The Vision Care Market is expected to cross USD 238 billion by 2032 at a CAGR of 4.3% during the forecast period 2023-2032
The Vision Care market is a dynamic and rapidly evolving sector, driven by the growing awareness of the importance of eye health and advancements in Vision Care Devices. As individuals become more conscious of the impact of modern lifestyles on their eyes, the demand for comprehensive eye care solutions continues to rise.
Eye care, a crucial aspect of overall health, encompasses a range of preventive and corrective measures. Vision Care Devices play a pivotal role in this domain, addressing issues such as refractive errors, vision impairment, and eye diseases. These devices include eyeglasses, contact lenses, and various diagnostic tools aimed at maintaining and enhancing visual acuity.
The prevalence of digital screens in daily life has contributed to an increase in eye-related problems, leading to a surge in the adoption of Vision Care Devices. Smart eyewear, designed to protect the eyes from harmful blue light emitted by screens, has gained popularity. Additionally, innovations in contact lens technology, such as those addressing dry eyes and providing UV protection, have further expanded the market.
The Vision Care market is not only focused on corrective measures but is increasingly emphasizing preventive strategies. Regular eye check-ups, early diagnosis of eye conditions, and the promotion of overall eye health are becoming integral components of the Vision Care industry.
Major Key Players:
Some of the Vision Care Companies are Cadila Healthcare (Zydus Pharmaceuticals, Inc.), Johnson Johnson Services, Inc., Rayner Surgical Group Limited (Rayner Intraocular Lenses Limited), Menicon, Carl-Zeiss-Stiftung (Carl Zeiss). ESSILORLUXOTTICA, Bausch Health (Bausch Lomb Incorporated), The Cooper Companies, Inc (Cooper Vision), NOVARTIS AG.
Segment Analysis
The global vision care market is segmented by product type, indication, treatment, and end-user.
The global vision care market based on product type is broadly segmented into a contact lens, eyeglasses, intraocular lens (IOL), contact lens solutions, and others.
Contact lenses are used as an aid to improve the physical make-up of a person and an alternative to glasses. Contact lenses are sub-segmented into the corrective lens, therapeutic lens, cosmetic, and lifestyle-oriented lens. These type of contact lenses are available as per the customization of color and design patterns along with the power of the lenses
Eyeglasses held the largest share in the global vision care market. This segment is further segmented into sunglasses, bifocal, single vision, and progressive.
By indication, it is segmented into glaucoma, diabetic retinopathy, refractive error, amblyopia, dry eyes, and others.
Refractive error held the largest share of the global vision care market in 2018. It is a condition of the eye wherein it cannot focus the images from the objects.
Diabetic retinopathy, on the other hand, is the fastest-growing segment owing to the rising prevalence of diabetes. For instance, in India the prevalence of diabetes is rising at faster rate and is expected to reach an alarming mark of about 69.9 million by the year 2025.
The global vision care market based on treatment is segmented into medication, surgery, and others. The surgery segment is estimated to have the largest share in the global vision care market. The surgery segment is sub-segmented into cataract surgery, cornea transplant, and vitrectomy. The high success rates of surgeries and efforts by eye care specialists to repair vision disorders can drive the segment growth rate. On the other hand, laser therapy is a non-invasive procedure and takes the least time compared to other procedures. This can drive its growth in the global eye care market till 2023.
The global vision care market based on end user is segmented into optical stores, eye hospitals clinics, ambulatory surgery centers, and others. Eye hospitals and clinics hold the largest market share owing to the rising number of eye care hospitals and clinics. On the other hand, optical stores are the fastest-growing segment owing to the easy accessibility to vision care products and services and a large customer base.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East Africa.
The Americas is anticipated to hold the largest market share owing to the increasing awareness about advanced vision care procedures. The vision care market is divided into the Americas has further been branched into North America and Latin America, with the North American market being divided into the US and Canada.
The vision care market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is anticipated to hold the largest market share owing to the increasing number of increasing geriatric population and rising adoption of technological advancements in developing regions. The European vision care market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The vision care market in the Middle East Africa has been divided into the Middle East and Africa.
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