Vision Care Market To Reach USD 113.8 Billion By 2032

Trishita Deb
Trishita Deb

Updated · Oct 21, 2024

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Introduction

Global Vision Care Market size is expected to be worth around USD 113.8 Billion by 2032 from USD 74.9 Billion in 2023, growing at a CAGR of 5% during the forecast period from 2023 to 2032.

The vision care market is highly segmented, offering a range of products including spectacles, sunglasses, intraocular lenses, and ocular health products. The global vision care industry features a variety of international and national players. A notable trend in the market is the growing use of spectacles as fashion accessories. Additionally, the prevalence of ocular diseases is on the rise.

The increasing number of patients with chronic conditions, leading to vision impairments, alongside the growing elderly population, is driving the demand for vision care products. Other factors contributing to market growth include poor nutrition, unhealthy eating habits, the expansion of the e-commerce sector, and the availability of products with enhanced quality and services. These factors are expected to significantly boost the global vision care market.

For instance, According to World Health Organization’s (WHO) first World Report on Vision reveals that more than 1 billion people worldwide suffer from vision impairment due to insufficient care for conditions such as nearsightedness, farsightedness, glaucoma, and cataracts. Many of these cases could have been treated or prevented. It is alarming that 65 million individuals are either blind or have severe vision impairment when a simple cataract surgery could restore their sight. Moreover, over 800 million people struggle with daily activities because they lack access to basic vision correction, like glasses.

Globally, at least 2.2 billion people are affected by vision impairment or blindness, with 1 billion cases being preventable or untreated. This underscores the critical need for better access to eye care services worldwide.

Vision Care Market Size

Key Takeaways

  • Market Size: Vision Care Market size is expected to be worth around USD 113.8 Billion by 2032 from USD 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:
    • Approximately 1.1 billion people worldwide were living with vision loss as of 2020. This number is projected to rise to 1.7 billion by 2050 if there is no significant investment in eye care services.
  • Extent of Vision Impairment:
    • Globally, 43 million people are blind.
    • About 295 million people suffer from moderate to severe visual impairment.
    • Around 258 million people have mild visual impairment.
    • An estimated 510 million people experience problems with near vision.
  • Preventability and Treatability:
    • An impressive 90% of global vision loss is considered preventable or treatable.
    • Of these, 771 million people could have their vision loss prevented or treated effectively.
  • Demographics and Impact:
    • Vision loss predominantly affects those in lowand middle-income countries.
    • The majority of individuals with vision loss are aged over 50, highlighting the impact of aging on eye health.
    • Women and girls make up 55% of those affected by vision loss.
    • The economic impact of vision loss is substantial, with an estimated $410.7 billion lost annually due to reduced productivity.
  • Children and Youth Specific Statistics (U.S.):
    • The 2022 American Community Survey (ACS) estimated that approximately 600,000 children in the U.S. have vision difficulties. This includes 290,000 males and 310,000 females under the age of 18.
    • The American Printing House for the Blind reported about 55,711 U.S. children and youth in educational settings who were legally blind as of January 2021.

Vision Care Product Analysis

  • Eyewear: Eyewear serves as a primary solution for vision correction and protection. There are various types of eyeglasses, including single-vision, which corrects for either distance or near vision, and multifocal, which accommodates multiple visual needs in one lens. Innovations in eyewear continue to evolve, including features like blue-light filtering, commonly known as “blue-blockers,” which are essential for those frequently 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 crucial for protecting eyes from UV light. They come with options like photochromic lenses, which adapt to light conditions by darkening in the presence of UV light. This adaptability makes them practical for both indoor and outdoor use, providing convenience and protection.
  • Contact Lenses: Contact lenses offer a direct correction alternative to glasses, sitting on the eye’s surface. They require a specific fitting to ensure comfort and effectiveness, and the prescriptions for contacts differ from glasses due to their proximity to 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: Maintaining ocular health involves more than just corrective lenses. Products and treatments that support eye health include nutritional supplements rich in antioxidants and vitamins essential for eye health. Regular eye examinations are also crucial to diagnose and treat conditions that could impact vision over time.

Emerging Trends

  • Assistive Technology Innovations: Technological advancements have led to significant improvements in assistive devices for individuals with vision impairments. For instance, devices like the OrCam MyEye Pro use a small camera attached to eyeglasses to audibly describe text, identify objects, and recognize faces for people who are blind. This technology enables greater independence by allowing users to interact with their environment in new ways, such as reading mail or recognizing friends.
  • Integrated Smart Device Accessibility: Smart devices, particularly smartphones and tablets, are increasingly equipped with built-in accessibility tools that aid individuals with low vision. Features like voice-over screens, high-contrast settings, and text-to-speech functionality are standard on platforms like iOS and Android. These tools help users navigate devices more effectively and are critical for daily activities such as sending messages and accessing information.
  • Advanced Low Vision Optical Devices: The development of specialized optical aids continues to evolve, offering more sophisticated solutions to those with low vision. Devices range from electronic magnifiers and video reading systems to high-powered prismatic glasses and auto-focus telescopic systems. These tools are designed to enhance the remaining vision of users, allowing for better navigation and interaction with the world around them.
  • Proliferation of Telemedicine and Online Resources: The expansion of telemedicine and accessible online resources for eye health is reshaping patient care. Virtual consultations and digital platforms provide crucial support and information, making eye care more accessible, especially for individuals in remote or underserved areas. This trend is helping to bridge the gap in eye care services, providing more timely interventions for eye health issues.
  • Enhanced Educational and Training Tools for Independence: Resources and programs aimed at educating individuals with vision loss about how to use emerging technologies and assistive devices are becoming more prevalent. Organizations are focusing on training and rehabilitation to ensure that people with visual impairments can fully utilize new technologies to live independently and effectively manage their daily lives.

Use Cases

  • Daily Life Independence with AI Assistive Devices: Technologies like the OrCam MyEye Pro represent a significant leap in assistive devices for the visually impaired. This device uses a small camera attached to eyeglasses to audibly relay information about the user’s environment, helping them “read” texts and recognize faces, which greatly enhances daily independence for users.
  • Navigation Assistance Through Advanced Apps: Apps like ‘Seeing AI’ and ‘Lookout’ use the camera on smartphones to identify objects and text in the user’s environment, providing audible descriptions. These tools support daily activities such as reading menus, identifying currency, and navigating new locations, making them indispensable for visually impaired users.
  • Enhanced Remote Assistance: ‘Be My Eyes’ app offers a novel use case by connecting visually impaired users with sighted volunteers through live video calls. This service helps users perform tasks that require sight, such as reading labels or navigating public areas, thus bridging the gap between technology and personal assistance.
  • Educational and Workplace Integration: Technologies and platforms that facilitate access to digital content, such as ‘Bookshare’ and ‘BARD Mobile’, are pivotal. These platforms provide adjustable text formats and audiobooks, enabling educational and professional advancement for people with vision impairments.
  • Personalized Assistive Technologies for Routine Activities: From specialized software that magnifies computer screens to devices that enhance remaining visual capabilities, such as electronic magnifiers and text-to-speech tools, technology is helping individuals with low vision perform everyday tasks more effectively. These tools allow for personal adjustment to suit individual needs, promoting greater autonomy.

Conclusion

The vision care market is poised for substantial growth, driven by an aging population, increasing prevalence of ocular diseases, and technological advancements in eyewear and assistive devices. As global awareness and access to eye care improve, coupled with strong regulatory support and the integration of e-commerce, the market is expected to expand significantly. Innovations in products and services that cater to diverse visual needs, from corrective lenses to advanced surgical solutions, highlight the industry’s adaptation to both health-related and lifestyle demands. Ultimately, the continued evolution and accessibility of vision care are crucial in addressing the widespread challenges of vision impairment.

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Trishita Deb

Trishita Deb

Trishita has more than 8+ years of experience in market research and consulting industry. She has worked in various domains including healthcare, consumer goods, and materials. Her expertise lies majorly in healthcare and has worked on more than 400 healthcare reports throughout her career.

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