The global vision care market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, according to recent market analysis. The sector, currently valued at USD 89,596 million in 2023, is anticipated to reach a staggering USD 1,78,930.9 million by 2033.
This anticipated expansion underscores a growing global awareness of eye health and significant advancements in vision care technologies. Factors such as an aging population increasingly seeking vision-related treatments are also contributing to the market’s robust growth trajectory.
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“The vision care market is experiencing a transformative phase driven by technological innovations and a heightened focus on eye health,” said FMI. “We are witnessing a shift towards more sophisticated vision correction solutions and a broader adoption of preventative eye care measures globally.”
The market’s growth is expected to be fueled by innovations in corrective procedures and the rising demand for products that cater to both corrective and preventive aspects of eye health. This growth trend presents substantial opportunities for companies within the vision care sector to innovate and expand their offerings.
Top Highlights from the FMI’s Analysis of the Vision Care Market:
- In North America, the vision care industry is reaching a saturation point as leading players have captured most of the population. FMI has estimated that the regional market acquired a 33.8% share in the global space.
- The European market is anticipated to acquire more than 30% in 2023. The market only falls behind North America in terms of value share. High disposable income, an established healthcare system, and growing regional health concerns have propelled market growth.
- According to FMI intelligence, the Japanese market is anticipated to acquire a market share of more than 6.5% in 2023.
- India is expected to record market growth of 8.4% CAGR, whereas China is anticipated to register 7.9% CAGR over the estimated time.
- Australia is anticipated to record a CAGR of 5.6% from 2023 to 2033.
- Based on product type, the spectacle lenses segment is expected to account for more than 40.8% in 2023.
- Under the distribution channel category, the optometry stores segment is expected to account for more than 25.8% market share in 2023.
News Section: Key Developments Shaping the Market Growth:
- Alcon Inc. introduced the Clareon family of IOLs in the United States in March 2022. By deploying Alcon’s most sophisticated IOL material, Clareon can offer constant visual outcomes and brilliant clarity that sustains.
- Alcon presented DAILIES TOTAL1 for Astigmatism in January 2022. The product is the first-ever Water Gradient contact lens for patients suffering from astigmatism.
- CooperVision acquired EnsEyes in June 2022. EnsEyes is the leading distributor of scleral contact lenses and orthokeratology (ortho-k) in the Nordic region. The company is functional within the Cooper Vision Specialty EyeCare group.
- Johnson & Johnson Vision Inc. obtained a CE Mark in February 2021. The company received this certification for its Acuvue Oasys multifocal contact lens with pupil-augmented design for Europeans. The lens is being used to treat patients suffering from presbyopia.
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Key Companies Profiled in the Vision Care Industry:
- Bausch and Lomb (Acq. by Valeant Pharmaceuticals)
- Alcon (sub. Novartis AG)
- CooperVision
- Johnson & Johnson
- LUXOTTICA GROUP
- Essilor
- ZEISS International
- Safilo Group
- Rodenstock
Key Segments in the Vision Care Industry:
By Product Type:
- Spectacle Lenses
- Contact Lenses
- Cleaning & Disinfecting Solutions
By Type:
- Rx (Prescription)
- Non-Rx (Non-prescription)
By Distribution Channel:
- Hospitals
- Ophthalmic Clinics
- Optometry Stores
- E-commerce
- Retail Hypermarket/Superstore
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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