Vision Care Market is anticipated to undergo a CAGR of 4.70% from 2024 to 2030
Poor nutritional conduct and an uptick in chronic ailments can exacerbate visible impairments, potentially central to partial or complete vision loss. Consequently, the worldwide vision care market is expanding. According to a Science Direct article, people with visual impairment (PVI) are more susceptible to persistent diseases than the ones without, facing challenges in coping with them due to related physical, social, and mental problems. Common interventions include addressing intellectual disorders (39.3%), stroke (25.0%), diabetes (17.8%), and diverse chronic situations (10.7%).Further, eye troubles among teenagers are on the rise, contributing to the growth of the global vision care market. The incidence of digital devices in work and amusement activities has brought about an uptick in eye-related issues among young people. Lifestyle adjustments, which include reduced outside time and multiplied near work, negatively impact eye fitness. Factors like terrible nutritional conduct, inadequate sleep, pollution, and UV exposure contribute to developing eye issues in this demographic. According to the International Agency for the Prevention of Blindness, globally, at least 450 million youngsters require remedies for sight situations, with ninety million living with some form of sight loss and 448 million kids and young people having refractive errors. So, the Global Vision Care Market was worth US$ 74.06 Billion in 2023.
Besides, improvements in intraocular lens (IOL) technology contribute to expanding the vision care market. For example, in 2024, Johnson and Johnson Medtech introduced the TecnisPuresee, a new presbyopia-correcting IOL, in Emea. Furthermore, the surge in need, spurred by the increasing incidence of eye sicknesses, activates businesses to put money into IOL technology. In 2023, HOYA Vision Care, a pacesetter in ophthalmic lens technology, introduced a multi-million-dollar investment in its production lab network to enhance talents and aid eye care specialists across Canada. This funding, totaling nearly $10 million, aims to amplify the national lab network.
There is a possibility of an increase in the global vision care market for contact lenses
The Vision Care Market is divided into several product categories: Glass Lenses, Contact Lenses, Intraocular Lenses, Contact Solutions, Lasik Equipment, and Artificial Tears. Contact lenses might be witnessing an increase in the international vision care market. This is due to their convenience, consolation, and aesthetic attraction compared to standard eyeglasses. Technological improvements, such as silicone hydrogel substances and everyday disposables, are driving adoption, catering to various vision correction desires and alternatives.It is anticipated that China could significantly impact the global market for vision care products
Based on country, the Vision Care Market is separated into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, and the United Arab Emirates). China is expected to play a sizeable role in the international vision care market. This is due to its enormous population, speedy urbanization, and increasing disposable income. According to a document posted by Lancet, China had over forty-five million humans with moderate vision impairment, around 4.6 million with extreme vision impairment, and nearly 8.7 million people with blindness. As more Chinese people prioritize eye fitness and seek answers to vision correction, the demand for eyewear, contact lenses, and eye care offerings is growing. Additionally, China's increasing middle class and multiplied entry to healthcare offerings contribute to its increased potential, making it an important segment within the global vision care market panorama.Key Players
The Global Vision Care Market includes companies such as Essilor International, Johnson & Johnson Services, Inc., Bausch Health Companies, Inc., Novartis International AG, Grand Vision, Carl Zeiss, Valeant Pharmaceuticals, Paragon Vision Science, and Menicon.In August 2022 - Alcon recently announced their acquisition of Aerie Pharmaceuticals, which will significantly enhance their ophthalmic pharmaceutical portfolio.
Product Type - Global Vision Care Market breakup in 6 viewpoints:
1. Glass Lenses2. Contact Lenses
3. Intraocular Lenses
4. Contact Solutions
5. Lasik Equipment
6. Artificial Tears
Treatment - Global Vision Care Market breakup in 3 viewpoints:
1. Laser Therapy2. Surgery
3. Medication
Distribution Channel - Global Vision Care Market breakup in 5 viewpoints:
1. Retail Stores2. E-Commerce
3. Clinics
4. Hospitals
5. Others
Country - Global Vision Care Market breakup of 25 Countries covered in the Report:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Essilor International2. Johnson & Johnson Services, Inc.
3. Bausch Health Companies, Inc.
4. Novartis International AG
5. Grand Vision
6. Carl Zeiss
7. Valeant Pharmaceuticals
8. Paragon Vision Science
9. Menicon
Table of Contents
Companies Mentioned
- Essilor International
- Johnson & Johnson Services, Inc.
- Bausch Health Companies, Inc.
- Novartis International AG
- Grand Vision
- Carl Zeiss
- Valeant Pharmaceuticals
- Paragon Vision Science
- Menicon
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | March 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 74.06 Billion |
| Forecasted Market Value ( USD | $ 102.15 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
