USD 67.03 billion
Vision Care Market Size, Share, Growth Analysis, By Product(Spectacle Lenses, Contact Lenses, Cleaning & Disinfecting Solutions), By Distribution channel(Retail Stores, Online Stores, Hospital & Clinics), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35B2018 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
63
|Figures:
75
Vision Care Market Insights
Vision Care Market size was valued at USD 67.03 billion in 2019 and is poised to grow from USD 69.3 billion in 2023 to USD 93.55 billion by 2031, growing at a CAGR of 3.39% in the forecast period (2024-2031).
The global vision care market is witnessing steady growth, impacted by the rising awareness regarding eye health and growing prevalence of vision impairment or illnesses. The market is significantly driven by the rising cases of eye illnesses, growing elderly population, and advancements in technology. Some of the common eye disorders like hyperopia, myopia, age-related macular degeneration, and astigmatism are widely seen, thus demanding efficient and quality vision care solutions. The market is also propelled by the ever-growing geriatric population that reports age-related vision issues on a large scale. This ultimately fuels the demand for surgical options and corrective eyewear. Furthermore, advancements in lens technology like blue light filtering and progressive lenses, along with developments in surgical methods notably improve the appeal and efficiency of vision care products.
Nonetheless, the market is hampered by the significantly priced advanced treatments, lack of accessibility in the emerging regions, and availability of alternate therapies or treatments. While surgical treatments offer prolonged benefits, the cost can also be high for some users, thus restricting market access. Moreover, low awareness and inadequate healthcare infrastructure in some regions may hamper the growth of the market. In addition, the growth of alternate treatments for vision correction may be a challenge for the largely used vision care products. Yet, the market is opportune to the development of innovative products, increasing disposable income in the developing regions, and growth of remote eye care and telemedicine.
US Vision Care Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospital & Clinics
Fastest Growth
Hospital & Clinics
Growth Rate
3.39% CAGR
Global Vision Care Market ($ Bn)
Country Share for North America Region (%)
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Vision Care Market Segmental Analysis
The global vision care market segmentation is based on product type, distribution channel, and Region. Based on product type the market is segmented into spectacle lenses, contact lenses, and cleaning & disinfecting solutions. Based on distribution channels the market is segmented into retail stores, online stores, and hospitals & clinics. Based on region the global Vision Care market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Vision Care Market Analysis by Product
Based on Product, the vision care market is categorized into spectacle lenses, contact lenses, and cleaning & disinfecting solutions. The spectacle lenses segment held a notable market share in 2023 and is projected to continue dominance in future as well owing to its widespread use, variety options, and growing awareness. Eyeglasses are commonly used on the global scale for correctness of vision, thus attracting a large audience and demographic, comprising adults, children, and the elderly population. The availability of diverse lens types like bifocal, single vision, and progressive lens are largely catering to the evolving consumer demands. Also, growing awareness for eye health and significance of regular eye examinations is considerably driving the corrective eyewear market, thus impacting the segment’s growth.
On the other hand, the contact lenses segment held a notable share of the market in the previous years and is expected to lead over the forecast period, owing to its high convenience, aesthetic appeal, and technological advancements. Contact lenses offer hassle-free and comfortable solutions for vision correction, thus attracting the population that does not prefer wearing glasses. Several consumers choose contact lenses for cosmetic purposes since they offer a natural look and do not change the facial look, thus increasing their demand by the younger and adult population. Improvements like specialized lenses and disposables are also enhancing usability and comfort.
Vision Care Market Analysis by Distribution Channel
Based on distribution channel, the market is segmented into retail stores, online stores, and hospital & clinics. The retail stores segment held a notable market share in the previous years and is expected to continue dominance over the forecast period as well owing to direct consumer interaction and resolving queries, comprehensive services, and well-established presence of brands. Retail stores enable users to physically try their preferred eyewear, which improves the shopping experience and streamlines immediate buying of preferred eyewear or products. Most retailers offer additional facilities like eye evaluations and fittings, thus enhancing user experience and one-stop experience for vision care. Also, prominent chains and retail brands develop credibility and trust that is gaining prominence among large consumers looking for reliability and quality.
On the other hand, the online stores segment will hold a remarkable market share in the coming years owing to convenience, broader selection, and competitive pricing. Online shopping for eye wear lets users browse and select their preferences from their smartphones or other devices. They give 24/7 access to users, thus improving convenience and the option to compare with other applications. E-commerce offers a wide range of products, comprising specialty and niche products that may not be available to users in retail shops. Online retailers offer competitive and low pricing due to less overhead costs, thus attracting consumers with limited budgets.
Global Vision Care Market Size By Distribution Channel
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Vision Care Market Regional Insights
Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to growing awareness of eye health, developed healthcare infrastructure, and growing geriatric population. There is a major awareness of the significance of timely eye examinations and vision care, thus impacting the demand for services and products. The region brags about being technologically developed and holding an established healthcare infrastructure and access to superior technologies. This allows the availability of more innovative solutions for vision care. The growing senior population in the region is also majorly demanding eyewear treatments and corrective solutions. The key players profiled in the region include Johnson & Johnson Vision, EssilorLuxottica, Alcon, CooperVision, Zeiss Vision, Hoya Vision Care, and more.
Asia-Pacific is the fastest-growing region in the global vision care market due to speedy urbanization, growing middle class population, and increased awareness. Growing urbanization is propelling lifestyle changes among the younger population and adults, thus impacting increased cases of vision illnesses that demand more vision care solutions. The growing middle-class population with increasing spending power is fueling the demand and purchase of wellness and health, comprising eye care. Furthermore, the rising awareness regarding eye health and significance of regular check-ups is fueling the demand for more solutions and vision care products. These factors are considerably driving the market in the region.
Global Vision Care Market Size By Geography
- Largest
- Fastest
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Vision Care Market Dynamics
Vision Care Market Driver
Education Initiatives and Growing Awareness
- Initiatives for educating patients and the public regarding the significance of regular eye examinations and advanced eye care is increasing the need for more improved vision care products and treatments. Also, information distribution via online platforms and social media has increased awareness among consumers regarding regular eye care and health. This encourages better engagement with diverse eye care services.
Growing Demand for Functional and Aesthetic Eyewear
- Eyewear has emerged also as a fashion accessory, resulting in higher sales of customized lenses and designer frames. A larger number of consumers, mainly the youth, are seeking products the blend functionality with aesthetics. The rising preference for contact lenses over conventional glasses, for instance, colored lenses and daily disposables, are notably impacting the trend.
Restraints
Low Awareness in Developing Markets
- In most developing nations, there is a lack of importance about the available eye care treatments and eye health essence. This majorly results in under-treatment and under-diagnosis of different vision illnesses, thus restraining market growth. Also, cultural preparation about eye care may notably impact consumer behavior with some individuals, dependent on conventional remedies instead of using professional assistance.
Technological Adoption Obstacles
- Most eye care specialists may not use novel technologies or new practices and opt for the conventional approaches for eye care. This may considerably reduce overall growth of the market and innovations. novel technologies mostly need expert training and development for ophthalmologists or experts, which is an obstacle to wide adoption and acceptance.
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Vision Care Market Competitive Landscape
The vision care market is a speedily evolving and a competitive market impacted by factors like the rising cases of eye-associated illnesses and the growing elderly population. The leading players in the market, comprising CooperVision, Johnson & Johnson, and EssilorLuxottica are presently dominating due to their wide offerings in contact lenses domain and eyewear segments. Other players are seen to be focused on innovations and advanced technologies like smart eyewear and digital eye care. the key marketing strategies witnessed in the market include alliances among players to expand product reach and technological competencies. Overall, companies are actively investing in R&D to maintain their competitive edge.
Top Players in the Global Vision Care Market
- ESSILORLUXOTTICA
- Bausch Health
- The Cooper Companies Inc
- Novartis AG
- Johnson & Johnson
- Carl Zeiss Meditec AG
- Luxottica Group S.p.A.
- Hoya Corporation
- Alcon, Inc.
- Safilo Group S.p.A.
- GrandVision N.V.
- Menicon Co., Ltd.
- Topcon Corporation
- Nidek Co., Ltd.
- Shamir Optical Industry Ltd.
- Charmant Group
- Marcolin S.p.A.
- Rodenstock GmbH
- Seiko Optical Products Co., Ltd.
- Vision Service Plan (VSP)
Vision Care Market Recent Development
- In September 2024, Johnson & Johnson declared the launch of its modernization in (PC - IOL) presbyopia-correcting intraocular lenses, TECNIS Odyssey in the United States. The novel full-vision range offers patients impeccable unbroken full vision range, helping them to see near and far and in between. This majorly reduces the need for glasses or eyewear.
- In April 2024, Plastic Bank and CooperVision renewed their net plastic neutrality alliance through 2026. This extension has helped the alliance to comprise a vision care program to offer vouchers and screenings for complimentary glasses and eye evaluations for eligible Plastic Bank members in Indonesia.
- In October 2023, Boehringer Ingelheim and ZEISS Medical Technology declare their long-term alliance to create predictive analysis to allow early detection of eye illnesses and customized treatments to avoid vision loss for individuals with severe eye ailments.
Vision Care Key Market Trends
- Remote Eye Care and Telehealth: Patients can experience preliminary evaluations with mobile applications or web platforms that allow consultations and basic vision tests without letting the patient visit clinics or specialized eye care centers. Remote monitoring of chronic illnesses can be facilitated via telehealth, allowing adjustments and regular check-ups to treatments. Telehealth also enhances access in underserved areas, covering a larger audience for eye care.
- Eco-Friendly and Sustainable Products: The leading brands are actively using biodegradable and recycled materials for lenses and frames, thus reducing ecological impact. They are also adopting green production processes like reducing emissions and water usage and encouraging ethical labor approaches. For increased consumer awareness, companies are engaged in offering sustainable items, to cater to the growing eco-friendly demands by consumers who opt for such products.
Vision Care Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the vision care market is considerably progressing due to developments in lens technology that improve the effectiveness of vision care products, growing initiatives for education and awareness among the public regarding the significance of eye health, and remarkable progress in e-commerce that makes eyewear products more accessible. However, the market is hampered by low awareness in developing regions, the rise of alternate treatments for vision care, and strict regulatory standards that regulate medical treatments and products. North America is projected to lead the market due to the heavy adoption of vision care products and devices, favorable reimbursement, and developed healthcare infrastructure. Nonetheless, a few opportunities for the growth of the vision care market include the growing number of programs that focus on preventive care and emphasis on eco-friendly and sustainable products.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 67.03 billion |
| Market size value in 2031 | USD 93.55 billion |
| Growth Rate | 3.39% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vision Care Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vision Care Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vision Care Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vision Care Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vision Care Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vision Care Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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