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Vision Care Market is speculated to be worth US$ 93,817.82 million by 2027, says The Insight Partners

According to The Insight Partners’ research, the global vision care market accounted for US$ 66,934.51 million in 2019 and is anticipated to hit US$ 93,817.82 million by 2027 to rise at an annual growth rate of 4.5% from 2020 to 2027. Growing prevalence of eye diseases and rising funds for eye care research are the potential factors stimulating the market expansion.

The cases of eye problems and vision defects are increasing worldwide, including cataract, glaucoma, refractive errors, and others. Several people develop some specific eye problem at a certain age and persist the same forever. According to the World Health Organization (WHO), over 2.2 billion people across the globe have a near or distant vision impairment. It can be broken down in figures as cataract (94 million), refractive errors (88.4 million), glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million) respectively. Moreover, as per the Royal National Institute of Blind People, in 2017, around 350,000 people in the UK were registered as blind and partially sighted.

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Major companies listed in the global vision care market report are Alcon Inc; Bausch Health Companies Inc.; Carl Zeiss AG; Cooper Companies, Inc.; Essilor Luxottica SA; Johnson and Johnson Services, Inc.; HOYA Corporation; Rodenstock GmbH; Menicon Co., Ltd; and Rayner Intraocular Lenses Limited.

  • In March 2020, Alcon Inc. launched its first and only non-diffractive intraocular lens. It is now commercially available in several European markets. In January 2021, the company launched its PRECISION1 daily use contact lens. It is a disposable silicone hydrogel (SiHy) lens for astigmatic patients.
  • In August 2020, Bausch Health Companies Inc. launched INFUSE silicone hydrogel (SiHy) daily disposable contact lens designed with next-generation material infused with probalance technology. It maintains ocular surface homeostasis and reduces symptoms of lens dryness.
  • In October 2019, Johnson and Johnson Vision launched TECNIS Eyhance, an intraocular lens (IOL). It is a monofocal implant for the patients who have undergone cataract-removal surgery procedures. In August 2020, the company received approval for its TECNIS Synergy and TECNIS Eyhance intraocular lens.
  • In October 2020, Menicon launched 1DAY FRUTTIE, a daily disposable color contact lens in China.

Extensive research all over the world to explore new treatment methods for vision problems is likely to favor the market expansion. India-US collaborative vision research program 2020 introduced advanced technology to prevent eye disorders, visual defects, and associated complications. This joint research activity is funded by the Indian Department of Biotechnology and the US National Eye Institute (NEI). The Karolinska Institute of Sweden offers grants to promote the research and development of eye care methods. Such increasing financial assistance for eye care research and international collaborations foster the global vision care market.

Contrastingly, disadvantages associated with contact lenses hinder the growth of global vision care market.

Based on product type, the market is divided into eyeglasses, contact lenses, intraocular lenses, and others. The eyeglasses segment led the market in 2019 with 52.17% share of the business. It generated US$ 34,920.43 million in 2019 and is estimated to garner US$ 51,001.70 million by 2027, expanding at 5.0% CAGR during 2020–2027.

According to the distribution channel, the global vision care market is split into e-commerce, retail stores, clinics, and hospitals. The retail stores segment occupied 45.31% market share in 2019, amassing US$ 30,328.78 million. Later, it is forecasted to accrue US$ 43,311.93 million by 2027 to grow at 4.7% CAGR along the forecast period.

From the regional point of reference, it has been observed that North America captured 39.80% market share in 2019 with a revenue total of US$ 26,642.80 million. Later, it is likely to reach US$ 37,836.73 million by 2027, surging at 4.7% CAGR for the forecast period. Asia Pacific is progressing at 5.0% CAGR. The regional market was evaluated at US$ 12,727.12 million in 2019 and is predicted to be worth US$ 18,557.16 million by 2027.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: [email protected]

Phone: +1-646-491-9876

 

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