According to our latest study on "Vision Care Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, and Distribution Channel," the market was valued at US$ 74,110.14 million in 2022 and is likely to reach US$ 98,968.42 million by 2028; it is estimated to record a CAGR of 4.9% from 2022 to 2028. The increasing prevalence of eye diseases and development of innovative products the overall vision care market growth. Additionally, the rising funds for eye care research and increasing awareness about eye care are expected to provide lucrative opportunities to the vision care market during the forecast period. However, the adverse effects of contact lenses on eye health hinder the vision care market growth.
Development of Innovative Products Drives Growth of Vision Care Market
Several players operating in the vision care market are developing and launching new products. The strategic expansion of geographic presence and manufacturing capacities, along with the launch of new products, helps companies cater to a broad customer base. A few of the recent developments contributing to the growth of the vision care market are mentioned below.
- In May 2019, Menicon Co., Ltd., a leading contact lens developer, launched Menicon Bloom Myopia Control Management System. The company has received US FDA PMA approval for its Menicon Z Night (tisilfocon A) contact lenses for overnight wear. The Menicon Bloom Night therapy of the company includes the overnight wear of a specifically designed reverse geometry orthokeratology contact lens, which is manufactured in hyper-oxygen-permeable Menicon Z rigid material that guarantees ideal corneal oxygenation for comfortable contact lens wear.
- In August 2019, Alcon, a global leader in eye health, launched PRECISION1 as the latest addition to its contact lens portfolio. PRECISION1 are the daily disposable, silicone hydrogel (SiHy) contact lenses. These first and only contact lenses made with Alcon's proprietary SMARTSURFACE technology deliver lasting visual performance from morning to night.
- In May 2019, Johnson & Johnson Vision launched Acuvue Oasys contact lenses in the UK. These photochromic contact lenses, backed by the transitions light intelligent technology, would provide eye protection and help in managing stress associated with light conditions.
- In January 2022, Titan Eye+ introduced Titan EyeX, a new smart eyewear designed for comfort for everyday use. This product is loaded with features such as class audio, touch control, fitness tracker, voice-enabled eye care notifications, sweat resistance, and Android and iOS compatibility.
- In June 2022, Noise launched its first pair of smart eyewear-Noise i1. The newly launched product is paired with smartphones using Bluetooth 5.1. It has touch controls integrated into one of the stalks of the frames, which can be used to play or pause music, accept or reject phone calls, and activate a voice assistant on the user's phone.
Rising Funds for Eye Care Research Would Drive Growth of Vision Care Market
Extensive ongoing research across the world to identify new treatments for eye diseases is likely to favor the vision care market growth in the coming years. The NEI supports vision research through ~1,500 research grants and training awards made to researchers at over 250 medical centers, hospitals, and universities across 44 states in the US and those around the world. The institute also funds trials to develop cutting-edge therapies for blinding diseases. In 2017, the NEI launched a 3D Retina Organoid Challenge Competition (3D-ROC) to develop functioning mini-retinas from human stem cells. It announced the prize money of US$ 1.1 million to the team with the best replication of retina structure and function. Further, the India-U.S. Collaborative Vision Research Program 2020 focuses on advancing science and technology important to understand, prevent, and treat blinding eye diseases, visual disorders, and associated complications. Both the Indian Department of Biotechnology and the US NEI fund this research program.
The Karolinska Institutet, Sweden, offers grants to promote research on eye diseases. In 2020, the institute announced the funding of SEK 50,000-150,000 (US$ 5,912.88-17,738.64) per person for new research projects on eye diseases. In December 2022, Research to Prevent Blindness (RPB) provided an annual grant of US$ 115,000 to the John A. Moran Eye Center at the University of Utah for eyecare research. These funds will be used to provide maximum flexibility in developing and expanding eye research programs, and fostering creative planning beyond the scope of restricted project grants. In December 2021, NIH-funded projects supported the partnership between Kellogg Eye Center and Aravind Eye Hospital (India) to develop a clinical research training program for eyecare specialists. Such training programs are meant to develop the eyecare field in India. Thus, increasing funds for eyecare research are likely to bring new trends in the vision care market to trigger its growth.
Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson & Johnson Services Inc., Hoya Corporation, Rodenstock GmbH, Menicon Co. Ltd, and Rayner Intraocular Lenses Limited are among the leading companies operating in the vision care market.
The report segments the vision care market as follows:
The vision care market is segmented on the basis of product type, distribution channel, and geography. Based on product type, the vision care market is segmented into eyeglasses, contact lenses, intraocular lenses, and others. By distribution channel, the market is segmented into retail stores, e-commerce, clinics, and hospitals. In terms of geography, the vision care market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, Thailand, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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