Global Eye Care Market Report and Forecast 2024-2032

Global Eye Care Market Outlook

The global eye care market size was valued at USD 118 billion in 2023, driven by the increasing prevalence of eye diseases and pollution across the globe. The market size is anticipated to grow at a CAGR of 5% during the forecast period of 2024-2032 to achieve a value of USD 182.5 billion by 2032.

Global Eye Care Market Overview

Eye care refers to the routine, steps, or instructions that an individual follows to take care of their eyes. Eye care products comprise of glasses, lenses, and medicated drops, among others, which can help protect eyes. Other than using these products, eye care also means regular eye check-ups, eating healthy, and wearing protective glasses or lenses. Eye care is necessary in everyday life to ensure a long and healthy life of eyes, which may refer the clear vision, healthy eyesight, and the absence of eye diseases in an individual.

The development of technologically advanced eye care products is primarily driving the eye care market growth. The demand for eye care products is constantly rising due to the introduction of advanced technologies like artificial intelligence, virtual reality, and telemedicine. These technologies are increasingly being adopted by healthcare professionals and manufacturers in the development of eye care devices that are useful and effective for patients suffering from eye diseases. The rising promotion of regular eye check-ups, along with the increasing awareness about UV protection and healthy lifestyles to achieve and protect healthy eyes is also contributing to the market.

The rising prevalence of eye diseases, along with the increasing geriatric population across the globe, are some of the key factors propelling the growth of the market. Every technology comes with its pros and cons. While devices and gadgets have made a lot of things much easier and manageable, people have started spending excessive amounts of time looking at their screens, which is one of the primary factors causing weak eyesight and other eye disorders. This has further propelled the demand for eye care.

The improved healthcare infrastructure across the globe has directly contributed to the eye care market development. The increasing availability of affordable and effective eye care treatment and devices to protect eyes against UV rays has provided significant impetus to the growth of the market. The rising awareness about eye care globally has directly influenced the continuous growth of the market.

Rising Prevalence of Eye Diseases

Vision plays a crucial role in everyone’s life. Vision impairment is a common medical condition when a person’s vision is compromised to some degree to complete vision loss. The leading causes of vision impairment and blindness at a global level are refractive errors and cataracts. It is estimated by the World Health Organization that 2.2 billion people suffer from near or distant vision impairment. WHO also emphasizes that in around 1 billion of these cases, it could have been prevented or has not even been addressed yet. Even after the available treatments and eye care facilities across the globe, WHO estimates, that Only 36% of individuals with a refractive error-related vision impairment and just 17% of those with a cataract-related vision impairment have received appropriate interventions.

Due to vision impairment among people, this condition poses an enormous loss of productivity globally costing around a whopping estimate of USD 411 billion. The data reflects an urgency to overcome this dominating condition causing economic wealth and compromising people’s health due to underlying factors. Vision impairment can be prevented and treated if appropriate interventions are accessible and affordable which may further boost the global eye care market.

Rising Innovation and Developments

In July 2023, a group of students from the Ramaiah Institute of Technology’s IEEE Computational Intelligence Society chapter in Bangalore, India, developed a device Our Vision, to assist visually impaired people. These students applied computer vision techniques to develop a low-cost wearable that reads text out loud to users in any lighting conditions and helps them navigate their surroundings. The advanced technologies used to develop Our Vision include optical character recognition, machine learning, and Google application programming interfaces. With this device, people with vision impairment can enhance their academic and career opportunities, along with living individually. Along with the technologies, this device is enabled to translate text into 6 different languages including English, Kannada, Telugu, Malayalam, Tamil, and Hindi.

The IEEE CIS chapter received a USD 4,400 grant for the project from EPICS in IEEE. The student team was able to take an idea and turn it into a working solution while working hand in hand with a community partner, the National Association for the Blind (NAB) in Karnataka, India.

Development of such wearable devices that are low in cost and highly advanced are likely to contribute to rising eye care market share and may even attract investors to further develop the product on a larger scale to make it available in the market followed by regulatory approvals and other formalities. Successful approval and distribution of this device in India could pave the way for global expansion of the market.

Strategic Moves by the Market Players Poised to Aid the Market

In June 2023, Syncona Limited launched Beacon Therapeutics Holdings Limited, a gene therapy company focused on restoring and improving vision in patients with prevalent and rare blinding retinal diseases, including X-linked retinitis pigmentosa (XLRP). Syncona gathered with Oxford Science Enterprises and raised USD 120 million (£96 million) to acquire AGTC, which is a publicly traded biotechnology company focused on developing genetic therapies for rare inherited conditions and providing capital for operations and development of newly formed Beacon Therapeutics.

Beacon Therapeutics’ pipeline inventory includes AGTC-501, a late-stage and lead development candidate for XLRP (caused by mutations in the RPGR gene), as well as two Syncona-owned preclinical programs that target Dry age-related macular degeneration (AMD) and Cone-rod dystrophy (CRD), in-licensed from the University of Oxford. The company has affirmed the efficacy and favorable safety profile for the AGTC-501 in the report of the phase 1/2 HORIZON trial.

Additionally, Beacon Therapeutics is developing an intravitreally delivered novel adeno-associated viruses (AAV)-based program for dry AMD that can be administered within an outpatient clinic rather than via surgery. However, for CRD the program targets mutations in the Cadherin Family Related Member 1 (CDHR1) gene which is a potential cause for central vision loss (akin to dry AMD).

Global Eye Care Market Segmentations

Market Breakup by Product Type

• Eyeglasses 
  • Single Vision 
  • Bifocal 
  • Progressive 

• Contact Lens 
  • Personalized/Custom 
  • Specific Care 
  • Single Vision 
  • Progressive Lenses 
  • Activity Lenses

• Intraocular Lens 
  • Traditional 
  • Premium  
  • Phakic 

• Eye Drops

• Others

Market Breakup by Lens Coating

• Anti-Glare

• UV

• Others

Market Breakup by Lens Material

• Normal Glass

• Polycarbonate

• Trivex

• Others

Market Breakup by Indications

• Refractive Error

• Glaucoma

• Diabetic Retinopathy

• Amblyopia

• Dry Eyes

• Others

Market Breakup by Distribution Channel

• Online Stores

• Retail Stores

• Hospitals

• Clinics

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Eye Care Market Regional Analysis

North America has been leading the global market for eye care and is likely to continue dominating the market due to the rising prevalence of eye diseases in the region. According to the Centers for Disease Control and Prevention, it is estimated that nearly 12 million people aged 40 years and over in the United States are currently living with vision impairment, including 1 million blind people, 3 million with vision impairment after correction, and 8 million with vision impairment due to uncorrected refractive error.

In January 2023, a Canada-based leading vision-enhancement platform eSight, launched its latest innovation in assistive technology, eSight Go. The wearable device sets a new standard for enhanced vision technology through its heightened visual clarity, lightweight design, and expansive field of view, helping those with central vision loss gain independence in their everyday life.

Innovation exemplified by eSight Go may help overcome the global eye care market challenges and may enhance the market value during the forecast period. Such innovations in assisted technologies are poised to enable people with vision impairment to live an independent life with enhanced vision clarity and field view.

Global Eye Care Market: Competitor Landscape

In June 2023, Bausch + Lomb Corporation (NYSE/TSX: BLCO) (“Bausch + Lomb”), a leading global eye health company dedicated to helping people see better to live better, announced the launch of Bausch + Lomb INFUSE® Multifocal silicone hydrogel (SiHy) daily disposable contact lenses for patients with presbyopia in the United States. These lenses feature a next-generation material infused with ProBalance Technology™ for all-day comfort and the company’s unique 3-Zone Progressive™ design to deliver clear vision with seamless transitions across near, intermediate, and distance vision while helping to minimize contact lens dryness.

The key features of the eye care market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• CooperVision Inc.

• Johnson & Johnson Vision Care, Inc.

• HOYA

• LUXOTTICA GROUP

• Novartis AG

• Bausch & Lomb Incorporated

• Menicon Co., Ltd.

• Carl Zeiss AG

• Valeant Pharmaceutical International Inc

• Zydus Cadila

• Rayner Intraocular Lenses Limited

• GrandVision

• Blanchard Lab

• Avizor SA

• F. Hoffmann-La Roche AG

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report