According to The Insight Partners’ research, the global vision care market accounted for US$ 66,934.51 million in 2019 and is anticipated to hit US$ 93,817.82 million by 2027 to rise at an annual growth rate of 4.5% from 2020 to 2027. Growing prevalence of eye diseases and rising funds for eye care research are the potential factors stimulating the market expansion.
The cases of eye problems and vision defects are increasing worldwide, including cataract, glaucoma, refractive errors, and others. Several people develop some specific eye problem at a certain age and persist the same forever. According to the World Health Organization (WHO), over 2.2 billion people across the globe have a near or distant vision impairment. It can be broken down in figures as cataract (94 million), refractive errors (88.4 million), glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million) respectively. Moreover, as per the Royal National Institute of Blind People, in 2017, around 350,000 people in the UK were registered as blind and partially sighted.
Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson And Johnson Services Inc., Hoya Corporation, Rodenstock Gmbh, Menicon Co. Ltd, Rayner Intraocular Lenses Limited are among the prominent players in the vision care market. These companies are focused on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2021, The company received CE Mark for its multifocal contact lens, Acuvue Oasys multifocal with pupil optimized design for Europe. it will be used for patients with presbyopia.
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The report segments the global vision care market as follows:
By Product Type
- Eye Glasses
- Contact Lens
- Intraocular Lens
- Others
By Distribution Channel
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South and Central America
- Brazil
- Argentina
- Rest of South and Central America
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