The eye care market size is expected to reach USD 93.81 billion at a CAGR of 3.8% in 2030
Eye Care Market Size – USD 66.60 Billion in 2021, Market Growth – at a CAGR of 3.8%.
NEW YORK, NY, USA, July 21, 2022 /EINPresswire.com/ — Rising prevalence of various eye diseases and increased screen time from children to the elderly due to study, work, entertainment or related activities are the key factor for the growth of market income
Market Trends – Use of improved technologies and innovations in eye care and treatment.
The Global eye care market size was $66.60 billion in 2021 and is expected to register a revenue CAGR of 3.8% over the forecast period, according to the latest Reports and Data report. Market revenue growth is expected to be driven by growth in technological innovation in eye care and treatment, rising prevalence of eye diseases, and increase in screen time.
Another major factor driving the revenue growth of the eye care market is the increasing rate of prevalent eye health disorders globally. Among the most important factors contributing to eye disorders are rapid digitalization and lifestyle changes due to increasing urbanization. At least 2.2 billion people worldwide have near or far vision impairment, according to reports from the World Health Organization (WHO). At least 1 billion of these cases, or almost 50%, resulted in vision loss that could have been prevented. Various countries around the world suffer from these diseases and some have even resulted in deaths. The prevalence of cataract patients is increasing, which is expected to drive the demand for intraocular lenses in the eye care market. According to research, Indian and American surgeons undertake some of the most common cataract procedures every year. According to the WHO, cataracts are the cause of 51% of blindness worldwide, which should therefore have a beneficial effect on the use of intraocular lenses in eye care products. The occurrence of cataract disease has increased with the geriatric population. Both developed and emerging countries are observing this trend.
However, eye or eye-related diseases are one of the most neglected diseases in the world. People, especially in developing and underdeveloped countries, tend to avoid such concerns. Lack of people’s awareness about early symptoms of visual impairment is significantly limiting the revenue growth of eye care market.
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Some highlights of the report
• The intraocular lens (IOL) segment accounted for the largest share of revenue in 2021. Intraocular lenses can help improve vision. IOLs can be used to treat astigmatism, myopia and hyperopia. Intraocular lenses can help people with various types of vision-related problems.
• The laser therapy segment is expected to register a significant revenue growth rate during the forecast period. Laser treatment improves defective vision. Eye surgeons reconstruct the cornea using advanced laser therapy so that light can focus properly on the retina and patients enjoy clear vision. The process is quick and takes less than 10 minutes. Laser therapy is also painless in most cases. Because laser therapy is computer guided, it is extremely precise and produces exact results, so there is very little to no room for mistreatment. The most effective method for treating nearsightedness, farsightedness, or astigmatism is often laser eye therapy.
• The online segment accounted for the majority share of revenue during the forecast period. This is due to factors such as direct vendor shipping which eliminates the need for additional warehousing expenses. Customers can choose the shipping, delivery and payment methods they want. Low product prices, promotions, convenience, in-home service and the availability of a wide range of products are all factors that have contributed to the segment’s revenue growth.
• The North America market is expected to register the largest revenue share in the global eye care market over the forecast period. The increasing prevalence of eye diseases, the presence of key companies, significant investments in R&D and the launch of new innovative product lines are the main drivers of revenue growth in the region. Mergers and acquisitions between various key companies and small start-ups are also contributing to the eye care market revenue growth in the region.
• Companies profiled in the market report are Essilor International, Johnson & Johnson Services, Inc., Novartis AG, CooperVision, Luxottica Group, Bausch Health Companies Inc., Menicon Co., Ltd., Cadila Pharmaceuticals., Rayner Intraocular Lenses Limited and Carl-Zeiss-Stiftung.
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For the purposes of this report, Reports and Data has segmented the global eye care market on the basis of product, treatment, distribution channel and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
• Intraocular lens
• Contact lenses
Treatment (Revenue, USD Billion; 2019-2030)
o Cataract surgery
o Vision correction process
o Corneal transplant
Distribution Channel (Revenue, USD Billion; 2019-2030)
• Hospitals and clinics
• Retail stores
• On line
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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