Global Vision Care Market Size, Share, Growth Analysis, By Product(Spectacle Lenses, Contact Lenses), By Distribution channel(Retail Stores, Online Stores) - Industry Forecast 2023-2030

Vision Care Market size was valued at USD 67.03 billion in 2021 and is poised to grow from USD 69.3 billion in 2022 to USD 93.55 billion by 2030, growing at a CAGR of 3.39% in the forecast period (2023-2030).

Vision aids make it simpler to perform routine jobs like reading, writing, and visualising. It has an impact on a person's ability to cooperate and communicate with others. However, there has been a noticeable rise in the number of people suffering from vision-related illnesses such cataracts, glaucoma, conjunctivitis, and retinal detachment. Unhealthy lifestyles, an ageing population, and rising pollution are to blame for this. More diverse vision care drugs are being created and produced as a result. These drugs are available in the form of pills, ointments, and drops everywhere.

For instance, according to the World Health Organisation, cataracts are responsible for 51% of blindness in the world. The increasing risks of cataract occurrence, which will mostly affect developed and developing countries, will also increase the need for vision care.

Due to poor diet and the rise in chronic illnesses, there are more linked visual abnormalities that can result in partial or whole vision loss. Global sales of products for vision care have increased as a result. Additionally, cutting-edge treatments including gene therapy, stem cell therapy, and computerised eye tests are expected to fuel market increase in the coming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Vision Care Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

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.

Driver

Due to the increasing prevalence of cataracts worldwide, the market will grow in the upcoming years. The prevalence of cataracts is increasing, which helps the sector thrive as eyesight requirements do as well. The market is anticipated to be driven in part by the growing number of people who have eye diseases.

The exponential rise of digital devices has completely changed the market for vision care. Using electronics like laptops, smartphones, and PCs too much can cause a variety of eye-related problems. Overuse of electronic devices has increased the prevalence of eye conditions such computer vision syndrome and retinal degeneration. The market for vision care products is expected to grow dramatically as the world continues its journey towards digitization.

Restraint

Problems with contact lenses and a general lack of awareness of the benefits of eye care products and services are anticipated to act as market restraints on the industry's growth in emerging nations.

Market Trends

The newly constructed contact lens manufacturing facility in suburban Phoenix, which is certified by the U.S. Food and Drug Administration (FDA), will have a beneficial effect on market trends in the eye care sector. For example, the facility will create innovative ortho-k products for use in the US, including Paragon CRT®. The new property is bigger than the business's current facility, which is nearby in Mesa, Arizona.