The latest report by IMARC Group, titled “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global vision care market size reached US$ 63.1 Billion in 2020. Eyes are essential sense organs in the human body that help in processing visual details, which are further interpreted and transmitted to the brain. Healthy eyesight contributes to improved learning and comprehension skills, which enhance the quality of life. Eyes are easily susceptible to infection, trauma and inflammation; thus, it is essential for individuals to practice quality vision care. It includes the process of care and treatment to maintain proper eye health. Some of the most common components of vision care include eyesight tests, eye ointment, eye drops, and gels, and various surgeries to combat vision ailments, such as glaucoma and cataract.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vision Care Market Trends:
The market is primarily driven by the growing prevalence of ocular diseases. Along with this, there has been an increasing occurrence of eyesight disorders among working professionals due to prolonged usage of electronic devices, including laptops, tablets and smartphones. This has significantly contributed to a significant increase in the demand for improved vision care facilities. Besides this, the advent of innovative therapies, including gene and stem cell therapy, is gaining widespread preference among the masses owing to their efficient outcomes. Furthermore, numerous players have introduced online eye testing modules, which assist individuals in checking the status of their vision through online portals. For instance, Zeiss, a German enterprise, offers an online vision screening check without additional charges. Moreover, several awareness campaigns led by various government and non-government organizations regarding the availability of advanced ocular therapies and treatments are also projected to create a positive outlook for the market. On account of these factors, the market is projected to reach a value of US$ 76.6 Billion by 2026.
- Based on the product type, the market has been segmented into glass lenses, contact lenses, intraocular lenses, contact solutions, Lasik equipment and artificial tears. At present, glass lenses represent the most popular product type.
- On the basis of the distribution channel, the market has been segregated into retail stores, online stores, clinics and hospitals. Retail stores currently account for the majority of the total market share.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America exhibits a clear dominance in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Johnson & Johnson Services, Inc., CooperVision, Inc. (Cooper Companies, Inc.), Bausch Health Companies, Inc., Essilor International and Novartis International AG.
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