Table of Contents
Introduction
Global Vision Care Market size is expected to be worth around US$ 113.8 Billion by 2032 from US$ 74.9 Billion in 2023, growing at a CAGR of 5% during the forecast period from 2024 to 2032. In 2023, North America led the market, achieving over 39.4% share.
The vision care market is diverse and highly segmented, encompassing a broad range of products such as spectacles, sunglasses, intraocular lenses, and ocular health solutions. The industry is characterized by the presence of both global and local players. A prominent trend in the market is the increasing adoption of spectacles as fashion accessories. Simultaneously, the prevalence of ocular diseases continues to rise.
The demand for vision care products is being fueled by several factors, including the growing number of individuals with chronic conditions leading to vision impairments, an expanding elderly population, and increased awareness of eye health. Additional contributors to market growth include poor nutrition, unhealthy lifestyle habits, the rapid growth of e-commerce, and the availability of high-quality vision care products and services. Collectively, these drivers are expected to propel significant growth in the global vision care industry.
According to the World Health Organization (WHO), over 1 billion people globally suffer from vision impairment due to inadequate care for conditions such as nearsightedness, farsightedness, glaucoma, and cataracts. Alarmingly, many of these conditions could have been treated or prevented. For example, 65 million individuals are either blind or severely visually impaired, even though a simple cataract surgery could restore their vision. Furthermore, over 800 million people face daily challenges because they lack access to basic vision correction, such as prescription glasses.
Overall, at least 2.2 billion people worldwide are affected by vision impairment or blindness, with 1 billion cases being preventable or untreated. This highlights the urgent need to improve access to comprehensive eye care services globally.
Key Takeaways
- Market Size: Vision Care Market size is expected to be worth around US$ 113.8 Billion by 2032 from US$ 74.9 Billion in 2023.
- Market Growth: The market growing at a CAGR of 5% during the forecast period from 2023 to 2032.
- Product Analysis: Eyewear segment, estimated to hold the majority of the total market share with the largest revenue share of 72%.
- Treatment Analysis: Laser therapy held the largest share of 49% in 2023.
- Regional Analysis: North America is anticipated to continue leading the market with a revenue share of 39.4%.
- Rising Demand: Growing screen time and digital device usage are driving demand for blue light filtering lenses and protective eyewear.
- Regulatory Support: Favorable regulations and increased healthcare spending are supporting market expansion.
- Emerging Markets: Significant growth is expected in emerging markets due to increasing awareness and accessibility to vision care products and services.
Vision Care Statistics
- Prevalence and Projections
- As of 2020, approximately 1.1 billion people globally were living with vision loss.
- Without significant investment in eye care services, this number is projected to rise to 1.7 billion by 2050.
- Extent of Vision Impairment
- Globally, 43 million people are blind.
- Around 295 million individuals experience moderate to severe visual impairment.
- Approximately 258 million people have mild visual impairment.
- An estimated 510 million people struggle with near vision difficulties.
- Preventability and Treatability
- Remarkably, 90% of vision loss worldwide is preventable or treatable.
- Effective interventions could prevent or treat vision loss for 771 million people.
- Demographics and Impact
- Vision loss disproportionately affects individuals in lowand middle-income countries.
- The majority of those affected are aged 50 and above, emphasizing the role of aging in eye health challenges.
- Women and girls account for 55% of individuals with vision loss.
- The economic burden of vision loss is significant, with an estimated $410.7 billion lost annually in global productivity.
- Children and Youth Specific Statistics (U.S.)
- According to the 2022 American Community Survey (ACS), approximately 600,000 children in the U.S. have vision difficulties.
- This includes 290,000 males and 310,000 females under 18 years old.
- As of January 2021, the American Printing House for the Blind reported 55,711 children and youth in educational settings across the U.S. were legally blind.
Vision Care Product Analysis
- Eyewear: Eyewear serves as a fundamental solution for vision correction and protection. Eyeglasses are available in various types, such as single-vision lenses that address either distance or near vision, and multifocal lenses that accommodate multiple visual needs within a single lens. Innovations like blue-light filtering lenses, commonly known as “blue-blockers,” have become essential for individuals exposed to digital screens.
- Spectacles: Spectacles are among the most widely used vision correction tools. The choice between glass and plastic lenses impacts the weight, durability, and ease of maintenance. Glass lenses are heavier and more fragile, whereas plastic lenses are lighter and more resistant to impact. High-index plastic lenses are beneficial for stronger prescriptions due to their lighter and thinner properties.
- Sunglasses: Sunglasses are vital for UV protection. Options include photochromic lenses, which adapt to light changes by darkening in the presence of UV rays. This feature offers both convenience and comprehensive protection, making them suitable for indoor and outdoor use.
- Contact Lenses: Contact lenses provide a direct alternative to eyeglasses, sitting on the surface of the eye for vision correction. Proper fitting is essential to ensure comfort and effectiveness. Notably, prescriptions for contact lenses differ from those for glasses due to their placement on the eye.
- Intraocular Lenses (IOLs): Used primarily in cataract surgery, IOLs replace the eye’s natural lens. There are several types of IOLs, including monofocal, multifocal, and toric, each catering to different vision correction needs. Multifocal IOLs help with both near and distant vision, while toric IOLs correct astigmatism. Newer innovations like extended depth-of-focus (EDOF) lenses provide a continuous range of high-quality vision.
- Ocular Health Products: Ocular health requires more than vision correction. Products such as nutritional supplements rich in antioxidants and essential vitamins support eye health. Regular eye exams are critical for early diagnosis and management of conditions that may impair vision.
Emerging Trends in Vision Care Technology
- Assistive Technology Innovations: Advancements in assistive devices are transforming the lives of individuals with vision impairments. Devices like the OrCam MyEye Pro feature a small camera attached to eyeglasses that audibly describes text, identifies objects, and recognizes faces. These technologies empower users by enabling tasks like reading mail or recognizing friends, fostering greater independence.
- Integrated Smart Device Accessibility: Modern smart devices, such as smartphones and tablets, now include built-in accessibility features designed to assist individuals with low vision. Tools like voice-over screens, high-contrast modes, and text-to-speech functionality on iOS and Android platforms enable users to navigate devices effectively, supporting essential activities like sending messages and accessing information.
- Advanced Low Vision Optical Devices: Specialized optical aids continue to advance, offering enhanced solutions for individuals with low vision. Innovations include electronic magnifiers, video reading systems, high-powered prismatic glasses, and auto-focus telescopic systems. These devices improve remaining vision, helping users interact with their surroundings more efficiently.
- Proliferation of Telemedicine and Online Resources: Telemedicine and digital resources are revolutionizing eye care delivery, particularly for those in remote or underserved areas. Virtual consultations and online platforms provide critical support and timely information, bridging gaps in access to eye health services and enabling earlier intervention for vision-related issues.
- Enhanced Educational and Training Tools: Organizations are increasingly offering resources and training programs to help individuals with vision loss use emerging technologies. These programs focus on rehabilitation and education, ensuring that users can fully leverage assistive devices to achieve independence and manage daily tasks effectively.
Use Cases
- Daily Independence with AI Assistive Devices: Devices like the OrCam MyEye Pro use a small camera to audibly convey environmental information, helping users read text, recognize faces, and navigate independently.
- Navigation Assistance via Apps: Apps like ‘Seeing AI’ and ‘Lookout’ use smartphone cameras to audibly identify objects and text, enabling activities such as reading menus, recognizing currency, and navigating unfamiliar locations.
- Remote Assistance with Live Support: The ‘Be My Eyes’ app connects visually impaired users with sighted volunteers through live video calls, enabling tasks like reading labels or navigating public spaces with real-time assistance.
- Educational and Workplace Integration: Platforms like ‘Bookshare’ and ‘BARD Mobile’ provide audiobooks and adjustable text formats, supporting educational and professional development for individuals with vision impairments.
- Personalized Assistive Technologies for Daily Tasks: Tools such as electronic magnifiers, text-to-speech devices, and screen magnification software are tailored to individual needs, empowering users to perform routine activities with greater autonomy.
Conclusion
The global vision care market is witnessing robust growth driven by rising prevalence of ocular diseases, aging populations, and increasing awareness of eye health. Market trends highlight eyewear’s dominance, advancements in assistive technologies, and growing adoption of telemedicine in eye care. With over 2.2 billion people globally affected by vision impairment or blindness, including preventable cases, the demand for accessible and innovative solutions is critical.
Emerging markets, regulatory support, and technological innovations further underscore the market’s potential. The industry, projected to reach USD 113.8 billion by 2032, remains integral to addressing eye health challenges and improving quality of life worldwide.
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