The Vision Care market was valued at US$ 66,934.51 million in 2019 and is projected to reach US$ 93,817.82 million by 2027; it is expected to grow at a CAGR of 4.5% during 2020–2027. The growth of the market is mainly attributed to factors such Growing prevalence of eye diseases and rising funds for eye care research are driving the growth of the vision care market. However, the disadvantages associated with contact lens can impede the market growth. Further, the increasing awareness about vision care offer significant opportunities for the growth of the global vision care market.
Extensive eye diseases research across the world to identify new treatments for the eye diseases is likely to favor the market growth. For instance, India-US Collaborative Vision Research Program 2020, would advance science and technology, which is important to understand, prevent, and treat blinding eye diseases, visual disorders, and their associated complications. Both the Indian Department of Biotechnology and the US National Eye Institute (NEI) would fund the research program.
The National Eye Institute (NEI) supports vision research through around 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 around the world. The institute also funds trials to develop cutting edge therapies for blinding diseases. In 2017, NEI launched a 3D Retina Organoid Challenge Competition (3D-ROC) to develop functioning mini-retinas from human stem cells. The US$ 1.1 million prize would be distributed to team with the best replication of retina structure and function.
Similarly, the Karolinska Institutet, Sweden, offers grants to promote research on eye diseases. In 2020, the institute announced SEK 50,000–150,000 (US$ 5912.88–17738.64) per person funding for new research projects on eye diseases. Thus, such increasing funds for eye care research are likely to enhance the growth of the market.
Based on product type, the global vision care market is segmented into eye glasses, contact lens, intraocular lens, and others. The eye glasses segment held a larger share of the market in 2019 and is expected to grow at a higher CAGR during the forecast period. Based on distribution channel, the global vision care market is segmented into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held a larger share of the market in 2019, and it is further expected to report a higher CAGR in the market during the forecast period.
The Food Safety and Inspection Service, Food and Drug Administration, National Institute of Health, and European Medical Association are a few of the major secondary sources referred to while preparing this report.