The global vision care market is experiencing a significant expansion, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 7.2% from 2023 to 2033, according to the latest market analysis. Currently valued at USD 89,596 million in 2023, the market is set to nearly double, reaching an estimated USD 178,930.9 million by 2033.
This impressive growth trajectory reflects the increasing demand for vision care solutions driven by a combination of factors, including a rising aging population, growing awareness about eye health, and advancements in technology. The market encompasses a diverse range of products and services, including prescription glasses, contact lenses, vision correction surgeries, and innovative diagnostic tools.
Key Drivers of Market Growth:
- Aging Population: The global increase in the elderly population is a significant factor, as age-related vision issues become more prevalent, driving demand for vision care solutions.
- Technological Advancements: Continuous innovations in vision correction technologies and diagnostic equipment are enhancing the effectiveness and accessibility of vision care.
- Increased Awareness: Growing awareness about the importance of eye health and regular vision check-ups is leading to higher adoption rates of vision care products and services.
“The vision care market is undergoing a transformative phase,” said FMI. “Technological innovations and an increased focus on eye health are driving this shift. We are seeing a move towards more sophisticated vision correction technologies and a broader adoption of preventative eye care measures worldwide.”
Key Highlights from FMI’s Vision Care Market Analysis:
- North America: The region is approaching market saturation with leading players dominating the space, holding a 33.8% share of the global market.
- Europe: Expected to capture more than 30% of the market in 2023, Europe benefits from high disposable incomes, an established healthcare system, and rising regional health concerns.
- Japan: Anticipated to hold over 6.5% of the market share in 2023.
- India: Projected to grow at a CAGR of 8.4%, while China is expected to record a 7.9% CAGR during the forecast period.
- Australia: Expected to see a CAGR of 5.6% from 2023 to 2033.
- Spectacle Lenses: The spectacle lenses segment is predicted to account for more than 40.8% of the market in 2023.
- Optometry Stores: This distribution channel is expected to hold over 25.8% of the market share in 2023.
Key Developments Shaping Market Growth:
- Alcon Inc. launched the Clareon family of IOLs in the United States in March 2022, offering sustained visual clarity with its advanced IOL material.
- DAILIES TOTAL1 for Astigmatism, introduced by Alcon in January 2022, is the first Water Gradient contact lens designed specifically for astigmatism.
- CooperVision acquired EnsEyes in June 2022, enhancing its specialty eye care offerings in the Nordic region.
- Johnson & Johnson Vision Inc. received a CE Mark in February 2021 for its Acuvue Oasys multifocal contact lens, designed to treat presbyopia in European patients.
Vision Care Market Trends: Discover the Full Details in Our Extensive Report!
Key Companies in the Vision Care Industry:
- Bausch and Lomb (Acquired by Valeant Pharmaceuticals)
- Alcon (Subsidiary of Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock
Key Market Segments:
- 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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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