Vision Care Market Value By Product Type (Contact Lenses, Eyeglasses, IOLs, and Others), By Indication (Diabetic Retinopathy, Refractive Error, Amblyopia, Dry Eyes, Glaucoma, and Others), By Treatment (Medication, Surgery, Laser Therapy, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Others), By Region (North America, Europe, Asia Pacific, Middle East and Africa, Latin America), Industry Analysis, Share & Forecast, 2023 - 2032

Market Outlook:

Vision Care Market size was valued at more than USD 85.1 Billion in 2022 and is expected to exhibit a CAGR of over 7.1% during the forecast period of 2023 - 2032. By the end of the forecast period, the market is anticipated to reach a valuation of around USD 165.23 Billion.

The vision care market encompasses a wide range of products and services related to eye health, including eyeglasses, contact lenses, surgical and non-surgical treatments for eye disorders, and diagnostic equipment. One of the key drivers of growth in the vision care industry is the increasing prevalence of eye disorders such as myopia, presbyopia, cataracts, glaucoma, and macular degeneration. The aging population and the rise in digital device usage are also contributing factors to the growing demand for vision care products and services. 

Eyeglasses and contact lenses are the most commonly used products in the vision care market, and both segments are expected to experience steady growth in the coming years. The market for contact lenses is also being driven by technological advancements, such as the development of silicone hydrogel materials and multifocal lenses. Surgical treatments for eye disorders, such as LASIK and cataract surgery, are also a significant part of the vision care industry. LASIK surgery is becoming increasingly popular as a solution for myopia, astigmatism, and hyperopia, while cataract surgery is becoming more common as the global population ages.

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Drivers:

Digital device usage: The increasing use of digital devices such as smartphones, tablets, and computers is leading to a rise in digital eye strain and other vision problems. This is driving demand for specialized eyeglasses and contact lenses designed to reduce the strain on the eyes.

Technological advancements: The vision care market is constantly evolving, with new technologies and materials being developed for eyeglasses, contact lenses, and surgical treatments. For example, the development of silicone hydrogel materials has led to more comfortable and breathable contact lenses.

Increasing awareness of eye health: There is a growing awareness of the importance of maintaining good eye health, which is driving demand for regular eye exams and preventive measures such as UV-blocking eyewear. This trend is particularly strong among younger consumers who are taking a proactive approach to their health and wellness.

Restrains:

Lack of access to eye care: In many parts of the world, particularly in developing countries, there is a lack of access to basic eye care services, including regular eye exams and corrective eyewear. This is a significant restraint on the growth of the vision care market, particularly for companies that focus on higher-end products and services.

An increase in contact lens-related eye infections: The most common problem associated with contact lens use is dry eye. Furthermore, if contact lenses are not kept clean, they can cause various types of allergies, such as debris accumulation. There have also been cases of eye ulcers caused by improper contact lens handling in extreme cases. This can seriously jeopardise the sales of vision care products.

By End User Segment Analysis:

Among the end user, the ambulatory surgical centers segment is estimated to grow at the fastest rate over the forecast period. Ambulatory surgical centers (ASCs) are facilities that specialize in same-day surgical procedures, including LASIK and cataract surgery. ASCs offer a number of advantages over traditional hospital-based surgery, including lower costs, shorter wait times, and more patient-focused care. As a result, ASCs are becoming an increasingly popular option for patients seeking vision care services.

Regional Overview:

North America is predicted to hold the largest markets for vision care, driven by factors such as a growing aging population, increasing prevalence of eye diseases, and high adoption of advanced technology in eye care. The US accounts for the largest share of the North American market, followed by Canada. The market in North America is slated to continue to grow, driven by increasing demand for refractive surgery, technological advancements in vision care products, and rising awareness about the importance of eye health. 

Asia Pacific is poised to be the fastest-growing market for vision care, driven by factors such as a growing aging population, increasing prevalence of eye diseases, and rising disposable income levels in countries such as China and India. The market in Asia Pacific is slated to be particularly strong in countries such as Japan, South Korea, and Australia. The market is expected to continue to grow, driven by increasing demand for corrective lenses, increasing awareness about the importance of eye health, and growing adoption of advanced technology in eye care. 

Recent Development:

• In August 2022, Alcon revealed the acquisition of Aerie Pharmaceuticals, expanding its ophthalmic pharmaceutical portfolio.
   
• In August 2022, Beyond the Limbus Master's training for scleral lens fitters was introduced by Cooper Vision. Advanced training is provided for intermediate and advanced scleral lens fitters, as well as basic training for support staff and ECPs.
   
• In May 2022, Rodenstock purchased Indo Optical, a leading Spanish lens manufacturer, accelerating its growth in key markets. 

Top companies includes in the global vision care market are:

• Johnson & Johnson Vision Care, Inc.
• RODENSTOCK GMBH
• GrandVision
• CHEMIGLAS CORP
• Fielmann AG,
• HOYA VISION CARE COMPANY
• LUXOTTICA GROUP
• Rayner Intraocular Lenses Limited.
• Novartis AG
• Blanchard Lab
• Others

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In-depth analysis of vision care market along with industry coverage and forecasting for the following segments:

Market Value, By Product Type

• Contact Lenses
• Eyeglasses
• IOLs
• Others

Market Value, By Indication

• Diabetic Retinopathy
• Refractive Error 
• Amblyopia
• Dry Eyes
• Glaucoma
• Others

Market Value, By Treatment

• Medication
• Surgery
• Laser Therapy
• Others

Market Value, By End User

• Hospitals
• Ambulatory Surgical Centers 
• Others

Market Value, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America