Vision Care Devices Market
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Vision Care Devices Market Size, Share & Analysis By Type (Contact Lenses, Eyeglasses, Ophthalmic Lasers, Intraocular Lenses, Glaucoma Drainage Devices, Others), By Application (Surgery, Diagnosis, Eye Care), By End-Use (Eye Hospitals and Clinics, Ambulatory Surgery Centers, Optical Stores), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV4663 | Published: Oct 2023 | Historical Period: 2018-2021 | Pages: 130 | Price: $3260| Industry: Medical Devices and Consumables
Vision Care Devices Market Overview 2023:
The global vision care devices market size was USD 176.9 billion in 2022 and is expected to register a steady revenue CAGR of 4.3% during the forecast period. This growth can be significantly driven by factors such as increasing geriatric population, rising ophthalmic problems due to high exposure to digital devices, and rising awareness about the importance of vision care among patients.
Changing lifestyle patterns and growing adoption of digitalization in day-to-day life has led to rising concerns about eye health. In addition to this, unhealthy eating habits and uncertain screen time due to work or leisure has resulted in the progression of various eye diseases.
Vision care, also known as eye health offers a wide range of services designed to maintain, improve and protect eye health. It includes various aspects of eye health such as timely eye examination, diagnosis and treatment of eye conditions, and prescription of corrective lenses along with preventive measures to lower the risks of eye problems. Various types of vision care devices, serving different purposes related to eye health and vision correction surgeries are widely used across eye clinics, hospitals, and optical centers. Some of which include eyeglasses, magnifiers, contact lenses, reading glasses, vision therapy tools, orthokeratology lenses, eye-tracking devices, and intraocular lenses.
Factors such as high prevalence of optical disorders such as cataract, glaucoma, vitreoretinal disorders, and diabetic retinopathy, rapid advancements in ophthalmic diagnostic and surgical instruments, and government initiatives to promote importance of vision care and awareness about visual impairment in remote areas are expected to drive global market growth going ahead.
However, these vision care devices are costly which can limit the accessibility to a significant portion of the population. This can restrain the overall market growth between 2023 and 2032.
Graphical Overview:
Key Takeaways:
Increasing Screen Time Among People of All Age Groups:
The growing use of digital devices such as smartphones, computers, laptops, and tablets among people of all age groups has resulted in an increasing incidence of eye strain and related conditions. This is expected to increase the sales of contact lenses and eyewear.
Limited Awareness in Some Developing Economies:
Limited awareness and infrastructure for eye check-ups and availability of vision care devices in many countries are expected to hamper overall market growth to a certain extent. In addition, stringent regulations and approval processes can be challenging for manufacturers. This can be a limiting factor expected to hamper global market growth during the forecast period.
Market Opportunities:
The global vision care devices market has witnessed significant growth in recent years and is expected to continue expanding over the forecast period. Factors such as growing demand for advanced vision care tools and devices, rising need to expand vision care services in underdeveloped countries, and rising trend of purchasing eyewear through online stores are expected to open novel avenues for market players and new entrants in the coming years.
Type Outlook:
Based on type, the global market is segmented on the basis of contact lenses, eyeglasses, ophthalmic lasers, intraocular lenses, glaucoma drainage devices, and others. Among these, the intraocular lenses segment is expected to account for a significantly larger revenue CAGR over the forecast period. This can be attributed to rising geriatric population, increasing prevalence of cataract across the globe, high preference for intraocular lenses due to its inherent advantages over other implants, and increasing product launches.
Application Outlook:
The global market is segmented into surgery, diagnosis, and eye care based on applications. The diagnosis segment is expected to account for largest revenue share during the forecast period attributed to rising prevalence of various types of optical disorders, rapid advancements in ophthalmic diagnostic technologies, improving optical care infrastructure and facilities, and growing awareness about the importance of early detection and diagnosis.
End Use Outlook:
Based on end use, the global market has been segmented into eye hospitals and clinics, ambulatory surgery centers, and optical stores. Among these, the optical stores segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to factors such as rising awareness about periodic eye checkups and early disease diagnoses, high preference for optical lenses and eyeglasses for regular use, increasing number of individuals with myopia, and rising availability of various types of contact lenses and eyewear at optical stores at optimum prices.
Regional Outlook:
North America is expected to account for largest revenue share during the forecast period owing to rising prevalence of various vision-related issues, rapid advancements in eyewear technology, increasing aging population, and changing lifestyle patterns. Moreover, rising awareness about importance of regular eye check-ups, increasing eye-related issues due to more screen time, presence of leading companies, and rising investments in R&D investments are expected to drive North America market growth during the forecast period.
Asia Pacific is anticipated to register robust revenue growth between 2023 and 2032. This growth can be significantly driven by factors such as rising prevalence of ophthalmic disorders, rapid adoption of advanced ophthalmic technology and growing awareness about importance of eye care.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2022 |
| Historical Data | 2018-2021 |
| Forecast Period | 2023-2032 |
| Segments Covered: | Type, Application, End-Use and Region |
| By Type | Contact Lenses, Eyeglasses, Ophthalmic Lasers, Intraocular Lenses, Glaucoma Drainage Devices, Others |
| By Application | Surgery, Diagnosis, Eye Care |
| By End Use | Eye Hospitals and Clinics, Ambulatory Surgery Centers, Optical Stores |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Novartis Inc., Cooper Vision, Johnson & Johnson Services, Inc., STAAR Surgical, Bausch & Lomb Incorporated, Carl Zeiss, Ophtec BV, MORCHER GmbH, Safilo Group S.p.A, EssilorLuxottica |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Vision Care Devices market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Novartis Inc.
- Cooper Vision
- Johnson & Johnson Services, Inc.
- STAAR Surgical
- Bausch & Lomb Incorporated.
- Carl Zeiss
- Ophtec BV
- MORCHER GmbH
- Safilo Group S.p.A
- EssilorLuxottica
Vision Care Devices Industry Recent Developments:
- In September 2023, OCULUS, Inc., a US-based equipment company announced the launch of IPL and RF devices to provide safe, comfortable, and effective treatments, that target the root causes of patient symptoms.
- In April 2023, HOYA Vision Care launched MiYOSMART sun spectacle lenses for protecting individuals from extreme sunlight as well as myopia.
- In September 2022, Johnson & Johnson Vision announced the launch of a new contact lens innovation, ACUVUE® OASYS MAX 1-Day to help individuals with digitally intense lifestyles.
The global Vision Care Devices Market has been segmented based on Type, Application, End-use, and Region:
By Type:
- Contact Lenses
- Eyeglasses
- Ophthalmic Lasers
- Intraocular Lenses
- Glaucoma Drainage Devices
- Others
By Application:
- Surgery
- Diagnosis
- Eye Care
By End Use:
- Eye Hospitals and Clinics
- Ambulatory Surgery Centers
- Optical Stores
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Novartis Inc.
- Cooper Vision
- Johnson & Johnson Services, Inc.
- STAAR Surgical
- Bausch & Lomb Incorporated.
- Carl Zeiss
- Ophtec BV
- MORCHER GmbH
- Safilo Group S.p.A
- EssilorLuxottica
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