Press Release

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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