Global Vision Care Market- By Product (Eyewear, Intraocular Lens, and Ocular Health), By Treatment (Surgery, Laser Therapy, and Medication), By Indication (Refractive Error, Diabetic Retinopathy, Glaucoma, Dry Eyes, Amblyopia, and Other Indications), By Distribution Channel (Retail Store, Hospitals & Clinics, and Online Stores), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2032

Report Overview

Global Vision Care Market size is expected to be worth around USD 113.8 Billion by 2032 from USD 74.9 Billion in 2023, growing at a CAGR of 5% during the forecast period from 2024 to 2032.

The eye is an essential part of the body that helps to process visual information and provides vision. Therefore, the treatment and care of the eyes are part of vision care. Products for eye care include everything from contact lenses to eyeglasses or sunglasses.

Products such as intraocular lenses, spectacles, sunglasses, and ocular health products are part of the highly fragmented market for vision care. The global vision care industry has numerous national and international players. The growing popularity of spectacles as a fashion accessory is one of the trends in the vision care market. In addition, the prevalence of ocular diseases is also witnessing an increase across the globe. For instance, the WHO projects that billions of new cases of myopia will be worldwide.

In addition, there has been a rise in the use of sunglasses as an eye care product due to increased awareness of ocular diseases brought on by UVB and UVA rays.

Key Takeaways

• Market Size: Vision Care Market size is expected to be worth around USD 113.8 Billion by 2032 from USD 74.9 Billion in 2023
• Market Growth: The market growing at a CAGR of 5% during the forecast period from 2024 to 2032.
• Product Analysis: Eyewear segment, estimated to hold the majority of the total market share with the largest revenue share of 72%.
• Treatment Analysis: Laser therapy held the largest share of 49% in 2023.
• Regional Analysis: North America is anticipated to continue leading the market with a revenue share of 39.4%.
• Rising Demand: Growing screen time and digital device usage are driving demand for blue light filtering lenses and protective eyewear.
• Regulatory Support: Favorable regulations and increased healthcare spending are supporting market expansion.
• Emerging Markets: Significant growth is expected in emerging markets due to increasing awareness and accessibility to vision care products and services.

Product Analysis

The Eyewear Segment Is Estimated to Retain Its Leading Position at The End of the Forecast Period

The market can be sectioned into eyewear, intraocular lens, and ocular health. Spectacles, contact lenses, and sunglasses further divide the eyewear market. During the forecast period, steady growth is anticipated in the eyewear category, estimated to hold the majority of the total market share with the largest revenue share of 72%. After the forecast period, the eyewear sector segment is anticipated to hold the leading position.

This trend in the vision care market is because leading and local manufacturers offer a wide range of products at various price points. In addition, the prevalence of ocular diseases is anticipated to boost this market segment’s expansion during the forecast period.

Furthermore, the vision care market is expected to expand because of the rising demand for contact lenses in Asia-Pacific and Latin America. Due to the lower prices offered by local players in the region and the increasing accessibility of sunglasses in emerging nations, demand has increased. Additionally, a significant unmet need for sunglasses exists in the Middle East, Africa, and Latin America.

Treatment Analysis

Laser Therapy Held the Largest Segment Share of the Market

The global market for vision care has been divided into three treatment categories: surgery, laser therapy, and medication. Due to the availability of skilled medical personnel and the rapid adoption of advanced Vision Care laser therapy, laser therapy held the largest share of 49%. In addition, the segment’s expansion is estimated to be aided by an increasing number of Vision Care surgeries and government initiatives to enhance the healthcare infrastructure.

Indication Analysis

The Glaucoma Segment Dominated the Market

Refractive error, diabetic retinopathy, glaucoma, dry eyes, amblyopia, and other indications are included in the global Vision Care market segmentation based on the indication. However, the glaucoma category dominated the market, which is expected to expand faster during the forecast period owing to the rising number of eye diseases in the elderly population, which is expected to help the market grow.

Distribution Channel

The Retail Store Segment Is Projected To Retain Its Leading Position During The Forecast Period

Retail stores, online stores, and hospitals and clinics are market segments. During the forecast period, the retail stores are anticipated to generate the most revenue in the vision care market. Therefore, during the forecast period, the retail store segment is anticipated to maintain its lead position. It is expected that the primary factor behind the segment’s growth is the increased availability of vision care products through retail stores. E-commerce websites, on the other hand, are increasingly being favored over the conventional brick-and-mortar shopping method.

The growth in the vision care market is attributed to the benefits like free home delivery, discounts, and a virtual look at the products offered by online channels. It is estimated that this trend will positively impact the expansion of online stores selling vision care products.

Key Market Segments

Based on Product

• Eyewear
• Spectacles
• Sunglasses
• Contact Lens
• Intraocular Lens
• Ocular Health

Based on Treatment

• Surgery
• Laser Therapy
• Medication

Based on Indication

• Refractive Error
• Diabetic Retinopathy
• Glaucoma
• Dry Eyes
• Amblyopia
• Other Indications

Based on Distribution Channel

• Retail Store
• Hospitals & Clinics
• Online Stores

Drivers

A Rising Case of Cataract Will Result in the Growth of the Intraocular Lenses Segment

The intraocular lens segment is expected to grow due to increased cataract cases worldwide. According to several published research articles, India and the United States lead the world in annual cataract surgeries. This trend is expected to encourage using intraocular lenses in vision care products. Cataracts account for 50% of the world’s blindness, according to the World Health Organization. In addition, there is an increase in the number of cataract cases as the elderly population grows in both developing and developed nations.

In addition, there is a growing awareness of cataract disorders in nations like Japan and India. Therefore, favorable reimbursement policies are anticipated to boost the market in developed countries for cataract surgeries. Furthermore, head intraocular focal points give better and improved vision contrasted with conventional ones. During the forecast period, the market’s growth is also anticipated to be aided by an increase in the geriatric population.

Restraints

Distortion of Vision Caused by Glasses

If the wearer has astigmatism, they may experience distortion of vision. There is likewise trouble to find in the sides of the glasses, and the issue will generally increment with lower eye power. These are just a few of the things that could make it hard to buy eye care products.

Expansion in the Instances of Eye Disease as a Result of Contact Focal Point

The most widely recognized issue related to the use of contact focal points is dry eye. Additionally, debris and other allergens can accumulate if the contact lenses are not cleaned properly. In extreme cases, contact lens handling errors also result in eye ulcers. Therefore, the sales of eye care products may be seriously harmed.

Trends

Various Organizations Focus On Research and Development Projects to Introduce More Efficient Products

The rise in the number of desktop workers, increasingly sedentary lifestyles, and rising pollution levels are the primary factors propelling market expansion. The ability to write, see, and read are all aided by your visual acuity. A person’s ability to work and communicate with others is also impacted by it. However, there is a significant rise in the number of people with visual impairments like retinal detachment, cataracts, conjunctivitis, and glaucoma.

Sedentary lifestyles, rising pollution levels, and an aging population are all possible causes. As a result, more and more ointments, pills, and eye drops are being developed and manufactured worldwide.

A diet that isn’t healthy and a higher rate of chronic illness can worsen the associated visual impairment and cause partial or complete vision loss. As a result, there is an increase in global demand for eye care products. In order to introduce more effective products, many international organizations concentrate on research and development projects. To increase their customer base, they also provide a variety of product variations with enhanced service and quality. In addition, the market expansion is being driven by the flourishing e-commerce sector and increased awareness of UV-related visual impairment.

Using cutting-edge technology to prevent visual impairment is a primary focus of some of the industry’s leading players. The Vision Care Market is also expanding because of new treatments such as computer-assisted ophthalmology, gene therapy, and stem cell therapy.

Regional Analysis

North America Dominates the Global Vision Care Market During the Forecast Period

North America is anticipated to continue leading the market with a revenue share of 39.4%. The increased use of vision care products is anticipated to accelerate market expansion in the region. The market in North America is expected to be driven by factors like favorable reimbursement for a preference for premium eye care products, cataract surgery, and increased awareness of the ocular disease. In addition, the growing use of spectacles will further fuel the growth of the market.

However, it is anticipated that Asia Pacific will rank second with regard to revenue in the worldwide market. During the forecast period, the region of APAC is expected to expand at a higher CAGR. The region’s greater prevalence of ocular diseases is attributed to the higher volume share in the market.

In addition, it is anticipated that the use of vision care products will rise in the coming years due to rising disposable incomes in the developing nations of the Asia-Pacific region and the increased availability of less expensive products from regional manufacturers.

In addition, countries in the Asia-Pacific region consistently rank among the best for cataract surgeries. It is anticipated that this is precisely the reason for the rising use of intraocular lenses during cataract surgery. In Latin America, the market for vision care is expected to expand steadily, while the MEA market is expected to grow at a slower rate. In Latin America, it is anticipated that one of the primary drivers of the vision care market is the unmet demand for eye care.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Alcon Is the Leading Player in The Market and Is Estimated to Retain Its Position During the Forecast Duration

There are a lot of local and international players in the global market for vision care. However, Alcon is anticipated to maintain its position as the market leader throughout the forecast period. The company is expected to maintain its position due to increased partnership strategies, investment in vision care products, and technological innovations. In addition, the company has solid strategic plans to target developing and developing nations.

Listed below are some of the most prominent global vision care market players.

Market Key Players

• Alcon
• Essilor
• CooperVision
• Johnson & Johnson Vision
• Bausch Health Companies Inc.
• GrandVision
• Menicon Co., Ltd.
• Safilo Group
• Other Key Players

Recent Developments

• Acquisition (April 2024): Alcon acquired Innovative Vision Technologies in April 2024, aiming to expand its portfolio of advanced vision care solutions. This acquisition is expected to enhance Alcon’s product offerings and strengthen its position in the global vision care market.
• Essilor (March 2024): Essilor launched its new line of blue light filtering lenses, EyeProtect Plus, in March 2024. This product aims to reduce eye strain and protect against digital screen exposure, catering to the growing demand for digital eye protection.
• CooperVision (January 2024): CooperVision merged with Advanced Contact Lens Technologies in January 2024. This merger is designed to combine expertise and resources, aiming to drive innovation in contact lens technology and expand market reach.
• Johnson & Johnson Vision (February 2024): Johnson & Johnson Vision introduced Acuvue Oasys Max, an advanced daily disposable contact lens, in February 2024. This new product offers improved moisture retention and UV protection, enhancing comfort for wearers.
• Bausch Health Companies Inc. (May 2024): Bausch Health Companies Inc. acquired VisionCare Inc. in May 2024. This acquisition aims to broaden Bausch Health’s product range in vision care and enhance its technological capabilities in treating eye conditions.
• GrandVision (March 2024): GrandVision completed a merger with OptiRetail Group in March 2024. This strategic merger aims to expand their retail footprint and improve customer access to high-quality vision care products and services globally.

Report Scope