Vision Care Market Size Worth $93,817.82 Million, Globally, by 2027 at 4.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Dec. 13, 2021 /PRNewswire/ -- According to the new market research report "Vision Care Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Type (Eye Glasses, Contact Lens, Intraocular Lens, Others); Distribution Channel (Retail Stores, E-Commerce, Clinics, Hospitals)", published by The Insight Partners, the global vision care market was valued at US$ 66,934.51 million in 2019 and is projected to reach US$ 93,817.82 million by 2027; it is expected to grow at a CAGR of 4.5% during 2020–2027. Get the Latest COVID-19 Analysis on vision care market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00011953

Vision Care Market: Competition Landscape and Key Developments

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 key companies operating in the vision care market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In Febraury 2021, Johnson & Johnson Vision Inc. 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.
• In Jan 2021, Alcon Inc. launched its PRECISION1 daily use contact lens for Astigmatism. It is a disposable silicone hydrogel (SiHy) contact lens intended for astigmatic patients..
• In October 2020, Bausch + Lomb, introduced SimplifEYE intraocular lens (IOL) delivery system, which is available particularly for the enVista MX60PL and the enVista toric MX60PT. It is the first preloaded toric IOL and is available in the US market..

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The North America region is the held the largest market for the vision care market during the forecast period. The United States held the largest market for vision care, and the market is expected to grow due to significant spending on eye health research, availability of advanced technologies, and introduction of innovative products. For instance, according to a study published by Population Reference Bureau in 2019, the number of individuals in US aged 65 and older is estimated to double from 52 million in 2018 to around 95 million by 2060, and the 65 and more age group's share of the total population will increase from 16% to 23%. This aged population is highly vulnerable to eye defects. Refractive errors are the most frequent eye problems in the United States. Refractive errors include myopia (near-sightedness), hyperopia (farsightedness), astigmatism (distorted vision at all distances), and presbyopia that occurs between age 40–50 years. These can be corrected by eyeglasses, contact lenses, or surgery. The National Eye Institute states that proper refractive correction could improve vision among 150 million Americans. Cataract is a clouding of the eye's lens and is the leading cause of blindness worldwide, and the leading cause of vision loss in the US. An intraocular lens is a tiny, artificial lens that is used during cataract surgery. The rising prevalence of cataract is driving the adoption of IOLs in the country. Refractive errors include, myopia, hyperopia, and astigmatism, are common due to increasing stress on eyes and lack of nutrition in diet. As per the American Academy of Ophthalmology, more than 34 million Americans age 40 and older are myopic, or 23.9% of that population. In addition, refractive error occurs in about 1 in 3 people and may occur in combination with near or farsightedness. Eye conditions such as vision impairment, blindness, and poor vision amongst others are also a prominent factor to increase the adoption of vision care products in the US. For instance, according to a study conducted by Centers for Disease Control and Prevention (CDC) in 2020, an estimated 12 million people over age 40 in the US are suffering from vision impairment. Furthermore, according to the same study, an estimated 6.8% children below age 18 have diagnosed with some kind of eye condition in the US. Such massive prevalence of eye conditions in the US are likely to generate lucrative opportunity for the adoption of vision care products in the forecast period.

In 2019, Asia Pacific registered as the fastest-growing region in the global vision care market. The market is this region is expected to grow significantly in countries such as China, Japan, and India. Alongside, the market is also likely to witness a substantial growth in South Korea and Thailand that are emerging as medical hubs in the region. Also, growing investments for eye health and government efforts to improve eye health in the region is likely to enhance the growth of the market during the forecast period. For instance, VISION 2020: The Right to Sight India is a collaboration between the Ministry of Health and Family Welfare (MoHFW), Government of India (GoI), World Health Organisation-India office, International Agency for the Prevention of Blindness (IAPB) and aim of the program is to understand causes of visual impairment and integrate national eye health policies, plans and programs to enhance universal eye health.

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Growing Prevalence of Eye Diseases in  Vision Care Market Growth:

There are a wide variety of eye diseases prevalent across the globe, including cataract, glaucoma, and refractive errors. Most of the people have some sort of eye problems in their lifetime. As per the World Health Organization (WHO), around 2.2 billion people across the globe have a near or distance vision impairment. The leading cause of vision impairment is cataract (94 million) and uncorrected refractive errors (88.4 million). The other causes of vision impairment are glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million).

As per the Centers for Disease Control and Prevention (CDC), in 2012, 4.2 million people in the US aged 40 and above suffered from vision impairment and the number is anticipated to reach 8.96 million, which is more than double. Increasing incidence of diabetes and other chronic diseases in the US population is responsible for such high prevalence of vision impairment. Additionally, as per the Canadian Survey on Disabilities 2017, 1.5 million Canadians were having a sight loss and around 5.59 million had an eye disease that could lead to sight loss.

Moreover, as per the Royal National Institute of Blind People in 2017, in the UK, there were around 350,000 people registered as blind and partially sighted; around 173,735 were registered for severely sight impaired; and 176,125 were registered for sight impaired.

Vision Care Market: Segmental Overview

Based on product type, is segmented into eye glasses, contact lens, intraocular lens, others. The eyeglasses segment accounted for more than 52.17% of the market share in 2019. In terms of distribution channel, the vision care market is segmented into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held the largest share of the market in 2019.

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The COVID-19 outbreak has disturbed various trades and businesses across the world. The hospital gowns are among the highly consumed hospital consumables. The hospitals utilize a larger quantity of hospital gowns during the COVID19 pandemic and for the general patients. Most of the region's sectors are massively hit by the pandemic's spread, with most of the nations being in lockdown. Routine healthcare services were cancelled, and patients were recommended to avoid hospital visits unless any medical emergency, to minimize the risk of COVID-19 transmission, leading to significant disruption to the provision of healthcare service and patient care. Ophthalmology represents one of the busiest and heavily outpatient-oriented specialties, with around 7.5 million outpatient appointments and over 500,000 surgical procedures being conducted every year in the United Kingdom. The lockdown has resulted in cancellation of thousands of ophthalmic visits and surgeries, this has potentially lead to permanent and significant harm to patient's vision. Due to the lock down people are not able to travel from one place to the other. Air and sea transport is at standstill and people from the outlying islands are not able to visit the nearest centre for eye care. A few centers in the capital Male are offering online consultations to patients. However this has its limitations and healthcare professionals cannot do refractions online and a detailed anterior segment and posterior segment examinations is also not possible. Thus, COVID 19 is having a significant impact on the quality and quantity of eye care.

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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