion.
Vision Care Treatment Insights
Regarding treatment options, the global Vision Care industry is divided into Surgery, Laser Therapy, and Medication. Laser therapy held the largest share of the segment in 2021. This is because of the rapid adoption of advanced Vision Care laser therapy techniques and the availability of skilled medical personnel. Additionally, the growth of this segment is expected to be supported by increasing government initiatives aimed at enhancing healthcare infrastructure and the rising number of Vision Care surgeries during the assessed timeline.
Vision Care Regional Insights
The study offers market insights categorized by region, focusing on North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, the North America Vision Care market reached a valuation of USD 74.952 billion and is anticipated to experience a significant compound annual growth rate (CAGR) during the study period. This growth is attributed to the increasing elderly population and the presence of numerous prominent market players in the region.
Furthermore, the market report delves into the analysis of major countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Vision Care Key Market Players & Competitive Insights
Prominent players in the Vision Care market are heavily investing in research and development to expand their product offerings, contributing to the continued growth of the industry. These market participants are also implementing various strategic initiatives to extend their global presence. Key developments include launching new products, forming contractual agreements, engaging in mergers and acquisitions, increasing investments, and collaborating with other organizations. In an increasingly competitive and dynamic market environment, competitors in the Vision Care sector must provide cost-effective solutions to expand their market share and remain competitive.
A primary business strategy adopted by manufacturers in the global Vision Care industry to benefit customers and enhance their market presence is local manufacturing, aimed at reducing operational costs. In recent years, the Vision Care industry has delivered significant advancements in eye care. Major players in the Vision Care market, such as ESSILORLUXOTTICA (France), Bausch Health (Canada) (Bausch & Lomb Incorporated), The Cooper Companies Inc (US) (Cooper Vision), NOVARTIS AG (Switzerland), Cadila Healthcare (India) (Zydus Pharmaceuticals Inc.), among others, are actively working to stimulate market demand through substantial investments in research and development activities.
For instance, Novartis AG is a Swiss multinational pharmaceutical corporation headquartered in Basel, Switzerland, and Cambridge, Massachusetts, United States. It ranks as one of the largest pharmaceutical companies globally, with its operations divided into three main divisions: Innovative Medicines, Sandoz (generics), and Alcon (eyecare).
Similarly, Bausch Health Companies Inc. is a Canadian multinational specialty pharmaceutical company situated in Laval, Quebec, Canada. The company specializes in the development, manufacturing, and marketing of pharmaceutical products and branded generic drugs, particularly in the fields of skin diseases, gastrointestinal disorders, eye health, and neurology.
Key Companies in the Vision Care market includes
- ESSILORLUXOTTICA (France)
- Bausch Health [Canada] (Bausch & Lomb Incorporated)
- The Cooper Companies Inc [US] (Cooper Vision)
- NOVARTIS AG (Switzerland)
- Cadila Healthcare [India] (Zydus Pharmaceuticals Inc.)
- Johnson & Johnson Services Inc. (US)
- Rayner Surgical Group Limited [UK] (Rayner Intraocular Lenses Limited)
- Menicon (Japan)
- Carl-Zeiss-Stiftung [Germany] (Carl Zeiss), among others
In August 2019, CooperVision initiated a recycling program for soft contact lenses in partnership with TerraCycle, as part of their sustainability initiatives.
In August 2019, the United States Food and Drug Administration (U.S FDA) granted approval to CooperVision for its Paragon contact lens manufacturing facility located in Phoenix, U.S.
In April 2021, Johnson & Johnson Vision, a global leader in eye health and a division of the Johnson & Johnson Medical Devices Companies, announced a strategic global collaboration with Menicon, a prominent manufacturer of innovative contact lenses. This collaboration is a significant component of Johnson & Johnson Vision's broader commitment to lead through scientific innovation and contribute to shaping the future of myopia management. It aims to introduce a new range of products and services designed to address the progression of myopia in children.
Vision Care Market Segmentation:
Vision Care Product Type Outlook
- Contact Lens
- Intraocular Lens
- Contact lens solutions
Vision Care Indication Outlook
- Refractive error
- Diabetic Retinopathy
- Dry Eyes
Vision Care Treatment Outlook
- Laser Therapy
Vision Care End User Outlook
- Eye Hospitals & Clinics
- Ambulatory Surgery Center
- Optical Stores
Vision Care Regional Outlook
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
Table and Figures
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