Vision care companies specialize in providing products and services related to eye health, including eyeglasses, contact lenses, prescription medications, and surgical procedures. These companies play a crucial role in helping individuals maintain and improve their vision.
Latest Vision Care Companies Update
Mar 2023: Given the potential of the Indian market, EssilorLuxottica, a multinational corporation based in France that designs, produces, and sells eyeglasses, frames, and lenses, is considering growing its presence there. The precise amount of the company's contribution to the $14 billion expenditure necessary to eradicate uncorrected bad vision by 2050 has not been made public. By extending its reach and laboratory capabilities in India, EssilorLuxottica intends to boost its marketing investments in both frames and lenses and bolster its commercial capabilities to drive mid-tier penetration and promote its main brands. Presently, more than 450 Indian cities and more than 85 prescription labs offer EssilorLuxottica's products. The company hopes to strengthen its relationships with eye care professionals and joint venture partners by investing in visual solutions that integrate its knowledge of frames and lenses, marketing, training, sustainability, and digital change in the optics business.
Vision Care Market Size was valued at USD 173.5 billion in 2021 and is projected to grow from USD 180.49205 Billion in 2022 to USD 238 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.3%% during the forecast period (2023 - 2032). The growing awareness amongst the patients regarding the benefits of vision care are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
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.
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.
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
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 includes
Vision Care Industry Developments
In August 2019, CooperVision launched a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.
In August 2019, the United States Food and Drug Administration (U.S FDA) approved CooperVision's Paragon contact lens manufacturing site in Phoenix, U.S.
In April 2021, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced a global strategic collaboration with Menicon, a leading manufacturer of innovative contact lenses. The collaboration is part of a broader commitment from Johnson & Johnson Vision to lead with science and help reshape the future of myopia – and bring forward a novel portfolio of products and services to manage the progression of myopia in children.
Vision Care Market Highlights:
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