As per the latest report by Reports and Data, the global eye care market size was USD 66.60 Billion in 2021 and is projected to exhibit a revenue CAGR of 3.8% during the forecast period. The growth of technological advancements in eye care and treatment, rising prevalence of ocular diseases, and the increasing trend of screen time are anticipated to drive the market revenue growth. Moreover, the surge in the incidence rate of eye health disorders worldwide is another significant factor that is expected to contribute to the growth of the eye care market. Urbanization and rapid digitalization are the primary causes of the increasing prevalence of ocular disorders. According to the World Health Organization, over 2.2 billion individuals worldwide have some type of vision impairment, with approximately 50% of them being preventable. Many countries around the world are affected by these disorders, with some leading to fatalities. Additionally, there is a rising prevalence of cataract patients, which is anticipated to boost the demand for intraocular lenses in the eye care market.
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Top Profiled Companies in the Global Eye Care Market Report:
Essilor International, Johnson Johnson Services, Inc., Novartis AG, CooperVision, Luxottica Group, Bausch Health Companies Inc., Menicon Co., Ltd., Cadila Pharmaceuticals., Rayner Intraocular Lenses Limited, and Carl-Zeiss-Stiftung.
Some Key Highlights From the Report
- The Intraocular lens (IOLs) segment accounted for largest revenue share in 2021. Intraocular lenses can help with vision improvement. IOLs can be used to cure astigmatism, near-sightedness, and farsightedness. IOLs can help people with various kinds of vision-related issues.
- The laser therapy segment is expected to register a significant revenue growth rate over the forecast period. Laser treatment improves defective vision. Eye surgeons rebuild the cornea using advanced laser therapy so that light may properly focus on the retina and patients enjoy clear vision. The process is quick and it takes less than 10 minutes. Laser therapy is also painless in most cases. As laser therapy is computer-guided, it is extremely precise and produces exact results, hence there is very little or no scope for mistreatment. The most efficient method for treating near-sightedness, farsightedness, or astigmatism is often laser eye therapy.
- The Online segment accounted for the majority revenue share over the forecast period. It is attributable to factors like direct shipping from vendors eliminates the need for additional warehousing expenses. Customers can choose shipping, delivery, and payment methods they choose. Low product prices, promotions, convenience, doorstep service, and availability of a wide range of products are all factors that have contributed to revenue growth of the segment.
- The market in North America is expected to register the largest revenue share in the global eye care market during the forecast period. Increasing prevalence of ocular diseases, presence of key companies, significant investments in RD, and launch of new and innovative product lines are major factors driving revenue growth in the region. Mergers and acquisitions between various key companies and small start-ups are also contributing to revenue growth of the eye care market in the region.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Outlook (Revenue, USD Billion; 2019-2030)
- Intraocular lens
- Eyeglasses
- Contact Lenses
- Others
Treatment (Revenue, USD Billion; 2019-2030)
- Surgery
- Cataract Surgery
- Vision Correction Process
- Cornea Transplant
- Vitrectomy
- Laser Therapy
- Medication
- Others
Distribution Channel (Revenue, USD Billion; 2019-2030)
- Hospitals Clinics
- Retail Stores
- Online
- Others
Key Takeaways of the Global Eye Care Market Report:
- A comprehensive overview of the global Eye Care industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Eye Care market.
- Elaborate study of the leading regional markets in the global Eye Care market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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