Vision Care Market is expected to reach US$ 98,968.42 million by 2028

Publisher: The Insight Partners

Retail Stores Segment to Hold Major Share of Vision Care Market During 2022–2028

According to our new research 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 projected to reach US$ 98,968.42 million by 2028; it is estimated to record a CAGR of 4.9% during 2022–2028. The report highlights the trends and drivers prevailing in the market.

Based on product type, the vision care market is segmented into eyeglasses, contact lenses, intraocular lenses, and others. The eyeglasses segment held the largest market share in 2021 and is anticipated to register the highest CAGR during the forecast period (2022–2028). Eyeglasses, also known as spectacles, consist of glass or plastic lenses mounted on frames. Eyeglasses are not only used for vision correction such as nearsightedness but are also used for cosmetic purposes. Corrective eyeglasses are used to correct refractive errors by properly bending the light entering the eye to reduce the effects of conditions such as farsightedness (hypermetropia), nearsightedness (myopia), or astigmatism. Eyeglasses are also used by laboratory technicians, construction workers, etc., for protection. Elderly people from the age group 65–75 wear corrective eyeglasses. Increasing incidences of refractive errors among the younger population, preference for eyeglasses over contact lens, and growing geriatric population are key factors driving the growth of the market for eyeglasses.

Lucrative Regional Markets for Vision Care

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Based on distribution channel, the vision care market is segmented into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held the largest share of the market in 2021 and is expected to grow at the highest CAGR during the forecast period. Retail optical stores are the first point of contact for customers looking for vision care products. The retail optical stores conduct pre-screening tests and help customers select the correct lenses for their prescriptions. GrandVision is a global leader in optical retail and aims to deliver superior, high-quality, and affordable eye care products to people across the world. It has more than 7,000 stores and is present in more than 40 different countries. Other top retail optical stores include Vision Source L.P.; Luxottica Retail; Walmart Inc.; National Vision Holdings, Inc; Costco Wholesale; Visionworks of America, Inc.; MyEyeDr./Capital Vision Services, LP; EyeCare Partners LLC; Warby Parker; Refac Optical Group; Eyemart Express, Ltd.; Optics In LLC (formerly Vision Precision Holdings, LLC); Cohen's Fashion Optical; TSO, Inc; Emerging Vision, Inc.; Henry Ford OptimEyes; Acuity Eyecare Group; and Shopko Stores Operating Co., LL. Such chain of retail stores is likely to enhance the market growth during the forecast period.

Impact of COVID-19 Pandemic on Vision Care Market

The rising number of COVID-19 patients led to an overall negative impact on the vision care market. Routine healthcare services were canceled, and patients were recommended to avoid hospital visits unless any medical emergency to minimize the risk of COVID-19 transmission, leading to significant disruptions in healthcare services and patient care. Ophthalmology represents one of the busiest and most heavily outpatient-oriented specialties in the UK, with ~7.5 million outpatient appointments and ~500,000 surgical procedures conducted every year. The lockdown resulted in the cancellation of thousands of ophthalmic visits and surgeries, which could potentially lead to permanent and significant harm to patients’ vision. The recent survey the “Psychosocial impact of COVID-19 pandemic lockdown on people living with eye diseases in the UK,” which was conducted among the public with eye diseases, highlighted a noteworthy negative psychosocial impact of lockdown on patients with visual impairment. ~50% of these patients expressed the fear of sight loss due to delayed review or treatment.

Alcon Inc, Bausch Health Companies Inc, Carl Zeiss AG, Cooper Companies Inc, Essilorluxottica SA, Johnson and Johnson Services Inc., Hoya Corporation, Rodenstock GmbH, Menicon Co. Ltd, and Rayner Intraocular Lenses Limited are among the several players engaged in addressing the growing demands for vision care.

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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