Vision Care Market Summary
As per Market Research Future Analysis, the Global Vision Care Market was valued at USD 173.5 billion in 2021 and is projected to reach USD 238 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032. Key drivers include increasing awareness of vision care benefits, a rising geriatric population, and the prevalence of visual impairments due to sedentary lifestyles and pollution. Technological advancements, such as the introduction of ZEISS VISUCORE 500, are transforming the consumer experience in the optical sector. The market is segmented by product type, indication, and treatment, with eyeglasses and glaucoma being significant contributors. North America leads the market, followed by Europe and Asia-Pacific, with the latter expected to grow at the fastest rate.
Key Market Trends & Highlights
The Vision Care Market is witnessing significant growth driven by various factors.
- Market Size in 2021: USD 173.5 billion; projected to reach USD 238 billion by 2032.
- CAGR from 2023 to 2032: 4.3%; driven by increasing awareness and technological advancements.
- Majority share in 2021: Anterior Vision Care segment accounted for ~65-67% of revenue.
- Fastest growing segment: Glaucoma, due to rising eye diseases and an aging population.
Market Size & Forecast
2021 Market Size: USD 173.5 Billion
2022 Market Size: USD 180.49 Billion
2032 Market Size: USD 238 Billion
CAGR (2023-2032): 4.3%
Largest Regional Market Share in 2021: North America
Major Players
ESSILORLUXOTTICA (France), Bausch Health (Canada), The Cooper Companies Inc (US), NOVARTIS AG (Switzerland), Cadila Healthcare (India), Johnson & Johnson Services Inc. (US), Rayner Surgical Group Limited (UK), Menicon (Japan), Carl-Zeiss-Stiftung (Germany)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
In February 2024, ZEISS, a globally renowned brand in the field of optics and optoelectronics, introduced ZEISS VISUCORE 500 at the esteemed In-Optics Events in New Delhi. This cutting-edge integrated refraction device represents a significant advancement in the vision care sector in India, providing healthcare professionals, retail store proprietors, and end users with a technologically advanced and unique solution for both objective and subjective refraction. Technology has become a crucial force in transforming the consumer experience in the ever-changing Indian optical business. Technological improvements have smoothly merged into several aspects of the Indian optical and healthcare industry, ranging from traditional eye diagnostic methods to technology-guided screening processes.
Vision Care Market Trends
Rising Sedentary Lifestyle to boost market growth
The primary factor driving market growth is the increasingly sedentary lifestyles, increasing geriatric population, growing pollution levels, and rise in the number of people working on the desktop. Visual acuity helps you perform everyday activities such as seeing, writing, and reading. It also affects a person’s ability to work and communicate with others. However, there is a significant increase in people with visual impairments such as cataracts, glaucoma, conjunctivitis, and retinal detachment. It can be due to a sedentary lifestyle, an increasing elderly population, and increased pollution levels. As a result, the development and production of various eye remedies available in pills, ointments, and drops are growing across the globe.
An unhealthy diet and an increased incidence of chronic illness can increase associated visual impairment and lead to partial or total vision loss. As a result, the demand for eye care products is rising across the globe. Many international organizations focus on research and development projects to introduce more efficient products. We also offer multiple product variations with improved quality and service to expand our customer base. In addition to this, the thriving e-commerce sector and heightened awareness of UV-related visual impairment are also driving the market growth. Some of the leading players in the industry are focused on using advanced technology to prevent visual impairment. In addition, new therapies such as gene therapy, computer-assisted ophthalmology, and stem cell therapy are the factors increasing the market growth of the Vision Care Market.
Additionally, according to the National Highway Traffic Safety Administration (NHTSA), in 2020, 3,142 fatal incidents led to the loss of life due to distracted driving across the US. Also, NHTSA registered nearly 8% of the fatal accidents occurred in 2020 were due to distracted driving. Similarly, as per the WHO insights, drivers operating mobile phones behind the wheels are four times more likely to face mishaps while driving. Similarly, as per the data documented by the Indian Road Transport Ministry in 2016, 4,746 individuals were injured while distracted driving. Such accidents generally impact the cervical and spine region leading to critical injuries. Therefore, such factors are expected to enhanced the Vision Care market CAGR across the globe in the recent years.
Vision Care Market Segment Insights
Vision Care Product Type Insights
The global Vision Care market segmentation, based on product type, includes Contact Lens, Eyeglasses, Intraocular Lens, Contact lens solutions, and Others. The anterior Vision Care segment held the majority share in 2021 contribution to around ~65-67% in respect to the global Vision Care market revenue. This is primarily owing to the broad product offering of varying cost ranges provided by leading and local manufacturers, which is the factor that boosts the market growth of the Vision Care Market.
Vision Care Indication Insights
The global Vision Care market segmentation, based on indication, includes Refractive error, Glaucoma, Diabetic Retinopathy, Amblyopia, Dry Eyes, and Others. The glaucoma segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing diseases related to eyes and growing geriatric population which anticipated to positively impacts the market growth.
Vision Care Treatment Insights
Based on Treatment, the global Vision Care industry has been segmented into Surgery, Laser Therapy, and Medication. Laser therapy held the largest segment share in 2021, owing to the rapid adoption of advanced Vision Care lased therapy, and the availability of skilled medical staff. Moreover, increasing government initiatives to improve the healthcare infrastructure, and the growing number of Vision Care surgeries is expected to support the segment growth during the assessed timeline.
Figure 2: Global Vision Care Market, by Treatment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Vision Care Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Vision Care market accounted for USD 74.952 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing geriatric population, as well as an presence of many giant market players across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: GLOBAL VISION CARE MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Vision Care market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, and an ageing population. Further, the Germany Vision Care market held the largest market share, and the UK Vision Care market was the fastest growing market in the European region
The Asia-Pacific Vision Care Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rapidly growing medical tourism industry, and rising healthcare costs. Moreover, China Vision Care market held the largest market share, and the India Vision Care market was the fastest growing market in the Asia-Pacific region
Vision Care Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Vision Care market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Vision Care industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Vision Care industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Vision Care industry has provided medicine with some of the most significant benefits. The Vision Care market major player such as ESSILORLUXOTTICA (France), Bausch Health [Canada] (Bausch & Lomb Incorporated), The Cooper Companies Inc [US] (Cooper Vision), NOVARTIS AG (Switzerland), Cadila Healthcare [India] (Zydus Pharmaceuticals Inc.), and others are working to expand the market demand by investing in research and development activities.
Novartis AG is a Swiss multinational pharmaceutical corporation based in Basel, Switzerland and Cambridge, Massachusetts, United States.It is one of the largest pharmaceutical companies in the world. Novartis's businesses are divided into three operating divisions: Innovative Medicines, Sandoz (generics) and Alcon (eyecare).
Also, Bausch Health Companies Inc. is a Canadian multinational specialty pharmaceutical company based in Laval, Quebec, Canada. It develops, manufactures and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health and neurology..
Key Companies in the Vision Care market include
- ESSILORLUXOTTICA (France)
- Bausch Health [Canada] (Bausch & Lomb Incorporated)
- The Cooper Companies Inc [US] (Cooper Vision)
- Cadila Healthcare [India] (Zydus Pharmaceuticals Inc.)
- Johnson & Johnson Services Inc. (US)
- Rayner Surgical Group Limited [UK] (Rayner Intraocular Lenses Limited)
- NOVARTIS AG (Switzerland)
- Menicon (Japan)
- Carl-Zeiss-Stiftung [Germany] (Carl Zeiss), among others
Vision Care Market Developments
-
Q2 2024: EssilorLuxottica launches Stellest lenses in the U.S. to combat myopia in children EssilorLuxottica announced the U.S. launch of its Stellest spectacle lenses, designed to slow the progression of myopia in children, following regulatory clearance and successful trials in Asia and Europe.
-
Q2 2024: Johnson & Johnson Vision receives FDA approval for Acuvue Oasys Max 1-Day contact lenses Johnson & Johnson Vision announced it has received FDA approval for its Acuvue Oasys Max 1-Day contact lenses, which feature new blue-light filtering technology aimed at digital device users.
-
Q2 2024: CooperVision opens new manufacturing facility in Costa Rica to expand contact lens production CooperVision inaugurated a new state-of-the-art manufacturing facility in Costa Rica, increasing its global production capacity for soft contact lenses to meet rising demand.
-
Q3 2024: Alcon acquires Tear Film Innovations to strengthen dry eye treatment portfolio Alcon completed the acquisition of Tear Film Innovations, a U.S.-based medical device company specializing in dry eye therapies, expanding Alcon’s presence in the ocular surface disease market.
-
Q3 2024: Bausch + Lomb launches MIEBO, a new prescription eye drop for dry eye disease in the U.S. Bausch + Lomb announced the commercial launch of MIEBO, a novel prescription eye drop for the treatment of dry eye disease, following FDA approval earlier in the year.
-
Q3 2024: Menicon partners with Google Health to develop smart contact lenses for glucose monitoring Japanese contact lens maker Menicon entered a strategic partnership with Google Health to co-develop smart contact lenses capable of non-invasively monitoring glucose levels in diabetic patients.
-
Q4 2024: Carl Zeiss Meditec receives CE Mark for CLARUS 700, a new ultra-widefield retinal imaging system Carl Zeiss Meditec announced it has received CE Mark approval for its CLARUS 700 ultra-widefield retinal imaging system, enabling commercial sales across the European Union.
-
Q4 2024: Novartis spins off Alcon’s vision care business in $2.5 billion IPO on Swiss Exchange Novartis completed the spin-off and initial public offering of Alcon’s vision care division, raising $2.5 billion and establishing Alcon as an independent, publicly traded company.
-
Q1 2025: EssilorLuxottica acquires startup Sightful for $300 million to boost AI-powered vision screening EssilorLuxottica announced the acquisition of Sightful, a U.S.-based startup specializing in AI-driven vision screening technology, to enhance its digital health offerings.
-
Q1 2025: Johnson & Johnson Vision opens new research and development center in Singapore Johnson & Johnson Vision inaugurated a new R&D center in Singapore focused on developing next-generation contact lenses and digital eye health solutions for the Asia-Pacific market.
-
Q2 2025: GrandVision wins major supply contract with NHS England for vision care services GrandVision secured a multi-year contract to supply vision care services and eyewear to NHS England, expanding its footprint in the UK public healthcare sector.
-
Q2 2025: Bausch + Lomb appoints Dr. Maria Chen as Chief Medical Officer Bausch + Lomb announced the appointment of Dr. Maria Chen as its new Chief Medical Officer, strengthening its executive leadership team to drive innovation in vision care.
Vision Care Market Segmentation
Vision Care Product Type Outlook
- Contact Lens
- Eyeglasses
- Intraocular Lens
- Contact lens solutions
- Others
Vision Care Indication Outlook
- Refractive error
- Glaucoma
- Diabetic Retinopathy
- Amblyopia
- Dry Eyes
- Others
Vision Care Treatment Outlook
- Surgery
- Laser Therapy
- Medication
Vision Care End User Outlook
- Eye Hospitals & Clinics
- Ambulatory Surgery Center
- Optical Stores
Vision Care Regional Outlook
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 173.5 billion |
| Market Size 2022 |
USD 180.49205 billion |
| Market Size 2032 |
USD 238 billion |
| Compound Annual Growth Rate (CAGR) |
4.3% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018 & 2020 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product Type, Indication, Treatment, End User, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
ESSILORLUXOTTICA (France), Bausch Health [Canada] (Bausch & Lomb Incorporated), The Cooper Companies Inc [US] (Cooper Vision), NOVARTIS AG (Switzerland), Cadila Healthcare [India] (Zydus Pharmaceuticals Inc.), and others |
| Key Market Opportunities |
The growing awareness amongst the patients regarding the benefits of vision care |
| Key Market Dynamics |
Unhealthy diet and an increased incidence of chronic illness |
Vision Care Market Highlights:
Frequently Asked Questions (FAQ):
The global Vision Care market size was valued at USD 173.5 Billion in 2021.
The global market is projected to grow at a CAGR of 4.3% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are ESSILORLUXOTTICA (France), Bausch Health [Canada] (Bausch & Lomb Incorporated), The Cooper Companies Inc [US] (Cooper Vision), NOVARTIS AG (Switzerland), Cadila Healthcare [India] (Zydus Pharmaceuticals Inc.), and others.
The eyeglasses dominated the market in 2021.
The glaucoma had the largest share in the global market.
