Eye Care Market Valuation to Hit USD 93.81 Billion at a CAGR of 3.8% by 2030 | Reports and Data

Published April 12, 2023

The global eye care market size was USD 66.60 Billion in 2021 and is expected to register a revenue CAGR of 3.8% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growth of technological innovation in eye care and treatment, increasing prevalence of ocular diseases, and increasing screen time.

Another important factor driving revenue growth of the eye care market’s revenue is increasing rate of widespread eye health disorders in the world. Among the most important factors contributing to ocular disorders are rapid digitalization and lifestyle changes owing to growing urbanization. At least 2.2 billion people worldwide have a near- or distance vision impairment, according to reports from the World Health Organization (WHO). At least 1 billion of these cases, or close to 50%, entailed vision loss that could have been prevented. Various countries across the globe suffer from these diseases and some even led to fatalities. The prevalence of cataract patients is increasing, which is expected to drive demand for intraocular lenses in the eye care market.

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Top Profiled Companies in the Global Eye Care Market Report:

Essilor International, Johnson & Johnson Services, Inc., Novartis AG, CooperVision, Luxottica Group, Bausch Health Companies Inc., Menicon Co., Ltd., Cadila Pharmaceuticals., Rayner Intraocular Lenses Limited, and Carl-Zeiss-Stiftung.

Some Key Highlights From the Report

  • The Intraocular lens (IOLs) segment accounted for largest revenue share in 2021. Intraocular lenses can help with vision improvement. IOLs can be used to cure astigmatism, near-sightedness, and farsightedness. IOLs can help people with various kinds of vision-related issues.
  • The laser therapy segment is expected to register a significant revenue growth rate over the forecast period. Laser treatment improves defective vision. Eye surgeons rebuild the cornea using advanced laser therapy so that light may properly focus on the retina and patients enjoy clear vision. The process is quick and it takes less than 10 minutes. Laser therapy is also painless in most cases. As laser therapy is computer-guided, it is extremely precise and produces exact results, hence there is very little or no scope for mistreatment. The most efficient method for treating near-sightedness, farsightedness, or astigmatism is often laser eye therapy.
  • The Online segment accounted for the majority revenue share over the forecast period. It is attributable to factors like direct shipping from vendors eliminates the need for additional warehousing expenses. Customers can choose shipping, delivery, and payment methods they choose. Low product prices, promotions, convenience, doorstep service, and availability of a wide range of products are all factors that have contributed to revenue growth of the segment.
  • The market in North America is expected to register the largest revenue share in the global eye care market during the forecast period. Increasing prevalence of ocular diseases, presence of key companies, significant investments in R&D, and launch of new and innovative product lines are major factors driving revenue growth in the region. Mergers and acquisitions between various key companies and small start-ups are also contributing to revenue growth of the eye care market in the region.

Key Regional Markets Covered in the Report:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Further market segmentation

Product Outlook (Revenue, USD Billion; 2019-2030)

    • Intraocular lens
    • Eyeglasses
    • Contact Lenses
    • Others

Treatment (Revenue, USD Billion; 2019-2030)

    • Surgery
      • Cataract Surgery
      • Vision Correction Process
      • Cornea Transplant
      • Vitrectomy
    • Laser Therapy
    • Medication
    • Others

Distribution Channel (Revenue, USD Billion; 2019-2030)

    • Hospitals & Clinics
    • Retail Stores
    • Online
    • Others

Key Takeaways of the Global Eye Care Market Report:

  • A comprehensive overview of the global Eye Care industry.
  • Accurate market projections in terms of market size, share, and volume.
  • Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
  • Deep-dive analysis of the upcoming market trends.
  • Qualitative and quantitative analyses of the global Eye Care market.
  • Elaborate study of the leading regional markets in the global Eye Care market.
  • Complete overview of the market’s competitive landscape.
  • Brief look at the company profiles and portfolios.

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