The vision care market is expected to expand at a decent CAGR of 7.2% during the forecast period. The valuation of the vision care market as of 2023 isUSD89,596 million, and the market is projected to be valued atUSD1,78,930.9 million by 2033.
A rising need by the general public to correct and improve their vision due to increasing eye problems, increasing geriatric population, and many other factors are expected to increase the sales of vision care products during the forecast period.
| Attributes | Value |
|---|---|
| Vision Care Market Valuation (2023) | USD 89,596 million |
| Vision Care Market Projected Size (2033) | USD 1,78,930.9 million |
| Vision Care Market Anticipated CAGR (2023 to 2033) | 7.2% |
There has been a rapid increase in the adoption of electronic devices. People tend to use such devices for long hours at a stretch. This has ultimately led to more and more people suffering from eye-related issues, mainly Asthenopia, as a result of which people have started adopting vision care products, especially vision care eye drops and vision care capsules.
Moreover, consumption of poor diet and lack of focus on health are some of the other factors because of which the demand for vision care products and services is expected to increase. Because of the consumption of a poor diet, more and more people have started suffering from partial or full vision. The reason is that the necessary nutrients are not supplied to the eyes, and consequently, people start availing themselves of vision services.
Additionally, vision care products are now much more accessible than ever. Thanks to such a strong logistics and supply chain network, vision care products like spectacles, cooling glasses, etc., can be transported within no time within a region or from one country to another country. This is also anticipated to increase the sales of vision care products during the forecast period.
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The numbers suggest that the demand is expected to surge during the coming times. The historical CAGR (2018 to 2022) was 6.4%, and the anticipated CAGR was 7.2%. Though a slight increase, the prevalence of increasing eye diseases among people from all walks of life is expected to drive the demand for vision care products.
Because of increasing cases pertaining to cataracts and glaucoma, there has been an increase in patients visiting vision care hospitals. Based on data released by WHO, more than 4.5 million people are blind due to glaucoma. This is worrisome and has compelled patients with glaucoma to take proactive steps.
This is expected to show positive trends in the vision care industry. The increase in cataract cases is expected to drive the intraocular lens segment.
Increasing Geriatric Population
With the increase in age, the eye lens becomes relatively rigid, because of which people find it difficult to focus on objects placed nearby. This condition is called presbyopia and is common among people over 70.
The usage of a bifocal or progressive lens generally corrects this. This is expected to increase the sales of vision care products during the forecast period.
Technological Advancements
If we talk about the key driver of the vision care industry, technological advancements are happening in this sector. The implementation of nanotechnology in vision care is expected to revolutionize the market.
Nanotechnology is employed to measure eye pressure for treating retina-based problems and aiding patients in speedy recovery from glaucoma. Moreover, robots are employed along with human intelligence for the precise placement of surgical tools during eye surgery.
The retina that gets damaged is replaced by artificial retinas containing electrodes. This might surge the demand for vision care products in the future.
Increasing Initiatives to Raise Awareness
Be it the ruling authorities or the big companies, they are taking various steps to increase awareness about vision care products and services.
WHO and the International Agency for the Prevention of Blindness (IAPB) collaborated with the Indian government to develop VISION 2020. They also organized the World Sight Day and various other events.
The aim was to increase awareness regarding various problems related to the eyes and the steps to be taken to maintain healthy eyes. This might as well increase the sales of vision care products during the forecast period.
Increasing Eye Problems Among the Youth
With the majority of work revolving around laptops and other electronic devices, there has been an increase in eye-related issues among the youth. WHO estimated that nearly 2.2 billion suffer from eye impairment, and the youth form a decent share of this huge number.
It has been observed that people in the age group of 20 to 40 years mainly suffer from refractive error. This is expected to increase the demand for vision care products.
Increase in the Adoption of Contact Lenses
There has been an increased adoption of contact lenses. Contact lens is generally preferred by people involved in laborious activities like sports.
The reason is that they offer a complete view instead of a limited view covered by the spectacles, are less susceptible to dirt, and there is a lower risk of damage to the lens. This might well increase the sales of vision care products during the forecast period.
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Distortion of Vision Because of Spectacles
There can be a vision distortion if the wearer has astigmatism. There is also difficulty in seeing the sides of the glasses, and the problem tends to increase with lower eye power. These are some of the factors that pose challenges to the demand for vision care products.
Increase in the Cases of Eye Infection Because of Contact Lens
The most common problem associated with using contact lenses is the dry eye. Moreover, if the contact lenses are not maintained cleanly, they can lead to different forms of allergies, like accumulation of debris.
In extreme cases, there have also been eye ulcers because of improper handling of contact lenses. This can pose a serious threat to the sales of vision care products.
| Segment | Spectacle Lenses |
|---|---|
| Market Share % (2022) | 40.8% |
Based on the product type, the spectacle lens segment has a massive vision care market share of more than 40.8% in the vision care industry. The rising cases of refractive error problems, coupled with an increase in the cases of astigmatism, are currently driving this segment.
As per data released by WHO, there were around 88.4 million cases of uncorrected refractive error and nearly 826 million cases of unaddressed presbyopia worldwide. This as well represents a huge opportunity for the spectacle lens segment.
Based on the market research conducted by FMI, the non-prescription segment is expected to have a healthy market share during the forecast period.
Previously, the only way to acquire vision care products was through prescription. This was mainly because as patients had no prior knowledge of the eye issues, they had to consult an eye specialist and then take the prescribed medication.
However, the flexibility of healthcare setups and OTC platforms has enabled patients to purchase vision care products without any prescription. Thus, people can purchase spectacles, contact lenses, and other eye drops without visiting any vision care hospital.
The easier access and higher availability of vision care products in the retail hypermarket/superstore is why this channel is preferred. Besides that, the consumer wanting to show more involvement while purchasing the related product has driven the sales of vision care products through this channel.
However, with the increasing penetration of the internet and massive discounts offered by online players, the e-commerce segment is expected to dominate the market by the end of the forecast period.
| Regions | Market Share % (2022) |
|---|---|
| North America | 33.8% |
| Europe | 30% |
Higher technological advancements, increasing ocular disease, and favorable reimbursement policy by the government might make the North American vision care industry the largest during the forecast period.
Additionally, people in North America have easy access to all recent medical facilities; as a result, people find it easier to access such services.
However, Asia Pacific is expected to be the fast-growing vision care market. Rapid urbanization, rapid technological advancements, and increasing investments by the ruling authorities are expected to drive the vision care industry. Moreover, the availability of generic products, because of the involvement of local players, is expected to reduce the cost of these devices automatically. This as well is anticipated to increase the demand for vision care products in the region.
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As per the research conducted by FMI, the United States vision care market is expected to hold a market share of more than 29.5% in 2023. The growing geriatric population, government-supportive policies, and increasing eye disease cases among people across age groups are expected to drive the market.
According to the Centers for Disease Control and Prevention, nearly 12 million aged above 40 in the United States suffer from vision impairment. This has been attributed to the increasing cases of diabetes in the region. To ensure that the situation remains under control, awareness programs are being launched by the government and various corporate houses.
The key players are making use of modern technologies to develop the best possible products. Apart from that, the rapid growth of the e-commerce sector is expected to drive the market in the United States.
The United States is expected to be the leading country in North America, with a market share of 33.8% globally.
As per the research conducted by FMI, the Indian vision care industry is expected to expand at a CAGR of 8.4% during the forecast period.
With rapid urbanization, people have started leading sedentary lifestyles. Because of this, they start developing various health-related complications, and this is visible in the form of eyes getting affected in many cases.
Moreover, there is an increase in the usage of electronic devices. This presents a huge opportunity in front of the vision care market as we advance.
The Chinese vision care market is expected to record a strong CAGR of 7.9% during the forecast period. The rising population, rapid technological evolution, and growing preference for advanced visual care products are some factors driving the Chinese vision care industry.
According to a report published by Lancet, there were more than 45 million people with moderate vision impairment, around 4.6 million with severe vision impairment, and nearly 8.7 million people with blindness in China.
Moreover, based on the reports, China is one of the leading markets for spectacle lenses. Thanks to technological advancements, the key players in China are developing innovative vision care products, and that too at affordable costs.
The start-ups in the vision care market are trying to develop topical treatments for eye-related diseases to improve the sight of patients.
Some of the notable start-ups are:
Nanodropper, Inc.: Nanodropper was founded in 2018. It has developed an adaptor for eye drop bottles to reduce the capacity of oversized eyedrops by more than 60%. This is done with a view to reduce waste and to reduce cost.
Visus Therapeutics: Visus Therapeutics was founded in 2019. Their main focus has always been to develop fixed formulation eye drops for patients suffering from presbyopia.
Oculis, Ocuphire Pharma, and Arctic Vision are other start-ups operating in this space.
Intending to reduce the increase in glaucoma patients worldwide, the key market players are taking all the possible steps to implement the right actions. For this, they are entering into strategic agreements with start-ups to address some of the challenges the patient faces while undergoing glaucoma treatment. The key players are on a mission to develop minimally invasive surgical procedures for this.
Some recent developments in the vision care market are:
Players in the Vision Care Market
Luxottica Group is the market leader in the manufacturing, designing, and distribution of luxury and sports eyewear. Its portfolio includes some of the most famous sub-brands like Ray-Ban, Oakley, Arnette, Giorgio Armani, Bulgari, Chanel, Michael Kors, etc.
The global wholesale distribution network of Luxottica group covers more than 150 countries spread over five continents.
The best part associated with this group is the vertically integrated business model it has built over the past few years. This covers product development, design, logistics and distribution, and manufacturing.
On 17th March'21, Ray-Ban and Meta expanded global availability for Ray-Ban stores. They announced they may also introduce additional color and lens variations and new software features.
Cooper Vision is another huge player serving this market for a long time. It is one of the leading manufacturers of soft contact lenses. It provides a full array of monthly, two-week, and daily disposable lenses of advanced materials and optics. The company brings a lot to the marketplace by combining innovative products and technical expertise.
On 24th August'22, Cooper Vision introduced Beyond the Limbus Master's training for scleral lens fitters. The series offers master's training for intermediate and advanced scleral lens fitters and basic training for support staff and ECPs.
ZEISS group is a leading company in optics and optoelectronics company. The company produces and distributes highly innovative solutions for industrial metrology and quality assurance, coupled with microscopy solutions for life sciences and materials research. The ZEISS brand products are used in eyeglass lenses, camera lenses, and binoculars.
On 15th August'22, ZEISS introduced the DTI6, a thermal imaging camera with excellent image quality to identify details in the darkness and during the day. The DTI-6 features an intuitive operating concept and smart power management, thus making it a reliable companion while hunting.
The industry is likely to reach USD 89,596 million by the end of 2023.
Bausch and Lomb, Alcon, and CooperVision are the leading vision care market players.
The spectacle lens segment is anticipated to lead vision care industry until 2033.
From 2018 to 2022, the vision care market registered a 6.4% CAGR.
India’s vision care market to surge at a CAGR of 8.4% CAGR through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Spectacle Lenses 5.2. Contact Lenses 5.3. Cleaning & Disinfecting Solutions 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Rx (Prescription) 6.2. Non-Rx (Non-prescription) 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hospitals 7.2. Ophthalmic Clinics 7.3. Optometry Stores 7.4. E-Commerce 7.5. Retail Hypermarket/Superstore 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Competition Deep Dive 18.2. Bausch and Lomb (Acq. by Valeant Pharmaceuticals) 18.3. Alcon (sub. Novartis AG) 18.4. CooperVision 18.5. Johnson & Johnson 18.6. LUXOTTICA GROUP 18.7. Essilor 18.8. ZEISS International 18.9. Safilo Group 19. Assumptions & Acronyms Used 20. Research Methodology
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Vision Care Market
