Vision Care Market Insights: Size, Share, Growth Analysis & Forecast (2024 – 2029)
The market report provided a comprehensive analysis segmented by Type (Glass Lenses, Contact Lenses, Intraocular Lenses, Contact Solutions, LASIK Equipment, Artificial Tears); by Distribution Channel (Retail Stores, Online Stores, Clinics, Hospitals); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Outlook
- The vision care market is estimated to be at USD 71,186.94 Mn in 2024 and is anticipated to reach USD 88,075.24 Mn in 2029.
- The vision care market is registering a CAGR of 4.35% during the forecast period of 2024-2029.
- The global vision care market is growing due to increased demand for eyeglasses, contact lenses, and eye health products, fueled by factors like an aging population and higher rates of digital screen use. Vision care solutions such as corrective lenses, eye surgeries, and preventive care products are essential for addressing common eye issues like myopia, hyperopia, and astigmatism.
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Ecosystem
- The participants in the global vision care industry are always developing their strategies to preserve a competitive advantage.
- These companies focus on customization and addressing specific vision needs, contact lens recycling programs, and innovation, particularly in intraocular lenses (IOLs) for cataract surgery, disposable lenses, and multifocal options that cater to various consumer needs, ensuring a strong foothold in the global market.
- Several important entities in the vision care market include Johnson & Johnson; The Cooper Co., Inc.; Bausch Health Co., Inc.; Essilor Luxottica; Novartis International AG; and others.
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Findings
| Attributes | Values |
|---|---|
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 71,186.94 Mn |
| Market Size (2029) | USD 88,075.24 Mn |
| Growth Rate | 4.35% CAGR from 2024 to 2029 |
| Key Segments | Type (Glass Lenses, Contact Lenses, Intraocular Lenses, Contact Solutions, LASIK Equipment, Artificial Tears); Distribution Channel (Retail Stores, Online Stores, Clinics, Hospitals); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | Johnson & Johnson; The Cooper Co., Inc.; Bausch Health Co., Inc.; Essilor Luxottica; Novartis International AG |
| Key Countries | The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | North America |
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Trends
- Rise in Smart Eyewear Adoption: The integration of technology with eyewear, such as smart glasses equipped with augmented reality (AR) and fitness tracking, is rapidly gaining popularity. These advanced glasses offer immersive experiences by overlaying digital information onto the real world and monitoring health metrics in real-time, enhancing both productivity and personal well-being. With applications ranging from navigation and notifications to exercise tracking and hands-free communication, they represent a significant leap forward in wearable tech innovation.
- Emergence of Tele-Optometry: The rise of telemedicine has reached the vision care sector, with tele-optometry services offering online eye exams and prescription renewals. This trend is particularly relevant in the post-pandemic era, where remote healthcare services are becoming more common. Enhanced by advanced imaging technology and secure digital platforms, tele-optometry is revolutionizing access to vision care.
- Sustainability in Vision Care Products: Environmental sustainability is a growing focus in the vision care industry. Many companies are launching eco-friendly eyewear products and contact lenses made from recycled materials. For example, in 2022, Bausch + Lomb introduced a contact lens recycling program to reduce plastic waste, aligning with consumer preferences for environmentally responsible products.
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Catalysts
- Aging Population and Associated Vision Disorders: The aging global population is a major driver of the vision care market, as older adults are increasingly prone to vision disorders like cataracts, glaucoma, and age-related macular degeneration (AMD). This demographic shift is fueling demand for advanced diagnostic tools, innovative treatments, and enhanced care solutions tailored to age-related vision challenges. As life expectancy rises, the need for effective, accessible vision care services and products continues to grow, shaping the future of the industry.
- Increased Digital Device Usage: The growing use of smartphones, computers, and other digital devices has led to increased cases of digital eye strain, also known as computer vision syndrome. As digital device usage continues to escalate, there is a rising demand for preventive measures and treatments, including specialized eyewear, ergonomic adjustments, and regular eye exercises to mitigate these effects.
- Government Initiatives and Investments: Governments worldwide are investing in eye care infrastructure to improve access to vision care, particularly in underserved regions. For example, in 2021, the Indian government launched the National Program for Control of Blindness to provide free eye care services, increasing demand for vision correction products and services.
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Restraints
- High Costs of Advanced Vision Care Solutions: The high cost of advanced vision care products and treatments, such as multifocal lenses, LASIK surgery, and prescription eyewear, poses a significant barrier to accessibility for many individuals. This financial strain can limit access to essential eye care, particularly for those without comprehensive insurance coverage or financial means. As a result, there is a growing emphasis on developing more affordable options and expanding insurance benefits to improve accessibility and ensure equitable vision care for all.
- Limited Access to Eye Care Services in Rural Areas: Despite advancements in eye care, access to quality vision care services remains limited in rural and underdeveloped regions. A lack of trained professionals, inadequate infrastructure, and insufficient awareness about vision care contribute to this challenge. In 2022, the World Health Organization reported that over 1 billion people globally live with vision impairments due to lack of access to proper eye care.
- Environmental Impact of Disposable Vision Care Products: The rising use of disposable contact lenses and packaging waste from vision care products is contributing to environmental concerns. Manufacturers are under pressure to develop sustainable solutions, but implementing eco-friendly practices remains a challenge due to cost and technical constraints.
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Table of Contents
| 1. Introduction 1.1. Research Methodology 1.2. Scope of the Study 2. Market Overview / Executive Summary 2.1. Global Vision Care Market (2018 – 2022) 2.2. Global Vision Care Market (2023 – 2029) 3. Market Segmentation 3.1. Global Vision Care Market by Type 3.1.1. Glass Lenses 3.1.2. Contact Lenses 3.1.3. Intraocular Lenses 3.1.4. Contact Solutions 3.1.5. LASIK Equipment 3.1.6. Artificial Tears 3.2. Global Vision Care Market by Distribution Channel 3.2.1. Retail Stores 3.2.2. Online Stores 3.2.3. Clinics 3.2.4. Hospitals 4. Regional Segmentation 4.1. North America 4.1.1. The US 4.1.2. Canada 4.1.3. Mexico 4.2. South America 4.2.1. Brazil 4.2.2. Argentina 4.2.3. Colombia 4.2.4. Chile 4.2.5. Rest of South America 4.3. Asia Pacific 4.3.1. China 4.3.2. India 4.3.3. Japan 4.3.4. South Korea 4.3.5. Rest of Asia Pacific 4.4. Europe 4.4.1. The UK 4.4.2. Germany 4.4.3. Italy 4.4.4. France 4.4.5. Spain 4.4.6. Rest of Europe 4.5. The Middle East 4.5.1. Turkey 4.5.2. UAE 4.5.3. Saudi Arabia 4.5.4. Rest of the Middle East 4.6. Africa 4.6.1. Egypt 4.6.2. South Africa 4.6.3. Rest of Africa 5. Value Chain Analysis of the Global Vision Care Market 6. Porter Five Forces Analysis 6.1. Threats of New Entrants 6.2. Threats of Substitutes 6.3. Bargaining Power of Buyers 6.4. Bargaining Power of Suppliers 6.5. Competition in the Industry 7. Trends, Drivers and Challenges Analysis 7.1. Market Trends 7.1.1. Market Trend 1 7.1.2. Market Trend 2 7.1.3. Market Trend 3 7.2. Market Drivers 7.2.1. Market Driver 1 7.2.2. Market Driver 2 7.2.3. Market Driver 3 7.3. Market Challenges 7.3.1. Market Challenge 1 7.3.2. Market Challenge 2 7.3.3. Market Challenge 3 8. Opportunities Analysis 8.1. Market Opportunity 1 8.2. Market Opportunity 2 8.3. Market Opportunity 3 9. Competitive Landscape 9.1. Johnson & Johnson 9.2. The Cooper Co., Inc. 9.3. Bausch Health Co., Inc. 9.4. Essilor Luxottica 9.5. Novartis International AG 9.6. Company 6 9.7. Company 7 9.8. Company 8 9.9. Company 9 9.10. Company 10 |
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Vision Care Market – FAQs
1. What is the current size of the vision care market?
Ans. In 2024, the vision care market size is USD 71,186.94 Mn.
2. Who are the major vendors in the vision care market?
Ans. The major vendors in the vision care market are Johnson & Johnson; The Cooper Co., Inc.; Bausch Health Co., Inc.; Essilor Luxottica; Novartis International AG.
3. Which segments are covered under the vision care market segments analysis?
Ans. The vision care market report offers in-depth insights into Type, Distribution Channel, and Geography.