IMARC Group, a leading market research company, has released a report titled “Vision Care Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global vision care market size reached US$ 69.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 85.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.39% during 2023-2028.
Vision care refers to a comprehensive range of services and products aimed at maintaining and enhancing visual health. This encompasses various aspects related to the well-being of the eyes and the overall quality of one’s vision. Vision care services include regular eye examinations conducted by qualified optometrists or ophthalmologists to assess visual acuity, detect eye conditions, and recommend corrective measures such as prescription eyeglasses or contact lenses. Additionally, vision care involves the diagnosis and management of various eye conditions such as refractive errors, glaucoma, cataracts, and macular degeneration. Vision care also encompasses preventive measures, early detection of potential eye disorders, and the promotion of overall ocular health. Regular eye exams play a pivotal role in identifying issues that may not initially manifest noticeable symptoms, enabling timely intervention to prevent further deterioration.
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Vision Care Market Trends and Drivers:
The aging global population contributes significantly to the expansion of the vision care market. As individuals age, the likelihood of developing age-related eye conditions such as cataracts, macular degeneration, and presbyopia increases. This demographic shift has spurred demand for innovative and effective treatments, diagnostic tools, and corrective eyewear, prompting manufacturers to invest in research and development. Additionally, consumer awareness and changing lifestyles also play a pivotal role in shaping the vision care market. The rise of digital devices and prolonged screen time has led to an uptick in digital eye strain and myopia, creating a demand for specialized eyewear designed to alleviate these concerns. Consumers are increasingly seeking out solutions that not only provide vision correction but also address specific visual challenges associated with contemporary lifestyles. Other than this, the convergence of fashion and function has led to a surge in demand for stylish eyewear. Eyeglasses and contact lenses are no longer solely functional accessories; they have become fashion statements. This shift has given rise to a diverse array of eyewear styles and designs, driving growth in the fashion eyewear segment of the market. Moreover, globalization and increased access to information have fostered heightened awareness about the importance of regular eye check-ups and preventive measures. This has led to the expansion of the vision care market across geographies, as emerging economies increasingly prioritize ocular health. Furthermore, technological innovations represent another compelling driver. The integration of advanced technologies, such as artificial intelligence and telemedicine, into eye care services has transformed the way professionals diagnose and treat ocular conditions. From automated retinal imaging to personalized treatment plans generated by machine learning algorithms, these technological advancements enhance accuracy, reduce treatment time, and improve patient outcomes. Not only this, but the increasing prevalence of chronic health conditions that have a direct impact on ocular health. Conditions such as diabetes and hypertension, which have been on the rise globally, are closely associated with a higher risk of developing diabetic retinopathy, hypertensive retinopathy, and other vision-related complications.
The report has segmented the market into the following categories:
Product Type Insights:
- Glass Lenses
- Contact Lenses
- Intraocular Lenses
- Contact Solutions
- LASIK Equipment
- Artificial Tears
Distribution Channel Insights:
- Retail Stores
- Online Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Johnson & Johnson Services, Inc.
- CooperVision, Inc. (Cooper Companies, Inc.)
- Bausch Health Companies, Inc.
- Essilor International
- Novartis International AG
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