Vision Care Market is expected to cross USD 70,818.48 Million by 2025 at a CAGR of 4.48%
Vision care is the heath setting that deals with the treatments, cosmetic modifications, and other procedures, products, and services related to the vision(eyes). The eye is a critical and important part of the body. It needs to be taken care on a regular basis.
Thus, it is among the other reasons why vision care is needed for healthy vision.
The refractive errors in the young population are expected to increase during the forecast period.
Rising prevalence of diabetes as it is the leading cause of diabetic retinopathy.
- Growing global geriatric population.
- Increasing prevalence of visual inaccuracies and eye disorders
- Raising awareness of vision care products and services.
- Increasing refractive error among the young population
- Unawareness about the vision care products and services.
- Contact lens-related complications.
By Product Type
The global vision care market based on product type is broadly segmented into a contact lens, eyeglasses, intraocular lens (IOL), contact lens solutions, and others.
- Contact Lens: This segment is further sub-segmented into the corrective lens, therapeutic lens, cosmetic, and lifestyle-oriented lens. A corrective lens is generally used as an option for glasses. It is used to correct the refractive error in the human vision. The therapeutic lens is also a bandage lens; these lenses are designed to treat a sick eye. It is combined medication to provide the desired effect.
The cosmetic and lifestyle-oriented lens is the contact lens that is used as an aid to enhance the beauty and appearance of the person. These type of contact lenses are available as per the customization of color and design patterns along with the power of the lenses
- Eyeglasses: The eyeglasses are widely used for vision care around the globe. This segment the largest share in the global vision care market. This segment is further segmented into Bifocal, Single Vision, Progressive, Sunglasses.
- Intraocular Lens (IOL): IOLs are the artificial lens that is implanted as a treatment for cataract. A cataract is responsible for 48% of world blindness. Thus, it is expected to a significant contribution to the global vision care market share. Based on the type of IOL market is segmented in premium, traditional/mono-focal, phakic. This type of product is implanted into the patient depending on the visual power of the eyes. In some cases, after the implant of the IOL the patients may also need eyeglasses. For instance, in a patient, mono-focal IOL is implanted for its far vision. In this case, the patient has to use eyeglasses for its near vision. In the market variety of IoL are available bases on is material, cost, focal power, etc.
- Contact lens solutions: It is the solution that is used to keep the contact lens wet during the storage. It helps in cleaning the glass. It is a sterile and isotonic solution to the pH of the human eye. It among the largely consumed vision care product as it is initial for keeping the contact lens free from contamination, wet, and safe from damage.
The global vision care market based on indication is segmented into refractive error, glaucoma, diabetic retinopathy, amblyopia, dry eyes, and others.
- Refractive error: Refractive error is a very commonly observed eye disorder. It is a condition of the eye wherein it cannot focus the images from the objects. Due to refractive errors, there is a blurred vision, which is sometimes so severe that it causes visual impairment. This segment is the largest share in the global vision care market.
- Glaucoma: It is an indication of the eye in which the optic nerves are damaged due to the increased intraocular pressure. The condition gets worse with the progress of time; the patient needs continuous monitoring. It is treatment includes medication, surgery, and other related procedures.
- Diabetic Retinopathy: It is a complication in the eye that is caused by diabetes. It is a result of damage to the blood vessels of the light-sensitive tissue retina. The diabetic retinopathy segment is the fastest-growing segment owing to the rising prevalence of diabetes as it is major cause of diabetic retinopathy. For instance, in India the prevalence of diabetes is rising at faster rate and is expected to reach an alarming mark of about 69.9 million by the year 2025, and by 2030 it is estimated to attain 80 million marks.
- Amblyopia: Amblyopia is a disorder in which the eyes fail to achieve normal visual acuity, even with the use of refractory correction by prescription eyeglasses or contact lenses. It is also known as lazy eye. Amblyopia is mainly observed in infancy and early childhood.
- Dry Eyes: It is a very commonly observed condition of the eyes in which tears are not able to provide adequate lubrication for the eyes. It is cases for dry eyes that are malfunctioning of the tear glands, dry air, less blinking of an eyelid, and other reasons.
The global vision care market based on treatment is segmented into surgery, medication, and others.
- Surgery: The surgical procedures are carried out as a part of treatment. The surgery segment is sub-segmented into cataract surgery, cornea transplant, vitrectomy. The surgery estimated to have the largest share in the global vision care market.
- Laser Therapy: It is used mainly in post-cataract complications in which there is a cloudy portion of the implanted lens. The procedure is also known as yttrium-aluminum-garnet (YAG) laser capsulotomy. In this procedure, a small opening is made in the clouded capsule to provide a clear path for the light can pass. It is a non-invasive procedure, and it takes the least time compared to other procedures.
- Medication: It includes medication used for treatments of eyes related indications, post-surgery care, and others. The medication segment is sub-segmented into acetazolamide, acetylcysteine, gentamicin, and others.
The global vision care market based on treatment is segmented into eye hospitals & clinics, ambulatory surgery centers, optical stores, and others.
- Eye Hospitals & Clinics: It is the healthcare setting that provides vision care products and services. This segment holds the largest market share owing to the rising number of eye care hospitals and clinics.
- Ambulatory Surgery Center: Ambulatory Surgery Center is the healthcare setting that provides services related explicitly to surgical procedure and post-surgical care.
- Optical Stores: Optical Stores are the fastest-growing segment owing to the easy accessibility to the vision care products and services and a larger number of stores, including offline and online stores.
- Americas: America holds the largest market share in the global vision care market owing to technological advancements in vision care products and services.
- Europe: This region holds a significant market share for the vision care market owing to the rising prevalence of vision impairment in respective regions.
- Asia-Pacific: This is the fastest-growing region across the globe due to account of the increasing geriatric population in China and India owing to the rising prevalence of cataract, refractive impairments
- Middle East & Africa: This region has a low share is due to the limited technological development, restricting the growth of the vision care market.
- ESSILORLUXOTTICA (France)
- Bausch Health [Canada] (Bausch & Lomb Incorporated)
- The Cooper Companies, Inc [US] (Cooper Vision)
- NOVARTIS AG (Switzerland)
- Cadila Healthcare [India] (Zydus Pharmaceuticals, Inc.)
- Johnson & Johnson Services, Inc. (US)
- Rayner Surgical Group Limited [UK] (Rayner Intraocular Lenses Limited)
- Menicon (Japan)
- Carl-Zeiss-Stiftung [Germany] (Carl Zeiss)
Frequently Asked Questions (FAQ) :
The valuation of the global vision care market is estimated to reach USD 70,818.48 MN by 2025.
The global vision care market is projected to grow at approximately 4.48% CAGR during the forecast period (2019-2025).
Raising awareness about vision care products and services.
North America holds the largest share in the global vision care market, followed by Europe and the Asia Pacific, respectively.
Bausch Health (Canada), ESSILORLUXOTTICA (France), The Cooper Companies, Inc (US), Cadila Healthcare (India), NOVARTIS AG (Switzerland), Zydus Pharmaceuticals, Inc., Rayner Surgical Group Limited (UK), Johnson & Johnson Services, Inc. (US), Menicon (Japan), and Carl-Zeiss-Stiftung (Germany), are some of the major players operating in the vision care market.