Vision Care Industry Spotlight: Lens Manufacturers and Innovations...

Vision Care Industry Spotlight: Lens Manufacturers and Innovations By 2023 to 2033

Posted 2023-08-08 10:22:04

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Throughout the forecast period, the Vision Care Market is anticipated to grow at a respectable CAGR of 7.2%. The market for vision care is currently estimated at US$ 89,596 million in 2023, and by 2033, it is expected to reach US$ 1,78,930.9 million.

The surging awareness of ocular diseases in developing countries has boosted the adoption rate of vision care products. An increase in individuals inflicted with ocular diseases is projected to have a crucial influence on market growth in the future. Asian countries like Japan, South Korea, and China have observed a surging acceptance of colored contact lenses for aesthetic visuals.

Another factor catalyzing the market demand for vision care products is the mounting cases of cataracts. This is projected to bolster the rate of adoption of intraocular lenses.

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Heightened accessibility of sunglasses and spectacles owing to surging affordability in developing nations has bolstered the demand for vision care solutions. Rising expenses of individuals in developing economies have led to a rise in the demand for superior-quality sunglasses.

Manufacturers have set strategic plans in motion to gather a wider customer base. These plans include a greater emphasis on product distribution via multiple channels. Similar strategic moves are projected to help producers penetrate the market deeply in the developing markets. Moreover, heightened brand consciousness is also assessed to impact market growth positively.

Growing knowledge among the population about the distinct forms of spectacle and contact lenses is expected to augment the adoption quotient for vision care solutions.

Top Highlights from the FMI’s Analysis of the Vision Care Market

In North America, the vision care industry is reaching a saturation point as leading players have captured most of the population. FMI has estimated that the regional market acquired a 33.8% share in the global space.
The European market is anticipated to acquire more than 30% in 2023. The market only falls behind North America in terms of value share. High disposable income, an established healthcare system, and growing regional health concerns have propelled market growth.
According to FMI intelligence, the Japanese market is anticipated to acquire a market share of more than 6.5% in 2023.
India is expected to record market growth of 8.4% CAGR, whereas China is anticipated to register 7.9% CAGR over the estimated time.
Australia is anticipated to record a CAGR of 5.6% from 2023 to 2033.
Based on product type, the spectacle lenses segment is expected to account for more than 40.8% in 2023.
Under the distribution channel category, the optometry stores segment is expected to account for more than 25.8% market share in 2023.

News Section: Key Developments Shaping the Market Growth

Alcon Inc. introduced the Clareon family of IOLs in the United States in March 2022. By deploying Alcon’s most sophisticated IOL material, Clareon can offer constant visual outcomes and brilliant clarity that sustains.
Alcon presented DAILIES TOTAL1 for Astigmatism in January 2022. The product is the first-ever Water Gradient contact lens for patients suffering from astigmatism.
CooperVision acquired EnsEyes in June 2022. EnsEyes is the leading distributor of scleral contact lenses and orthokeratology (ortho-k) in the Nordic region. The company is functional within the Cooper Vision Specialty EyeCare group.
Johnson & Johnson Vision Inc. obtained a CE Mark in February 2021. The company received this certification for its Acuvue Oasys multifocal contact lens with pupil-augmented design for Europeans. The lens is being used to treat patients suffering from presbyopia.

Key Companies Profiled in the Vision Care Industry