Vision Care Market Breakthroughs: The Key to Better Eyesight and Quality of Life

Friday, June 9, 2023 at 3:36am UTC

Newark, New Castle, USA, June 08, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global vision care market was conducted by Growth Plus Reports in 2022 and is valued at US$ 85.62 billion. The market is expected to hit a revenue CAGR of 6.9% to reach US$ 156.10 billion by 2031.

Analysis of the global market for vision care indicates that during the forecast period, revenue share is likely to increase significantly. 

The vision care market dynamics are influenced by various factors. Firstly, the increasing prevalence of vision disorders, such as myopia, hyperopia, and age-related macular degeneration, drives the demand for vision care products and services. The increasing geriatric population and the use of digital devices contribute to the rising incidence of vision problems.

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                                Vision Care Market Scope

Report AttributeDetails
Market Size Value in 2022US$ 85.62 billion
Revenue Forecast in 2031US$ 156.10 billion
Base Year for Estimation2022
Forecast Period2023 to 2031
Historical Year2021
Segments CoveredProduct, Distribution Channel, and Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Secondly, technological advancements in vision care, including the development of innovative contact lenses, spectacle lenses, and surgical techniques, are shaping the market. These advancements aim to provide enhanced visual correction, comfort, and convenience to patients. Thirdly, the growing awareness about the importance of regular eye examinations and preventive eye care drives market revenue growth. Increasing consumer awareness and education campaigns promote early detection and treatment of vision disorders. 

Finally, the rising trend of customized and personalized vision care solutions, such as tailored prescription lenses and advanced diagnostic tools, adds to the market dynamics. Overall, the vision care market is driven by the increasing prevalence of vision disorders, technological advancements, awareness campaigns, and the demand for personalized solutions to meet the different needs of individuals seeking optimal vision correction and eye health.

Recent Development in the Vision Care Market: 

  • In July 2022, Myopia Care for Kids is a new worldwide marketing and education initiative by HOYA Vision Care. The effort seeks to increase public awareness of the rising problem of childhood myopia throughout the world and to enlighten people in-depth about the cutting-edge MiYOSMART spectacle lens, which was created especially for children ages 8 to 13 to prevent the progression of myopia.

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Competitive Landscape

A list of the prominent players operating in the global market for vision care includes: 

  • HOYA Corporation
  • CooperVision
  • Bausch & Lomb Incorporated (sub. Valeant Pharmaceuticals International Inc.)
  • ZEISS International
  • Johnson & Johnson Vision 

Market Segmentation: 

Based on product, the global vision care market is segmented into eyewear, contact lens, intraocular lens, and others. 

In terms of the vision care market projection, the eyewear segment had the greatest revenue share of the worldwide market.

The eyewear segment is further sub-segmented into spectacles and sunglasses, which have more types further. 

Based on distribution channels, the global vision care market is segmented into retail stores, online stores, ophthalmologists, and others. 

Based on the region, North America, with the largest revenue share, dominates the global vision care market. This large revenue share is attributed to the 

Report Coverage 

Global market research on the vision care market was done in-depth by Growth Plus Reports. We looked at the core market traits, noteworthy investment prospects, regional growth trends, ten-year revenue projections, rival market participants, and mergers and acquisitions.

Table of Content

    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022) 
    3. Regulatory Landscape
    4. Reimbursement Scenario 
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
    1. Eyewear
      1. Spectacles
        1. Single Vision
        2. Bifocal
        3. Progressive
      2. Sunglasses
    2. Contact Lens
    3. Intraocular Lens
    4. Others
    1. Retail Stores
    2. Online Stores
    3. Ophthalmologists
    4. Others


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