According to the latest report by IMARC Group, titled "Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global vision care market size reached US$ 60.9 Billion by 2019. Eyes are one of the most important sense organs in the human body. They aid in processing visual details that 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 trauma, infection and inflammation; therefore, it is essential for individuals to practice quality vision care, which includes the process of caring and treating to maintain proper eye health. Some of the most common components of vision care include eyesight tests, eye drops, eye ointment and gels, and various surgeries to combat vision ailments, such as cataract and glaucoma.
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 global market is primarily driven by the growing prevalence of ocular diseases on the global level. This, along with the growing geriatric population, has contributed to the escalating demand for advanced vision care technologies. The advent of innovative therapies, including gene and stem cell therapy, is acting as another major growth-inducing factor. These therapies are gaining widespread preference among the masses, owing to their efficient outcomes. Along with this, there has been an increase in the occurrence of eyesight disorders among working professionals, owing to prolonged usage of electronic devices, including laptops, tablets and smartphones. This has contributed to a significant increase in the demand for prescription glasses and contact lenses, and improved vision care facilities. Furthermore, numerous players have introduced online eye testing modules, which is expected to assist individuals to check the status of their vision through online portals. For instance, Zeiss, a German enterprise, offers an online vision screening check without any additional charges. Their screening check is classified into three segments – visual acuity, contrast vision and color vision checks, which are designed to offer preliminary assistance regarding vision care to the users. Awareness campaigns led by several 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 the aforementioned factors, the market is anticipated to reach a value of US$ 72.3 Billion by 2025, growing at a CAGR of 2.8% during 2020-2025.
- On the basis of the product type, the market has been divided into glass lenses, contact lenses, intraocular lenses, contact solutions, Lasik equipment and artificial tears. Among these, glass lenses exhibit a clear dominance in the market.
- Based on the distribution channel, the market has been classified into retail stores, online stores and clinics, wherein retail stores account for the majority of the total market share.
- On the geographical front, North America holds the leading position in the market. Some of the other major regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of these players include Johnson & Johnson Services, Inc., CooperVision, Inc. (Cooper Companies, Inc.), Bausch Health Companies Inc., Essilor International, and Novartis International AG.
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