Vision Care Devices Market

The global vision care devices market was estimated to be USD 210.1 billion in 2023 and is projected to grow at a CAGR of 31.1% during the forecast period. Vision care is a highly segmented market that includes products such as spectacles, sunglasses, intraocular lenses, and ocular health products. Rising healthcare expenditure and increasing awareness among the people about the early diagnosis and treatment of eye-related issues are the key factors behind the growth in the market.
Increasing awareness about the ocular diseases in developing countries is driving growth in the market significantly. Increasing cases of cataracts are driving the demand for vision care devices in the region significantly.

Growth Drivers

Increasing prevalence of ocular diseases worldwide is the key reason behind the growth in the market. Rising healthcare expenditure, and increasing number of cataract patients are driving the demand for vision care devices market. Technological advancements along with the integration of AI, and IoT has enhanced diagnostic accuracy and personalized treatment plans. Invention of smart contact lenses which are equipped with sensors to monitor eye health indicators like blood glucose level, and intraocular pressure are bringing more efficiency and accuracy eye care.

Global aging population is more susceptible to age related eye diseases like glaucoma increases. Increasing consumer awareness, and demand for protective, and corrective vision care products is driving growth in the market. Integration of AI, and utilization of 3D printing for customized eyewear is enhancing the efficiency and appeal of vision care devices market.

The problem of vision impairment had affected nearly 2 billion people, and increasing number of cases of diabetic retinopathy, and cataracts are increasingly contributing to market growth. Continuous innovation, and new product development in cataract surgery is driving the market to a new height. Increasing initiation taken by the governments in all over the world for better vision-treatment is driving growth in the market significantly.

Segmentation

By Product

·         Eyewear

o   Spectacles

o   Sunglasses

o   Contact Lenses

·         Intraocular Lens

·         Ocular Health

By Application

·         Glaucoma

·         Diabetic Retinopathy

·         Dry Eyes

·         Amblyopic

By Distribution Channel

·         Retail Stores

·         Online Stores

·         Hospitals and Clinics

By Region

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Vision Care Devices Market by Application Segmentation

On the basis of the application, the vision care devices market is segmented into glaucoma, diabetic retinopathy, dry eyes, and amblyopia. The glaucoma segment is the leading one due to the increasing number of screening programs organized by the government and other NGOs, which has made early detection and treatment possible in the market. Since glaucoma is one of the leading causes behind blindness worldwide, especially among people over 60. The increasing use of non-invasive imaging and AI-powered diagnostic tools boosts the market growth.

Diabetic retinopathy is another leading segment in the market. The rising number of patients with diabetes type 2 are more susceptible to this disease, and early disease detection and cure is the factor behind the market growth. Cases of dry eyes are also increasing worldwide due to lifestyle changes, especially increased screen time, and environmental factors. Innovations like tear film analyzers and minibiography are expanding this market. Amblyopia only affects the children, and thus the market size for this segment is limited. Vision therapy tools and screening devices are needed.

Regional Outlook

On the basis of the regions, the vision care devices market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment in the market due to the high prevalence of eye disorders. There are increasing numbers of myopia and cataract patients all over the world, necessitating advanced vision care solutions.

North America leads in adopting innovative technologies, including AI-augmented detection of eye conditions and laser eye surgeries. Robust insurance coverage allows consumers to invest in premium eyewear and vision correction treatments. Asia Pacific is the second leading region in the vision care devices market, which is attributed to its advanced healthcare infrastructure and high prevalence of eye disorders due to its large population.

Rising healthcare expenditure and increasing awareness among the people about better eye health are promoting the market significantly in the region. The region is home to half of the world’s population, and thus the number of patients suffering from cataracts and myopia is increasing. Growing disposable income and increasing urbanization are driving demand in the market significantly. Countries like Japan and South Korea are leaders in optical innovation—from advanced intraocular lenses to smart glasses and AI-powered diagnostics. The presence of many a key player in the region is driving the demand in the market. Increasing growth in e-commerce and other retail chains is contributing to market growth.

Europe is another leading region due to increasing geriatric population, and rising healthcare expenditure in countries like France, Spain, Germany, the U.K. and Russia. Increasing number of patients of myopia, and cataract, Increased government initiatives to make people aware about eye-health. Europe is one of the leading regions in globally aging population specially in countries like Germany, Italy, and France. Aging population is more susceptible to eye related diseases like myopia, and cataract.

One of the best healthcare infrastructures. Europe is home to cutting-edge hospitals, clinics, and research center. High adoption of ophthalmic diagnostic technologies like OCT, and tonometer’s boost the vision care devices market. The need for safe high quality medical devices is boosting growth in the market. Presence of major key players in the market is significantly driving the growth in the market.

Middle East and Africa, and Latin America is witnessing moderate growth during the forecast period due to less awareness about eye-health, and lack of basic healthcare infrastructure in most of the countries except Saudi Arabia, U.A.E., South Africa, Egypt, and Isreal.

European market is also positively impacted due to the presence of major market players in countries like UK, Germany, France, are driving the market significantly towards growth.

Key Players

·         Alcon (Part of Novartis AG)

·         Essilor

·         CooperVision

·         Johnson & Johnson Services, Inc.

·         Bausch Health Companies Inc.

·         GrandVision

·         Carl Zeiss

·         Menicon

·         Luxottica

·         Other Key Players