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Vision Care Market to Witness Growth of 7.1% CAGR during 2018–2028

An increasing use of electronic devices and changing lifestyles and hygiene levels have led to vision-related problems worldwide.

As the number of patients with vision-related problems has increased, so has the need for vision care products and services. According to the latest report published by Future market Insights (FMI), the global vision care market size is projected to account for more than $127bn in terms of value by the end of 2028.

The report further projects significant growth with an average compound annual growth rate (CAGR) of 7.1% through to 2028.

Vision care market dynamics

According to the World Health Organization (WHO), approximately 285 million people are visually impaired worldwide. Of these, 39 million are blind and 246 million have low vision.

Most of the disorders and conditions causing visual impairment and blindness are preventable or readily treatable with known and cost-effective interventions. Normal vision can often be restored with the help of eyeglasses, contact lenses or refractive surgery.

Ageing is one of the prime factors responsible for vision-related problems. The number of people aged over 65 years is growing day by day, and with it the demand for eye-related products and solutions is also increasing. This ageing population and growing demand are factors expected to create growth opportunities for vision care product manufacturers globally.

Increased accessibility to healthcare initiatives such as Federal healthcare programmes has increased the number of population opting for vision care benefits. In addition, out-of-pocket costs have reduced due to insurance coverage.

In the US, the Patient Protection and Affordable Care Act has defined eye care for pediatric care as an essential benefit. This factor is likely to play an instrumental role in driving the growth of the vision care market.

With a rapid increase in use of the internet, technological changes, and number of research-based industries, the use of laptops, mobiles, personal computers (PC) and other electronic devices has increased in the day-to-day life, which is a major factor responsible for eye-related problems.

The global action programme ‘VISION 2020 – The Right to Sight’ is working to overcome this situation and to prevent avoidable blindness. It is conducted by non-government organisations (NGO) and private organisations in collaboration with WHO. VISION 2020 has also initiated global campaigns to raise awareness among governments about the societal effects of blindness and to gather a strong, long-term political and professional commitment to reduce avoidable blindness. VISION 2020 has taken initiatives to develop and strengthen the primary health/eye care methodology to prevent the avoidable blindness.

Growth of the vision care market is driven by an increase in lens prescriptions and eye care professionals such as optometrists and ophthalmologists. Most consumers aged 65 plus have low awareness regarding eye health. Product development, particularly for the ageing population, is a major challenge as these consumers tend to suffer from dry eye, which makes fitting contact lenses difficult. Therefore, the elderly population prefers spectacles over contact lenses due to low awareness regarding their benefits.

According to the company, the spectacle lenses segment accounted to more than 40% revenue share in the global vision care market in 2017. However, the growing popularity of contact lenses might limit the segment’s growth in the near future.

Contact lenses offer vision correction for the entire field of the eye, including peripheral vision. Soft contact lenses are safe for daily use and for sports. They do not fog and can be discarded if damaged. In addition, they are more economic compared with prescribed glasses.

Vision care market regional insights

In Europe and Northern America, more than one in five people were aged 60 or above in 2017. According to a survey by WHO, 90% of the visually impaired population are in low and middle-income countries. A significant share of this population is unaware of preventive care for vision loss, available curative services and quality rehabilitation.

The growing ageing population with vision disorders in Asia Pacific (APAC) is likely to boost the growth of the vision care market.

Increasing geriatric population and rising disposable income in North America is expected to surge the demand for advanced vision care products and solutions. The North America vision care market is estimated to create $21.7bn between 2018 and 2028.

Vision care market segmental analysis

FMI has segmented the global vision care market into spectacle lenses, contact lenses and cleaning and disinfecting solutions.

In terms of revenue, the spectacle lenses and contact lenses segments are expected to hold significant shares over the forecast period. In contrary, the cleaning and disinfecting solutions segment is expected to exhibit limited investment opportunities in terms of revenue through to 2028.

Vision care market companies

FMI’s report tracks some of the key companies operating in the vision care market, including Bausch and Lomb, Alcon, CooperVision, Johnson & Johnson, LUXOTTICA GROUP, Essilor, ZEISS International, Safilo Group and Rodenstock.

To request a sample report with table of contents and figures, click here.

To preview the analysis of the global vision care market segmented by product type, click here.

FMI’s advisory services provide clients with customized insights relevant to their specific challenges. Let the company know about your challenges by talking with its trusted advisors, here.