Global Vision Care Market Research and Forecast 2022-2028

Global Vision Care Market Research by Product (Eye Lenses, Contact Lenses, Intraocular Lenses, Others (Artificial Tears)) and by Distribution Channel (Retail Stores, Online Stores, and Hospitals & Clinics), Forecast 2021-2027

The global vision care market is growing at a considerable CAGR of 5.4% during the forecast period (2021-2027). The major factors augmenting the growth of the market include rise in geriatric population and technological advancements in eye care. Additionally, increase in usage of electronic devices has also resulted in eye disorders. With rising employment rates, the population working on screens (smartphones, laptops, and more) have increased, which has resulted in an elevated rate for eyes-related ailments; thus, increasing the need for vision care.

Due to the onset of the global pandemic COVID-19, lockdown has been imposed in several countries, which has resulted in even more number of people using electronic devices, which could have resulted in eyes impairment. Due to colleges being closed, students had to attend online classes, which resulted in increased cases of headaches, blurred vision, and dry eyes, associated with using laptops, smartphones, and other devices for long hours. Surge in online games and social media has also been observed, which could have weakened eye muscles. Thus, these activities are estimated to result in increased need for vision care products.

On the other hand, a shift towards refractive eye surgeries is one of the major constraints hindering the growth of the market. Conversely, increase in prevalence of eye disease in the rural areas and trend of stylish eyewear sunglasses is estimated to be an opportunity for the market players. According to SEE non-profit organization, nearly 108 million people could experience blindness by 2050. To overcome this, government initiatives and policies will act as an opportunity for the players to expand their market.

Segmental Outlook

The market is segmented on the basis of product and distribution channel. By product, the market is segmented into eye lenses, contact lenses, intraocular lenses, and others (artificial tears).Based on the distribution channel segment, the market is segmented into retail stores, online stores, and hospitals & clinics.

Global Vision Care Market Share by Products, 2019 (%)

Global Vision Care Market Share by Products

The eye glasses segment holds a major market share in 2020. The segment growth is driven by increasing usage of digital screen resulting in computer vision syndrome (CVS) .Rise in R&D activities by major players is also supporting the competitors in improving product functionality. Some of the major eye glasses providers include Johnson & Johnson Vision Care, Inc., Carl Zeiss AG, and HOYA VISION CARE CO. Further, increasing number of innovative eye wear launches is expected to contribute to the market growth. According to The Vision Council, 75% of adults use some sort of vision correction and 64% of them wear eye glasses.

While, contact lenses segment also accounted for a significant market share in 2020. The growth of modern lenses with improved user experience and better aesthetics is estimated to drive the growth of market during the forecast period. Some of the major companies involved in the manufacturing of contact lenses include SynergEyes, Inc., Bausch & Lomb, Inc. and CooperVision, Inc.

Regional Outlook

Geographically, the market is analyzed on the basis of North America, Europe, Asia-Pacific and Rest of the World. North America is estimated to be one of the leading regions for the vision care market. Europe also had a significant contribution in the market share in 2020, as the adoption of fashion eyewear was high in the region. While, Asia-Pacific is estimated to be the fastest growing region during the forecast period. Increasing usage of electronic devices in the emerging economies including China and India, rise in awareness among people concerning eye care, and expanding healthcare infrastructure are some of the major factors that are estimated to enhance the growth of the market in the Asia-Pacific.

Global Vision Care Market Growth, by Region 2021-2027

Global Vision Care Market Growth, by Region

Market Players Outlook

Key players in the vision care market include NOVARTIS INTERNATIONAL AG, Alcon Vision LLC, Bausch & Lomb Inc., EssilorLuxottica, Johnson & Johnson Vision Care, Inc., Alcon Vision LLC, and CooperVision Inc. In order to survive in the market, these players adopt different marketing strategies such as mergers and acquisitions, product launch, geographical expansion, among more. For instance, in April 2021, Johnson & Johnson Vision announced global collaboration with Menicon to expand its contact lenses market and act against progression of Myopia in children. Moreover, in October 2018, Italian player Luxottica and French optical company Essilor announced a merger to form EssilorLuxottica.

The Report Covers

Market value data analysis of 2020 and forecast to 2027.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global vision care market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying 'who-stands-where' in the market.