Vision Care Market Size to grow by USD 16300.5 million between 2024-2028
According to a research report “ Vision Care Market” by Type (Prescription (Rx), Non-prescription (Non-Rx)) Product (Glass lens, Contact lens, Intraocular lenses, Contact lens solution, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16300.5 million, at a CAGR of 4.01% during the forecast period. The global vision care market is witnessing a substantial growth due to the rising prevalence of vision disorders and eye diseases. This trend is a major concern for healthcare professionals, as the World Health Organization anticipates a 115% increase in the global population aged 60 and above by 2050, thereby amplifying the incidence of age-related eye conditions such as cataracts, glaucoma, and age-related macular degeneration. The aging population is a primary factor contributing to this trend, as the natural aging process increases susceptibility to ocular health issues. Other contributing factors include lifestyle choices, environmental factors, and genetic predispositions. The vision care market is expected to capitalize on this trend, offering innovative solutions to mitigate the impact of these conditions and improve overall eye health..
Browse market data tables, figures, and in-depth TOC on “Vision Care Market” by Type (Prescription (Rx), Non-prescription (Non-Rx)) Product (Glass lens, Contact lens, Intraocular lenses, Contact lens solution, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Prescription (Rx) segment is projected to dominate the market size in 2024
The prescription (Rx) segment of the vision care market caters to individuals with vision impairments, offering a diverse range of solutions including prescription eyeglasses and contact lenses. The WHO reports that approximately 2.2 billion people globally experience vision impairment or blindness, primarily due to uncorrected refractive errors. This substantial need for corrective eyewear drives market growth. Technological advancements have significantly enhanced the precision and efficacy of prescription eyeglasses and contact lenses, further bolstering demand.
By Product, Glass lens segment is expected to hold the largest market size for the year 2024
The glass lens segment in the vision care market has experienced modest expansion, driven by shifting lifestyles and escalating eye health concerns. The proliferation of laptops, tablets, PCs, and smartphones has led to an increase in screen time, contributing to various eye disorders. These health issues, linked to prolonged computer usage, include vision problems as the most prevalent complaint. To mitigate further damage, users are encouraged to utilize corrective eyewear. Office tasks, such as reading, typing, writing, and filing, pose a risk for eye strain. With technological advancements, these activities are increasingly conducted on digital devices, thereby amplifying the likelihood of eye disorders.
North America is forecasted to hold the largest market size by region in 2024
The Vision Care Market represents a significant business opportunity, driven by the rising prevalence of eye diseases and increasing awareness of eye health. Key players in this sector invest in research and development to introduce innovative products and solutions, catering to diverse consumer needs. The market's growth is further fueled by demographic trends, technological advancements, and regulatory support. Strategic collaborations, mergers, and acquisitions also play a crucial role in shaping the competitive landscape.
The Vision Care Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Vision Care Market encompasses a wide range of ocular health products, including eye glasses, contact lenses, intraocular lenses, sunglasses, and spectacles. This market is experiencing significant growth due to the increasing prevalence of vision ailments, particularly among the geriatric population, and the rise of chronic diseases such as Glaucoma and Cataracts. The E-commerce sector has disrupted the traditional retail landscape, with online stores offering a vast selection of vision care products, from memory metal and titanium frames to disposable contact lenses. Smart technologies, such as three-dimensional printing and advanced materials, are revolutionizing the industry, leading to innovations like smart glasses and premier intraocular lenses. Key players in the Vision Care Market include acquisitions and mergers, such as EssilorLuxottica's acquisition of GrandVision and Alcon's acquisition of CooperVision. The World Health Organization estimates that by 2050, half of the global population will require vision correction. As a result, the demand for vision care products is expected to continue growing, making this an exciting and dynamic industry to watch. In conclusion, the Vision Care Market is a thriving sector, driven by advancements in technology, demographic trends, and the increasing awareness of the importance of maintaining ocular health. From eyewear to contact lenses, intraocular lenses, and sunglasses, there is a growing need for high-quality, affordable, and innovative vision care products to meet the demands of consumers worldwide.
Market Research Overview
The Vision Care Market encompasses a wide range of ocular health products and services, including eye health diagnostic devices, laser eye surgery, and vision care products for various vision ailments. With an aging population, there is a growing demand for solutions to age-related eye conditions such as presbyopia, hyperopia, cataracts, and macular degeneration. Other common vision issues like myopia, hypermetropia, blurry vision, astigmatism, sties, colour blindness, and allergies also require effective treatments and management. Innovations in technology are driving advancements in the vision care industry, with the use of memory metals, titanium, and three-dimensional printing technology in eyeglasses and contact lenses. Smart technologies such as silicon hydrogel lenses with UV protection, online consultation platforms, and telemedicine are also gaining popularity. The market is witnessing significant expansions of capacity and plant turnarounds to meet the increasing demand for eyeglasses, contact lenses, intraocular lenses, and sunglasses. Brands are focusing on increasing brand awareness and expanding their retail presence through online stores and retail outlets. Chronic diseases like diabetes and sedentary lifestyles contribute to various eye diseases, including diabetic retinopathy, glaucoma, and cataracts. Pollution levels also pose a threat to eye health. Vision care products, including nutrition supplements, are essential for maintaining optimal eye health and preventing vision loss. In conclusion, the Vision Care Market is a dynamic and evolving industry, driven by technological advancements, increasing demand for vision care solutions, and a growing awareness of the importance of maintaining eye health.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
