Global Vision Care Market

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


Report ID: SQSG35B2018 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 63 | Figures: 75

Global Vision Care Market Insights

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).

Daily tasks like reading, writing, and visualizing are made easier with the aid of vision. It affects a person's capacity for collaboration and interpersonal communication as well. Nevertheless, the number of persons with vision-related diseases such as cataracts, glaucoma, conjunctivitis, and retinal detachment has significantly increased. This is attributable to unhealthy lifestyles, an aging society, and increased pollution. As a result, more various vision care medications are being developed and produced. These medications are sold worldwide as pills, ointments, and drops.

For instance, the World Health Organization estimates that cataracts are to blame for 51% of blindness worldwide. The necessity for vision care will also be fueled by the rising dangers of cataract occurrence, which will mostly affect advanced and emerging nations.

The prevalence of related visual disorders, which can cause partial or complete vision loss, has increased as a result of a poor diet and the growth in chronic illnesses. As a result, there is a spike in sales of vision care goods on a global scale. In addition, innovative therapies like stem cell therapy, gene therapy, and computerized eye exams are predicted to drive market expansion in the years ahead.

US Vision Care Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 67.03 billion

Largest Segment

Hospital & Clinics

Fastest Growth

Hospital & Clinics

Growth Rate

3.39% CAGR

Global Vision Care Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Vision Care Market Size by Distribution Channel 2021-2028 ($ Mn)
Global Vision Care Market Size by Distribution Channel 2021-2028 (%)

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Global 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 Type

In 2021, the sector with the largest market size in the vision care industry was spectacle lenses, and it will hold that position throughout the projection timeframe. The larger patient population with refractive error issues (myopia, hyperopia, and presbyopia) is to blame for the increase in spectacle lens revenues. They are also more dependable, secure, and simple to use compared to contact lenses. The World Health Organization estimates that there are 826 million untreated incidents of presbyopia and 88.4 million cases of untreated refractive error worldwide. Users employ vision care items, such as spectacle lenses, to address this global issue. During the projected period, the increase in these vision-related issues will continue to drive up demand for spectacle lenses.

Vision Care Market Analysis by Distribution Channel

During the projection period, the line of retail stores is expected to produce the most revenue in the market for vision care. Throughout the projected timeline, it is expected that the retail store sector will continue to hold the top spot. According to estimates, the main element fueling the sector's growth is the increased accessibility of vision care items through retail establishments. In contrast to the conventional brick-and-mortar retail channels, e-commerce portals are becoming increasingly popular. This is linked to the growing number of advantages provided by online channels, such as savings, free home delivery, virtual product testing, etc. It is projected that this trend will have a favorable impact on the expansion of online retailers in the market for vision care.

Global Vision Care Market By Distribution Channel, 2021 (%), 2021 (%)

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Global Vision Care Market Regional Insights

North America currently holds a dominant position in the global market for eye care due to the widespread use of vision care goods, favorable reimbursement practices, and growing public knowledge of the advantages of the product.

Owing to the region's expanding R&d projects as well as the expansion of the medical sector, Asia-Pacific is predicted to experience a significant growth rate during the projection period. Additionally, income growth,  expansion in the prevalence of ocular disorders in the area, and greater public awareness all contributed to the market expansion of the vision care industry.

Global Vision Care Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Vision Care Market Dynamics

Vision Care Market Driver

  • The market will expand in the approaching years as a result of the rising prevalence of cataracts in the world. The requirement for vision is rising as the incidence of cataracts rises, which helps the industry grow. One of the main factors driving the market is expected to be the rising number of people suffering from eye illnesses.
  • The market for vision care has been totally altered by the exponential growth of digital gadgets. Overuse of electronic gadgets like laptops, smartphones, and computers can result in a number of eye-related issues. Overuse of electronic gadgets has made eye issues like computer vision syndrome and retinal degeneration more common. As the globe continues to transition toward digitization, it is projected that the market for vision care products will increase significantly.

Vision Care Market Restraint

  • In emerging countries, problems with contact lenses and a general lack of knowledge about the advantages of eye care goods and services are expected to operate as market limitations on the industry's expansion.

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Global Vision Care Market Competitive Landscape

In order to develop more effective products, several worldwide organizations are concentrating on R&D programs. To increase their customer base, they are also providing a variety of product variations with better quality and services. For instance, in August 2021, the first and only monthly replacement, a water gradient lens that feels like nothing, TOTAL30, has been introduced by Alcon, a global leader in eye care committed to allowing users to see clearly.

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 May 2022, the leading provider of ophthalmic lens technology HOYA Vision Care unveiled the debut of its packaged Sun Lenses Portfolio for vision care professionals.
  • In November 2021, at the American Academy of Optometry Meeting 2021, CooperVision debuted MyDay daily disposable multifocal contact lenses in the United States. The groundbreaking 3 ADD CooperVision Binocular Progressive System, which is perfect for all presbyopia levels, is featured for the first time in the new lenses.

Global Vision Care Key Market Trends

  • The U.S. Food and Drug Administration's (FDA) certification of Paragon Vision Science's freshly built contact lens production facility in suburban Phoenix would positively impact market trends in the eye care industry. For instance, the facility will develop cutting-edge ortho-k goods for usage in the United States, such as Paragon CRT®. The new location is larger than the company's existing operation, which is located close by in Mesa, Arizona.

Global Vision Care Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, in 2021, the sector with the largest market size in the vision care industry was spectacle lenses, and it will hold that position over the forecast period. The sector of retail stores is expected to produce the most revenue in the market for vision care. North America currently holds a dominant position in the global market for eye care due to the widespread use of vision care goods and Asia-Pacific is predicted to experience a significant growth rate during the projection period

Report Metric Details
Market size value in 2021 USD 67.03 billion
Market size value in 2030 USD 93.55 billion
Growth Rate 3.39%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Spectacle Lenses, Contact Lenses, Cleaning & Disinfecting Solutions
  • Distribution channel
    • Retail Stores, Online Stores, Hospital & Clinics
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
  • 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)
Customization scope

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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 Global 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
  • 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 Global 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
  • 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
  • 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(%)

Methodology

For the Global 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 Global 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 Global Vision Care Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global 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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FAQs

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).

In order to develop more effective products, several worldwide organizations are concentrating on R&D programs. To increase their customer base, they are also providing a variety of product variations with better quality and services. For instance, in August 2021, the first and only monthly replacement, a water gradient lens that feels like nothing, TOTAL30, has been introduced by Alcon, a global leader in eye care committed to allowing users to see clearly. '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)'

The market will expand in the approaching years as a result of the rising prevalence of cataracts in the world. The requirement for vision is rising as the incidence of cataracts rises, which helps the industry grow. One of the main factors driving the market is expected to be the rising number of people suffering from eye illnesses.

The U.S. Food and Drug Administration's (FDA) certification of Paragon Vision Science's freshly built contact lens production facility in suburban Phoenix would positively impact market trends in the eye care industry. For instance, the facility will develop cutting-edge ortho-k goods for usage in the United States, such as Paragon CRT®. The new location is larger than the company's existing operation, which is located close by in Mesa, Arizona.

North America currently holds a dominant position in the global market for eye care due to the widespread use of vision care goods, favorable reimbursement practices, and growing public knowledge of the advantages of the product.

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Global Vision Care Market

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