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New York, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Vision Care Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Eye Glasses, Contact Lens, Intraocular Lens, and Others) and Distribution Channel (Retail Stores, E-Commerce, Clinics, and Hospitals)” the global vision care market growth is driven by growing prevalence of eye diseases, increasing awareness of vision care and rising funds for eye care research.
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Global Vision Care Market – Report Scope:
|Market Size Value in||USD 74.11 Billion in 2022|
|Market Size Value by||USD 98.96 Billion by 2028|
|Growth rate||CAGR of 4.9% from 2022 to 2028|
|No. of Pages||162|
|No. of Tables||57|
|No. of Charts & Figures||69|
|Historical data available||Yes|
|Segments covered||Product Type, and Distribution Channel|
Global Vision Care Market Analysis: Competitive Landscape and Key Developments
Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson & Johnson Services Inc., Hoya Corporation, Rodenstock GmbH, Menicon Co. Ltd, and Rayner Intraocular Lenses Limited are a few of the key companies operating in the vision care market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In March 2022, Alcon Inc launched the Clareon family of IOLs in the US. Using Alcon’s most advanced IOL material, Clareon can deliver consistent visual outcomes and exceptional clarity that lasts.
In January 2021, Alcon Inc. launched its first and only non-diffractive extended depth of focus IOL—the AcrySof IQ VivityT IOL (Vivity)—in the US. This new lens is now available to all ophthalmologists in the US for operating cataract patients.
In October 2020, Bausch + Lomb introduced the SimplifEYE IOL delivery system, which is particularly available for the enVista MX60PL and the enVista toric MX60PT. It is the first preloaded toric IOL and is available in the US market.
In May 2020, Johnson & Johnson Services Inc launched TECNIS Multifocal Toric II IOL. This features a new generation of frosted haptics, offering more surface texture and friction between the lens haptics and the capsular bag.
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The US holds a significant share of the vision care market. The growth of the market in the country is primarily driven by the increasing prevalence of eye diseases. Further, the aging population in the US is likely to favor the adoption of vision care products. According to a study published by Population Reference Bureau in 2019, the number of individuals in the US aged 65 and above is estimated to double from 52 million in 2018 to ~95 million by 2060, and the 65 and more age group’s share of the total population will increase from 16% to 23% during this period. The elderly population is highly vulnerable to eye defects. Refractive errors are the most frequent eye problems in the US. Refractive errors include myopia (near-sightedness), hyperopia (farsightedness), astigmatism (distorted vision at all distances), and presbyopia, which occur among people of age 40–50. These can be corrected by eyeglasses, contact lenses, or surgeries. The National Eye Institute states that proper refractive correction could improve vision among 150 million Americans. Cataract, which is a leading cause of blindness worldwide, is characterized by the clouding of the eye lens; it is also the leading cause of vision loss in the US. An intraocular lens (IOLs) is a tiny, artificial lens that is used during cataract surgery. The rising prevalence of cataracts is driving the adoption of IOLs in the country. Refractive errors are common due to increasing stress on the eyes and the low nutritional value of diets. As per the American Academy of Ophthalmology, more than 34 million Americans aged 40 and more (i.e., 23.9% of this population) are myopic. In addition, a refractive error occurs in ~1 in 3 people, and the condition may occur in combination with near or farsightedness. According to a study conducted by the Centers for Disease Control and Prevention (CDC) in 2020, ~12 million people over age 40 in the US are suffering from vision impairment. The same study states that an estimated 6.8% of children below age 18 are diagnosed with some kind of eye condition in the US. Such a massive prevalence of eye conditions represents a lucrative opportunity for the progress of the vision care market in the US.
Impact of COVID-19 Pandemic on Global Vision Care Market Growth:
The rising number of COVID-19 patients led to an overall negative impact on the vision care market. Physical distancing measures were implemented widely to reduce disease transmission. Further to reduce the spread, clinic visits and elective surgeries were canceled in 2020. According to a survey by Alcon Canada, ~66% of the Canadian population requiring vision correction are spending more time on computer, tablet, or phone screens than they did before the pandemic, and ~31% feel their eyesight has gotten worse.
Moreover, a study conducted by a research firm Leger on 1,000 Canadians requiring vision correction estimated that one-third (34%) delayed the purchase of new contact lenses while another third (33%) delayed buying new glasses; ~40% were uncomfortable visiting their eye care clinics during the COVID pandemic.
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Vision Care Market: Segmental Overview
Based on product type, the vision care market is segmented into eyeglasses, contact lens, intraocular lens, and others. In 2022, the eyeglasses segment accounted for the largest market share. The same segment is anticipated to register the highest CAGR during the forecast period. Eyeglasses, also known as spectacles, consist of glass or plastic lenses mounted on frames. Eyeglasses are not only used for vision correction such as nearsightedness but are also used for cosmetic purposes. Corrective eyeglasses are used to correct refractive errors by properly bending the light entering the eye to reduce the effects of conditions such as farsightedness (hypermetropia), nearsightedness (myopia), or astigmatism. Eyeglasses are also used by laboratory technicians, construction workers, etc., for protection. Elderly people from the age group 65–75 wear corrective eyeglasses. Increasing incidences of refractive errors among the younger population, preference for eyeglasses over contact lens, and growing geriatric population are key factors driving the growth of the market for eyeglasses.
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