Vision Care Market - Global Outlook and Forecast 2019-2024

INDUSTRY INSIGHTS

The WHO estimated that around 1.3 billion people suffer from near or distance vision impairment disorders across the globe.

The global vision care market is expected to generate USD 75 billion by 2024, growing at a CAGR of 4% during 2018–2024. Globally, around 285 million people are suffering from several types of vision impairment. The augmenting number of visually impaired disorders is generating the need to create quality vision care products. With the rising number of vision disorders, leading vendors in the market are adopting new technologies to provide the best-in-class product to end-users. The need for quality eye care products is encouraging vendors to introduce a diverse range of contact lenses, eyeglasses, and IOLs in the global vision care market. Leading industry players are investing investment in their R&D activities to manufacture high-quality products. For instance, in 2017, The Cooper Vision introduced Avaira Vitality toric lenses, which feature unique Optimized Toric Lens Geometry that provides a uniform sight.

A new generation of eye care products features innovative material. Nowadays, using conventional plastic material is obsolete, new-age contact lenses are made up of high quality raw material such as silicone hydrogel that offers better oxygen breathability. These types of advancements are increasing the demand for eyeglasses and contact lenses worldwide. Hence, the global vision care market is likely to witness substantial growth in the coming years. With a plethora of advancements in terms of design and manufacturing, vendors are strategically focusing on the development and commercial launches of their visual care products for treating visual impairment disorders such as presbyopia, myopia, hypermetropia, astigmatism, aphakia, cataract, and keratoconus. 

VISION CARE MARKET - DYNAMICS

Around 276 million people are likely to suffer from either blindness or MSVI by 2020

Over the last few years, The eye care product industry has been observing evolution. Changing fashion trends (such as cat-eye glasses, colored frames, colored contact lenses), and growing pollution levels (dust particles affects the life span of eyecare products significantly), attractive buying options (the user can select eyecare products online as well as offline), value-added offers (free eye check-ups, discounts on products, multiple choices under one roof) are increasing the eyecare market worldwide.

In recent times, contact lens manufacturers have introduced advanced contact lenses, which have progressive biosensors and micro fabrication. This new technique has the potential to diagnose chronic multiple eye ailments. Sensimed is the first company to introduce the smart lens in the global vision care market.

Further, leading industry players are progressively focusing on pursuing inorganic growth strategies to expand their presence, enhance product portfolio, and improve expertise in the global vision care market. They are also joining new subsidiaries and signing distribution/sales partnerships with regional vendors and entering into mergers and acquisitions to enhance their geographical footprint and customer reach globally. Recently, one of the most significant mergers in the global vision care market has taken place between the Cooper Companies and Blanchard Contact Lenses. The primary focus has been to expand the contact lens portfolio, especially scleral lenses. Another major acquisition was between Johnson & Johnson and Sightbox with an aim to provide specialized services to the contact lens users by connecting them with healthcare professionals for the specialized consultant. Mergers and acquisitions among leading vendors have provided a platform to introduce exceptional products and allow the expansion of the distribution network across the market.

VISION CARE MARKET - SEGMENTATION

This market research report includes a detailed segmentation of the market by

• Products
• Distribution Channels
• Geography

VISION CARE MARKET - PRODUCT TYPE

The eyeglasses segment will retain its dominant share in the global vision care market during the forecast period.

The global vision care market by product types is broadly divided into eyeglasses, contact lenses, IOLs, and others. The eyeglasses segment dominates 2/3^rdof the global market and is likely to grow at a CAGR of more than 3% during the forecast period. North America occupied the most significant portion in the eyeglass market, and the APAC region is the second fastest growing region in the global vision care market. It is expected that North America and APAC are likely to witness similar market growth during the forecast period.

Eye-glasses can be broadly classified into single vision, bifocal, and progressive eyeglasses. They are often viewed as the best alternative as no daily maintenance is required and can be easily replaced or upgraded. The progressive eyeglasses segment occupied a dominant share of more than half of the eye care market in 2018.

Contact lenses are the most viable option in the eye care industry and are classified into a daily disposable, frequent replacement, spherical contact lens, toric contact lens, and multifocal lens. The integration of advanced optical technology is a major growth enabler for contact lenses. Essilor's Varilux lenses is one of the progressive lenses in the market. It assists in reducing the blurry peripheral vision, which can be apparent in other progressive lenses and cause motion sickness. The contact lens market share has increased in the global vision care market due to compact size and comfort.

IOLs were introduced in the 1980s; they are tiny devices which are implanted inside the eye as a substitute for the natural lens. There are multiple types of IOLs in the global vision care market such are monovision, aspheric, toric, accommodating, and multifocal. The others segment broadly comprises lens care solutions and artificial tears, which are widely used in the global vision care market.

VISION CARE MARKET - DISTRIBUTION CHANNEL

Retail stores are emerging as the most viable distribution channel and gradually entering the online world too.

Retail stores, hospitals and clinics, online stores, and ASCs are the primary distribution channels in the global vision care market. Retail stores are the conventional medium for buying vision care products and the segment is likely to grow at a CAGR of around 4%.  They offer comprehensive eye checkups to customers and provide a shelf to showcase multiple products. Retail stores are now actively making their presence in the e-commerce world with standalone web channel partners to increase sales and popularity of the eye care products. Hybrid retail is another attraction that sells other related fashion merchandise in addition to stand-alone vision care products.

Eye clinics and hospitals are considered to be the second largest distribution medium in the global vision care market.  The online distribution channel is the fastest growing segment in the global vision care market. Clinics and hospitals are traditional dispensing channels that are integrated with the ophthalmologist’s advice.

VISION CARE MARKET - GEOGRAPHY

North America is considered as a lucrative market for eye care products due to high healthcare spending

In terms of geography, the global vision care market is segmented into North America, APAC, Europe, Latin America, and MEA. North America is the leading region in terms of volume. The region is expected to grow with a CAGR of around 3% during the forecast period with the US likely to dominate the market during the forecast period. With the globalization and increasing exposure to digital content, the computer vision syndrome (CVS) is growing slowly but steadily. Further, the average number of hours spent in front of digital screens worldwide has been growing. Hence, the increasing number of eye ailment cases will lead to demand for high-quality eye care products.

APAC holds high potential for eyecare products due to the presence of countries with the largest population density such as China and India. Public and private initiatives, especially in emerging countries, have resulted in increased investment in R&D activities. Free trade economics policies across the region supported by progressive government initiatives have resulted in better availability and access to pharmaceutical and medical device products in the healthcare sector. Such initiatives have provided a strong platform for eyecare product vendors to penetrate in the unexplored market of the APAC region.

Europe is the third largest market for contact lenses, and the leading five European countries, - UK, Germany, France, Spain, and Italy - contributed around 80% to the European contact lens market in 2018. It is expected that the European vision care market will witness moderate growth rate than North America and APAC regions.

KEY VENDOR ANALYSIS

With regular technological advancements, the global vision care market is expected to remain fragmented and competitive pressure is likely to increase in the coming years. The dynamics of the eyecare industry has witnessed a massive change in terms of the implementation of new technologies and demand in the global vision care market. Currently, eye care products are not just confined to medical spaces, they have turn into fashion accessories, and this is going to fetch profitable results for the market.

The vision care market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Product Type