What is the global market size of Vision Care Market?

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).

Global Vision Care Market Size, Share, Growth Analysis, By Product(Spectacle Lenses, Contact Lenses), By Distribution channel(Retail Stores, Online Stores) - Industry Forecast 2024-2031

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 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).

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.

Global Vision Care Market Report Snapshots

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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 Size, Share, Growth Analysis, By Product(Spectacle Lenses, Contact Lenses), By Distribution channel(Retail Stores, Online Stores) - Industry Forecast 2024-2031

Global Vision Care Market Insights

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