The global vision care industry is on the brink of significant growth, with a projected Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. According to market analysis, this sector is anticipated to experience remarkable expansion, reaching an estimated value of US$ 1,78,930.9 million by 2033, up from US$ 89,596 million in 2023.
This anticipated surge in demand for vision care solutions underscores a growing global awareness of eye health, coupled with technological advancements in vision correction procedures. The market is further driven by an aging population seeking vision-related treatments.
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FMI, a leading player in the vision care industry, is strategically positioned to capitalize on this projected growth. With a comprehensive range of products and services, FMI covers the spectrum from corrective lenses and frames to state-of-the-art surgical procedures addressing various visual impairments.
“In an era where innovation is key, FMI stands at the forefront, offering consumers a diverse array of options that align with the evolving needs of the market,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
The Vision Care Market’s dynamic landscape is a testament to the continuous emergence of cutting-edge technologies and solutions. FMI remains committed to staying ahead of the curve by investing in research and development, ensuring that our customers have access to the latest advancements in vision care.
As the global demand for vision care solutions rises, FMI is well-equipped to meet and exceed expectations. Our commitment to excellence, combined with a customer-centric approach, positions us as a preferred choice for individuals seeking reliable and innovative vision care solutions.
Top Highlights from the FMI’s Analysis of the Vision Care Market:
- In North America, the vision care industry is reaching a saturation point as leading players have captured most of the population. FMI has estimated that the regional market acquired a 33.8% share in the global space.
- The European market is anticipated to acquire more than 30% in 2023. The market only falls behind North America in terms of value share. High disposable income, an established healthcare system, and growing regional health concerns have propelled market growth.
- According to FMI intelligence, the Japanese market is anticipated to acquire a market share of more than 6.5% in 2023.
- India is expected to record market growth of 8.4% CAGR, whereas China is anticipated to register 7.9% CAGR over the estimated time.
- Australia is anticipated to record a CAGR of 5.6% from 2023 to 2033.
- Based on product type, the spectacle lenses segment is expected to account for more than 40.8% in 2023.
- Under the distribution channel category, the optometry stores segment is expected to account for more than 25.8% market share in 2023.
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News Section: Key Developments Shaping the Market Growth:
- Alcon Inc. introduced the Clareon family of IOLs in the United States in March 2022. By deploying Alcon’s most sophisticated IOL material, Clareon can offer constant visual outcomes and brilliant clarity that sustains.
- Alcon presented DAILIES TOTAL1 for Astigmatism in January 2022. The product is the first-ever Water Gradient contact lens for patients suffering from astigmatism.
- CooperVision acquired EnsEyes in June 2022. EnsEyes is the leading distributor of scleral contact lenses and orthokeratology (ortho-k) in the Nordic region. The company is functional within the Cooper Vision Specialty EyeCare group.
- Johnson & Johnson Vision Inc. obtained a CE Mark in February 2021. The company received this certification for its Acuvue Oasys multifocal contact lens with pupil-augmented design for Europeans. The lens is being used to treat patients suffering from presbyopia.
Key Companies Profiled in the Vision Care Industry:
- Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
- Alcon (sub. Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock
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Key Segments in the Vision Care Industry:
By Product Type:
- Spectacle Lenses
- Contact Lenses
- Cleaning & Disinfecting Solutions
By Type:
- Rx (Prescription)
- Non-Rx (Non-prescription)
By Distribution Channel:
- Hospitals
- Ophthalmic Clinics
- Optometry Stores
- E-commerce
- Retail Hypermarket/Superstore
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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