The global vision care market size is expected to reach USD 192.85 billion by 2026. The growing demand for high-value eyewear owing to the advent of innovative technologies is one of the key reasons boosting the vision care market share. Moreover, increasing affordability of eyewear and developing healthcare infrastructure will create new opportunities for the market, states Fortune Business Insights in a report, titled “Vision Care Market Size, Share & Industry Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics), and Regional Forecast, 2019-2026” the market size stood at 125.16 billion in 2018 and is expected to rise at a CAGR of 5.6% between 2019 to 2026.
The increasing adoption of contact lens in emerging nations owing to its aesthetics and different colors for every use will bolster the growth of the market in the forthcoming year. The vision care market trends include the increasing acceptance of spectacles as a fashion accessory. Additionally, the growing case of ocular diseases is expected to augur well for the market. For instance, according to a survey conducted by the World Health Organization by 2020, there will be around 2.2 billion new incidences of myopia globally. Moreover, the growing adoption of sunglasses due to the rising awareness regarding ocular diseases caused due to UVA and UVB rays will accelerate the growth of the market
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Key Segments in the Global Vision Care Market
- Product Type: Under the segment, the market is categorized into eyewear, intraocular lens, and ocular health. The intraocular lens segment exhibited fastest CAGR and is expected to grow rapidly during the forecast period. The wide range of product offerings and affordable costs by leading and local manufacturers will propel the growth of the segment in the foreseeable future. Furthermore, the increasing prevalence of the ocular disease is likely to stimulate the growth of the segment. In addition, the growing demand for sunglasses will foster the growth of the market. The intraocular lens is expected to experience high growth during the forecast period owing to the increasing number of cataract surgeries around the world. Countries such as Japan and India are expected to witness high demand for intraocular lens. Nevertheless, Ocular health is predicted to grow at a slower rate during the forecast period owing to the increasing awareness in developing countries and a lower rate of diagnosis of ocular health diseases such as the dry eye.
- Distribution Channel: Under the segment, the market is classified into retail stores, online stores, and hospitals & clinics. The retail segment is expected to generate the highest revenue in the foreseeable future owing to the increasing availability of vision care products through the retail stores. Furthermore, the online segment is expected to witness rapid growth owing to the increasing preference of e-commerce websites compared to the traditional way of shopping. Furthermore, the increasing benefits offered by online channels, such as discounts, free home delivery, virtual look test of the product, and others will boost the segment’s growth and contribute positively to the vision care market share.
- Geography: Under the segment, the market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America was valued at USD 38.82 billion in 2018 and is expected to grow rapidly in the forthcoming years. The increasing adoption of vision care products will aid the growth in the region. The increasing awareness of ocular diseases, favorable reimbursement for cataract surgery and preference for premium eye care products are projected to accelerate the growth of the market in North America. In addition, Asia Pacific is anticipated to be the second most prominent region in terms of revenue by 2026 owing to the increasing disposable income and higher availability of vision care products from local manufacturers.
Leading Players to Retain Position by Investing Highly on Eye Care Products
Alcon is one of the leading players in the vision care market and is predicted to retain its position during the forecast period.Increasing partnerships between companies and growing investment in eye care products combined with strategic plans to capture developing markets will create lucrative business opportunities for leading players in the market.
Some of the Prominent companies in the Global Vision Care Market are:
- Alcon (Part of Novartis AG)
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- Carl Zeiss
- August 2019: CooperVision launched a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.
- 2018: Carl Zeiss launches the first sunglass to offer 400nm UV protection.
The Vision Care Market is Segmented into:
Value (USD billion)
By Product Type
- Contact Lens
- Intraocular Lens
- Ocular Health
By Distribution Channel
- Retail Store
- Online Store
- Hospital and Clinics
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)