Eye Care Market to Grow with a CAGR of 6.07% through 2028
Increasing aging population with an increased risk of
age-related eye conditions and technological advancements in vision correction
and diagnostic devices is expected to drive the Global Eye Care Market growth
in the forecast period, 2024-2028.
According to
TechSci Research report, “Eye Care Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Eye
Care Market stood at USD 67.71 billion in 2022 and is anticipated to grow with
a CAGR of 6.07% in the forecast period, 2024-2028. The key driver of market
growth is the rising prevalence of sedentary lifestyles, expanding geriatric
population, escalating pollution levels, and the growing number of individuals
working on desktop computers.
The
global eye care market has been experiencing steady growth in recent years,
fueled by factors such as an aging population, the growing prevalence of eye
diseases like cataracts and glaucoma, and an increasing demand for corrective
eyewear.
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The primary
driver of market growth is the increasingly sedentary lifestyles, growing
geriatric population, rising pollution levels, and the increase in the number
of people working on desktops. Visual acuity plays a crucial role in everyday
activities such as reading, writing, and seeing. It also affects an
individual's ability to work and communicate effectively. However, there has
been a significant rise in the number of people with visual impairments like
cataracts, glaucoma, conjunctivitis, and retinal detachment. These conditions
can be attributed to sedentary lifestyles, the aging population, and escalating
pollution levels. Consequently, the global market for various eye remedies in
the form of pills, ointments, and drops is witnessing substantial growth.
The eye care
market has been consistently growing due to the increasing geriatric population
worldwide. The growing prevalence of age-related muscular degeneration,
cataracts, and glaucoma among the elderly is contributing to the expansion of
the eye care market. Furthermore, cataracts are one of the most common eye
disorders, particularly among older individuals who are more susceptible to eye
diseases. Non-deferrable surgeries are required to prevent blindness in
individuals around the age of 80 with cataracts.
Unhealthy
dietary habits and the rising incidence of chronic diseases can lead to visual
impairment and partial or total vision loss. Consequently, there is a rising
demand for eye care products worldwide. Many international organizations are
focusing on research and development projects to introduce more efficient
products. We also offer multiple product variations with improved quality and
service to expand our customer base. Additionally, the thriving e-commerce
sector and increased awareness of UV-related visual impairment are driving
market growth. Key players in the industry are dedicated to leveraging advanced
technology to prevent visual impairment. Furthermore, new therapies such as
gene therapy, computer-assisted ophthalmology, and stem cell therapy are
contributing to the growth of the Eye care Market.
The surging
volume of patients suffering from chronic diseases leading to vision ailments,
the increasing prevalence of the geriatric population, rising demand for eye
care products, improper nutrition intake and unhealthy eating habits, growth of
the e-commerce sector, along with the availability of several products with
improved quality and services, are some of the major factors that are expected
to accelerate the growth of the eye care market during the projected timeframe
of 2021-2028. On the other hand, technological advancements in eye care
devices, increased number of therapy approvals, and the rise in diabetes cases
among various population groups are generating immense opportunities for the
growth of the eye care market. However, issues related to contact lenses, lack
of awareness among people regarding the benefits of eye care products and
services in developing economies, and the high cost of treatment pose
challenges to the growth of the market.
The Global Eye
Care Market is segmented into product type, eye drops, coating, lens material,
distribution channel, regional distribution, and company.
Based on product
type, the eyeglasses segment is projected to maintain its dominant share in the
global eye care market throughout the forecast period. The global eye care
market is categorized into eyeglasses, contact lenses, IOLs, and others.
Eyeglasses currently dominate two-thirds of the global market and are expected
to experience growth in the coming years. North America holds the largest
portion of the eyeglass market, with the APAC region emerging as the second
fastest growing region in the global eye care market. Market growth in North
America and APAC is anticipated to be similar during the forecast period.
Contact lenses
are widely considered a practical choice in the eye care industry and are
available in various types including daily disposable, frequent replacement,
spherical, toric, and multifocal lenses. The incorporation of advanced optical
technology has greatly contributed to the growth of contact lenses. Varilux
lenses by Essilor are among the progressive lenses available in the market,
offering reduced blurry peripheral vision compared to other progressive lenses,
which can cause motion sickness. Compact size and comfort have contributed to
the increased market share of contact lenses in the global eye care market.
Based on region,
North America segment is expected to grow during the forecast period. North
America is regarded as a highly lucrative market for eye care products due to
its significant healthcare spending. From a geographical standpoint, the global
eye care market is divided into North America, APAC, Europe, South America, and
MEA. North America leads in terms of volume and is projected to experience
rapid growth throughout the forecast period, with the US expected to dominate
the market. The increasing globalization and exposure to digital content have
led to a gradual but steady rise in computer vision syndrome (CVS). Moreover,
the average amount of time spent in front of digital screens worldwide is on
the rise, resulting in a growing number of eye-related ailments. Consequently,
there is a rising demand for high-quality eye care products.
APAC presents
significant potential for eyecare products, owing to countries with high
population densities such as China and India. Public and private initiatives,
particularly in emerging economies, have led to increased investment in
research and development activities. The region's progressive government
policies promoting free trade economics have facilitated better availability
and access to pharmaceutical and medical device products in the healthcare
sector. These initiatives have provided eyecare product vendors with a solid
foundation to tap into the untapped market of the APAC region.
Major companies
operating in Global Eye Care Market are:
- Bausch
Health Companies Inc.
- The
Cooper Companies Inc.
- Novartis
AG
- Johnson
& Johnson
- Carl
Zeiss Meditec AG
- Alcon,
Inc.
- Safilo
Group S.p.A.
- GrandVision
N.V.
- Menicon
Co., Ltd.
- Topcon
Corporation
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“Currently, the
growing utilization of electronic devices, including laptops, mobile phones,
computers, and iPads, among children and working adults worldwide, is a
significant factor positively impacting the market. Additionally, the
increasing prevalence of various vision-related disorders, such as cataracts,
glaucoma, conjunctivitis, refractive errors, color blindness, amblyopia, and
astigmatism, is driving market growth. Moreover, the extensive availability of eye
care products through multiple distribution channels like hospitals, clinics,
retail, and online stores, is supporting market expansion. Furthermore, the
escalating adoption of branded eye products due to rising income levels among
consumers is propelling market growth. Furthermore, the rising demand for
lightweight, cost-effective, scratch-resistant, and comfortable eyewear is
fueling market growth.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Eye Care Market Segmented By Product
Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins,
Others), By Eye Drops (Prescription and Over The Counter), By Coating
(Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate, Normal
Glass, Trivex, Others), By Distribution Channel (Retail Stores, E-commerce,
Clinics, Hospitals), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Eye Care Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Eye Care Market.
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