According to the latest report published by the company, the global eye care market the size is expected to be over US$127,730 million, in value terms, by the end of 2028. The report further forecasts significant growth with an average CAGR of 7.3% through 2028.
The increasing use of electronic devices, changes in lifestyle and hygiene have led to vision problems all over the world. As the number of patients with vision problems has increased, so has the need for vision care products and services.
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Eye care market: regional information
In Europe and North America, more than one in five people were aged 60 or over in 2017. According to a WHO survey, 90% of the visually impaired population lives in low- and middle-income countries. A significant portion of this population is unaware of preventive vision loss care, available curative services and quality rehabilitation.
In addition, the growing number of aging people with vision impairment in Asia Pacific is expected to drive the growth of the Asia Pacific vision care market. The growing geriatric population and increasing disposable income in North America is expected to increase the demand for advanced eye care products and solutions. The eye care market in North America is estimated to create an absolute dollar opportunity worth US$21,735 million between 2018 and 2028.
Eye care market: dynamic
According to the World Health Organization (WHO), approximately 285 million people are visually impaired worldwide. Of these, 39 million people are blind and 246 million people have low vision. Most disorders and conditions that cause visual impairment and blindness are preventable or easily treatable with known, cost-effective interventions, and normal vision can be restored using glasses, contact lenses, or refractive surgery. Aging is one of the main factors responsible for vision-related problems.
The population aged 65 and above is increasing day by day and with it, the demand for eye care related products and solutions is also increasing. This growing aging population and growing demand for eye care products are factors that are expected to create growth opportunities for manufacturers globally. Health care initiatives of federal health care programs have increased the number of people opting for vision care benefits. In addition, out-of-pocket costs have decreased due to insurance coverage.
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Similarly, in the United States, the Patient Protection and Affordable Care Act has defined pediatric eye care as an essential benefit. This factor, in particular, is likely to play a key role in the growth of the eye care market.
With a rapid increase in internet usage, technological changes, and the number of research-based industries, the use of laptops, cell phones, PCs, and other electronic devices has increased in the everyday life, which is the main factor responsible for eye disorders. – related problems. To overcome this alarming situation, “VISION 2020 – The Right to Sight”, a global action program is being carried out by NGOs and private organizations in collaboration with WHO to prevent avoidable blindness.
In addition, “VISION 2020” has launched global campaigns to raise awareness among governments of the societal effects of blindness and to muster strong, long-term political and professional commitment to reduce avoidable blindness. “VISION 2020” has taken initiatives to develop and strengthen primary/eye health care methodology to prevent avoidable blindness.
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The growth of the eye care market is driven by the increase in lens prescriptions and eye care professionals such as optometrists and ophthalmologists. Most aging consumers (65+) have low eye health awareness. Product development, especially for the aging population, is a major challenge because aging consumers tend to suffer from dry eyes, which makes it difficult to fit contact lenses. Therefore, products aimed at aging consumers require more attention.
The elderly population prefers glasses to contact lenses due to low awareness of their benefits. According to the company, the spectacle lens segment accounted for more than 40% of the global eye care market revenue in 2017. However, the growing popularity of contact lenses may limit the growth of the segment in the near future.
Contact lenses provide vision correction for the entire field of the eye, including peripheral vision. Soft contact lenses are safe for everyday use and for sports as well. They don’t fog up and can be thrown away if damaged. In addition, they are economical compared to prescription glasses.
Eye care market by categorytype of product
- Spectacle lenses
- Contact lenses
- Cleaning and disinfection solutions.
- Rx (Prescription)
- No Rx (without prescription)
- Ophthalmic clinics
- Optometry shops
- Retail hypermarket/supermarket
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia-Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
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