Vision Care Market
Number of pages: 100 | Report Format: PDF | Published date: May 08, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 85.62 billion |
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Revenue Forecast in 2031 |
US$ 156.10 billion |
|
CAGR |
6.9% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global vision care market was valued at US$ 85.62 billion in 2022 and is expected to register a revenue CAGR of 6.9% to reach US$ 156.10 billion by 2031.
Vision Care Market Fundamentals
Vision care refers to the range of medical and non-medical services aimed at maintaining and improving visual health. Regular eye checkups, leading a healthy lifestyle, wearing corrective lenses, and receiving treatment as necessary are all part of this. Maintaining good eye health and preventing common eye disorders like myopia, hyperopia, and astigmatism requires proper vision care. Glaucoma, cataracts, and macular degeneration can all be caught early with routine eye exams. For optimum visual health, it is advised that people have thorough eye exams every one to two years.
Significant improvements in vision care have been made recently, notably in technology and available treatments, which generate lucrative opportunities to shape the vision care market size. The discovery of laser eye surgery, which reshapes the cornea with a laser to treat refractive problems like nearsightedness, farsightedness, and astigmatism, is one example of this progress. Additionally, detecting and treating eye diseases using machine learning and artificial intelligence is also an emerging trend. These technologies make it possible to identify diseases, including glaucoma, macular degeneration, and diabetic retinopathy, more quickly and accurately. Furthermore, improvements in contact lens technology have improved their comfort, breathability, and vision-correcting capabilities. In general, improvements in vision care assist people in maintaining and enhancing their visual health, enhancing their quality of life.
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Vision Care Market Dynamics
A growing number of visual diseases such as myopia, hyperopia, astigmatism, and presbyopia drive the vision care market growth. The aging population and the rise in the prevalence of age-related eye conditions such as cataracts and macular degeneration significantly influence the vision care market dynamics. As people use digital devices more frequently and need to correct their vision, there is a growing demand for contact lenses and eyeglasses. Additionally, new treatments, such as laser eye surgery and improved diagnostic tools for early detection of eye diseases, have been created due to technological advancements influencing the vision care industry trends. Moreover, the increased awareness of vision care drives the vision care market growth. For instance, the largest vision and eyewear solutions provider in Sri Lanka, Vision Care, launched their newest location in Wanduragala in April 2023.
However, the inflated cost of treatments and products is one of the biggest challenges for the vision care market. Many people struggle to pay for vision treatment, which can result in untreated eye diseases and a lower standard of living. Additionally, some places, particularly in rural and low-income communities, lack access to vision care services. A further difficulty in the vision care market is becoming more competitive, which can result in pricing pressure and an emphasis on cost-cutting methods rather than improving patient outcomes.
Vision Care Market Ecosystem
This report provides the global vision care market analysis regarding revenue, market growth, market dynamics, regional landscape, and overall competitive positioning of the major market players. The global vision care market overview is analyzed from the following perspectives,
Vision Care Market, by Product
Vision Care Market, by Distribution Channel
Vision Care Market by Product
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Based on the products, the vision care market is segmented into eyewear, contact lens, and intraocular lens. Eyewear is further sub-segmented into spectacles and sunglasses. Additionally, there are distinct types of spectacles, including single-vision, bifocal, and progressive.
The eyewear segment accounted for the largest revenue share of the global market in terms of vision care market forecast. Myopia, hyperopia, and astigmatism are the most common vision impairments causing an increase in the need for corrective eyewear, such as eyeglasses. Additionally, eye strain and other vision problems have been made worse by the growing use of digital devices. Furthermore, improvements in eyewear technology, such as the creation of lighter and more comfortable frames, have increased the appeal and accessibility of eyewear for consumers. Also, many buy multiple pairs of eyewear to match various outfits or occasions because they frequently view eyewear as a fashion accessory. Therefore, these elements have helped the eyewear segment acquire a significant position in the global vision care market outlook.
The market segmentation sections provide the vision care market outlook regarding the demarcation of different consumer groups. Market segmentation is the splitting of an industry into subgroups depending on characteristics such as product, distribution channel, and region. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential vision care market demand opportunities.
Vision Care Market By Region
Geographically, the vision care market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Considering the presence of lucrative opportunities and driving factors, North America accounted for the largest revenue share of the global market in terms of the vision care market forecast. Due to the high frequency of visual impairments in the area, there is an increasing need for eyewear, diagnostic equipment, and treatment choices in vision care. Additionally, the availability of cutting-edge products and procedures, like LASIK surgery and sophisticated diagnostic equipment, has turned North America into a center for innovation in the vision care market. Additionally, the area has a strong healthcare system and insurance coverage, enabling greater access to vision care services. The market for vision care in North America has expanded due to the rising use of digital gadgets, increased eye strain, and other vision issues. Moreover, these elements have made North America a significant player in the global vision care market.
Based on the regions, the global vision care market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of vision care industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level vision care market overview.
Key Components of the Report
Vision Care Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Vision Care Market Strategic Development
Reasons To Buy This Report
The global vision care industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the vision care market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the vision care market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other vital information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Vision care refers to the range of medical and non-medical services aimed at maintaining and improving visual health.
North America has the largest vision care market size during the forecast period from 2023 to 2031.
The global vision care market is expected to grow at a revenue CAGR of 6.9% during the forecast period from 2023 to 2031.
The high cost of vision care and improper diagnosis are the major challenges hampering the growth of the global vision care market.
The major strategies key market players adopt involve strategic partnerships and collaborations to expand their market reach and capabilities.
Increased research and development to invent new strategies for vision care and raising awareness of vision care are the most important drivers of the global vision care market.
Key global vision care market players are Alcon (sub. Novartis AG), HOYA Corporation, CooperVision, Bausch & Lomb Incorporated (sub. Valeant Pharmaceuticals International Inc.), ZEISS International, and Johnson & Johnson Vision.
The eyewear product segment holds the highest revenue share in the global vision care market.
The resultant market size of the vision care market in 2031 will be US$ 156.10 billion.
*Insights on financial performance are subject to the availability of information in the public domain