Market Research Report
Global Eye Care Market, By Product Type, By Eye Drops, By Coating, By Lens Material, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026
|Global Eye Care Market, By Product Type, By Eye Drops, By Coating, By Lens Material, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2026|
Published: June 1, 2021
Content info: 218 Pages
Delivery time: 2-3 business days
Global eye care market stood at USD57.65 billion in 2020 and is expected to witness a significant growth of 6.95% during the forecast period. This can be attributed to the growing consciousness among the population pertaining to different eye diseases such as myopia, hypermetropia, dry eye syndrome, astigmatism, among others. Also, growing prevalence of different ocular problems worldwide is further expected to fuel the market growth over the next few years. According to WHO, globally around 2.2 billion people have a vision impairment out of which 1 billion have vision impairment that could have been prevented or is yet to be addressed. Around 2.6 billion population suffers from myopia of which 312 million are under 19, and 1.8 billion suffers from presbyopia. Additionally, growing geriatric population is susceptible to various eye care diseases including age related macular degeneration, diabetic retinopathy, glaucoma, among others, which is further expected to fuel the market growth over the next few years. Around 196 million population suffers from age-related macular degeneration, 146 million suffers with diabetic retinopathy, 76 million with glaucoma and 2.5 million with trachomatous trichiasis. Furthermore, technological advancements such as launch of smart glasses by companies around the globe, advancements in intraocular lens, augment of tele-optometry, among others is further expected to create lucrative opportunities for the market growth over the next five years.
The global eye care market can be segmented based on product type, coating, lens material, distribution channel, region, and company. Based on product type, the market can be categorized into eyeglasses, eye drops, contact lens, intraocular lens, eye vitamins and others. The contact lens segment is expected to register significant growth during the forecast period on account of the growing preference of contact lens over prescription eyeglasses among the population especially the youth and working women population on account of their aesthetic value. Also, other benefits of contact lenses over eyeglasses such as predictable vision correction, better eyesight as compared to eyeglasses, among others have significantly increased the demand for contact lenses. Additionally, the use of different contact lenses for the treatment of various eye disorders such as myopia, hypermyopia, presbyopia, astigmatism, among others is further expected to support the segmental growth.
Based on region, North America dominated the overall eye care market in 2020 with a market share of around 36.52% owing to the growing geriatric population in the region, growing awareness pertaining to different eye related diseases and ocular health in the region, among others.
Major companies operating in the global eye care market include EssilorLuxottica SA, Bausch Health Companies, Inc., Johnson & Johnson, Alcon, Inc., Hoya Corporation, among others. The market players are working on strategic collaborations to increase their global reach. They are also investing in research and development activities to develop and launch new, advanced, and innovative eye care products into the market. For instance, in August 2020, Bausch & Lomb launched -2.75 cylinder for Biotrue ONE Day daily disposable contact lenses for the treatment of astigmatism. Also, in August 2020, Menicon announced the opening of the Menicon future device research laboratory in Japan wherein research & development activities will be carried out to develop technologically advanced contact lenses and eye care products.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of major diagnostic players and hospital chains operating across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research.
TechSci Research calculated the market size of global eye care market using a bottom-up approach, wherein data for various segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, distributors and partners, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global eye care market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global eye care market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: