IMARC Group's report titled "Vision Care Market Report by Product Type (Glass Lenses, Contact Lenses, Intraocular Lenses, Contact Solutions, LASIK Equipment, Artificial Tears), Distribution Channel (Retail Stores, Online Stores, Clinics, Hospitals), and Region 2024-2032". The global vision care market size reached US$ 71.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 93.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032.
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Factors Affecting the Growth of the Vision Care Industry:
- Rising Geriatric Population:
The aging population worldwide is impelling the growth of the market. As people age, the risk of vision-related issues, such as presbyopia, cataracts, and age-related macular degeneration (AMD) increases. This demographic trend is leading to a growing demand for vision correction procedures, eyeglasses, and contact lenses. As individuals enter their forties and beyond, they often experience presbyopia, a natural aging process that impairs near vision. This is creating a consistent need for reading glasses, multifocal lenses, and other vision aids.
- Increasing Screen Time:
The modern lifestyle involves prolonged exposure to digital screens, whether through smartphones, computers, or televisions. This is leading to a rise in digital eye strain and myopia (nearsightedness) among individuals, especially children. As a result, there is an increase in the need for vision care solutions, including specialized lenses and eye care practices, to address these issues and provide preventive measures. Additionally, the rise of remote work and online learning is further intensifying screen time, making it imperative for individuals to seek vision care services and products that alleviate discomfort and reduce the risk of long-term eye problems.
- Technological Advancements:
Rapid advancements in vision care technologies are improving the functionalities of vision care products. Innovations like laser eye surgery, advanced contact lens materials, and digital eyewear are enhancing the effectiveness of vision correction procedures and improving the overall patient experience. Laser eye surgery techniques, such as Laser-Assisted in Situ Keratomileusis (LASIK), are becoming increasingly precise and safe, offering patients a chance to reduce or eliminate their dependence on glasses or contact lenses. Furthermore, digital eyewear incorporates blue-light filtering technology, addressing concerns related to prolonged screen time and digital eye strain.
Leading Companies Operating in the Global Vision Care Industry:
- Johnson & Johnson Services, Inc.
- CooperVision, Inc. (Cooper Companies, Inc.)
- Bausch Health Companies, Inc.
- Essilor International
- Novartis International AG
Vision Care Market Report Segmentation:
By Product Type:
- Glass Lenses
- Contact Lenses
- Intraocular Lenses
- Contact Solutions
- LASIK Equipment
- Artificial Tears
Glass lenses account for the majority of the market share due to their superior durability, scratch resistance, and clarity, making them a popular choice among consumers for high-quality vision correction.
By Distribution Channel:
- Retail Stores
- Online Stores
- Clinics
- Hospitals
Retail stores hold the largest market share as they offer personalized services such as eye examinations, fitting, and immediate product assistance, enhancing the consumer purchasing experience.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the vision care market is attributed to the region’s high healthcare spending, a large aging population susceptible to vision issues, and the presence of leading industry players offering advanced vision care solutions.
Global Vision Care Market Trends:
Lifestyle choices and fashion trends are positively influencing the market. Eyeglasses and contact lenses are not only seen as vision correction tools but also as fashion accessories. Individuals are increasingly looking for stylish and trendy eyewear options to express their personal style. This is leading to a rise in demand for designer eyeglasses and custom-made frames. Additionally, the rise of blue-light blocking glasses, which protect the eyes from harmful high-energy visible (HEV) light emitted by digital screens, is gaining popularity as people become more conscious of their eye health in the digital age.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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