Eye Care Market to Grow at CAGR of 6.95% by 2026
Increasing awareness pertaining to ocular health is expected to drive the growth of the global eye care market.
According to recently released TechSci Research report “Global Eye Care Market By Product Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins, Others), By Eye Drops (Prescription v/s Over-The-Counter), By Coating (Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate, Normal Glass, Trivex, Others), By Distribution Channel (Retail Stores, E-commerce, Clinics, Hospitals), By Region, Competition, Forecast & Opportunities, 2026”, the global eye care market stood at USD57.65 billion in 2020 and is expected to witness a significant growth of 6.95% during the forecast period. This can be attributed to the growing penetration of smartphones, laptops, tablets, T.V., among others which has increased the overall screen time for individuals, especially the youth. This in turn has led to several eye problems including the most common dry eyes syndrome. Additionally, the increasing adoption of online learning platforms and work from home culture across the globe due to the sudden outbreak and spread of COVID-19 has also increased the screen time of individuals over the internet and over devices such as smartphones, laptops, among others. Also, it has been witnessed that the overall time over internet increased for population across the globe during lockdowns caused due to the pandemic spread especially over the Over-The-Top (OTT) platforms. This in turn has led to an increase in various eye problems such as macular degeneration, blurred vision, dryness, inflammation in the eyes, among others in the individuals worldwide. Thus, these factors are expected to positively influence the growth of the overall eye care market. The changing lifestyle patterns, especially among the youth, has increased the use of eyeglasses and contact lenses more as a fashion accessory. An increase in the use of colored contact lenses has been witnessed especially in the countries of Asia Pacific region such as South Korea, Japan, China, and India. Even people who do not have any eye problem are also wearing spectacles just for aesthetic value. This in turn is expected to increase the demand for various eyeglasses such as cat eyeglasses, colored frames and contact lenses, thereby driving the growth of the global eye care market. Also, different countries across the globe are developing programs for spreading awareness related to eye care. This in turn is expected to drive the market growth. However, high costs of eyeglasses, contact lenses, intraocular lenses, among others lead to affordability constraints among the population pertaining to the use of these products especially in the developing and under-developed countries. This in turn is expected to restrict the market growth of the overall eye care products in these countries.
Browse 163 Figures spread through 218 Pages and an in-depth TOC on “Global Eye Care Market”.
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The global eye care market can be segmented based on product type, coating, lens material, distribution channel, region, and company. Based on coating, the market can be categorized into anti-glare, UV coating and others. The anti-glare segment dominated the market in 2020 with an overall market share of around 43.66% since anti-glare eliminates reflections both from front and back. Anti-glare coating also eliminates glare caused by light reflecting from the lenses. Based on distribution channel, the market can be fragmented into retail stores, e-commerce, clinics, and hospitals. The e-commerce segment is expected to a hold a market share of around 28.04% in 2020. This can be ascribed to the growing internet penetration, faster internet speed, increasing proliferation of smartphones & tablets, among others worldwide. Additionally, the emergence of several e-commerce platforms through which eye care products can be bought is further expected to drive the growth of e-commerce channels. Also, various benefits associated with e-commerce channels such as doorstep delivery without stepping out especially during pandemic crisis (COVID-19), availability of a wide range of purchasing options of different brands under one platform at competitive pricing, availability of option to compare the prices of different products offered by different brands, among others are expected to spur the segmental growth. Besides, the availability of platforms such as Lenskart, Titan Eye Plus, among others which are specifically focusing on different eye care products such as lenses, eyeglasses, among others is expected to create opportunities for the growth of e-commerce channels.
Major companies operating in the global eye care market include EssilorLuxottica SA, Bausch Health Companies, Inc., Johnson & Johnson, Alcon, Inc., Hoya Corporation, CooperVision, Inc., Menicon Co., Ltd., AbbVie Inc., Carl Zeiss Meditec AG, Novartis AG, F. Hoffmann-La Roche AG, Safilo Group S.P.A., Fielmann AG, Avizor SA, Pfizer Inc, among others. The market players are working on strategic collaborations to increase their global reach. They are also investing in research & development activities to develop and launch new, advanced, and innovative eye care products into the market. For instance, Facebook and Essilor-Luxottica SA collaborated and together to develop smart glasses which will have the features of augmented reality and will provide better vision since they are incorporated with liquid crystal technology which will help in filtering the level of brightness coming through the smart lenses and will also be available at an affordable cost. Facebook plans to launch these glasses in 2021.
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Asia Pacific is expected to witness the highest growth in the global eye care market during the forecast period. This can be ascribed to the growing geriatric population susceptible to various ocular diseases in the region. Additionally, the presence of two world’s highly populated countries China and India, with a large patient pool, is expected to significantly impact the growth of the eye care market in the region. Furthermore, Asia Pacific region with countries such as Japan and India witness the highest number of cataract surgeries performed worldwide. This in turn drives the market for intraocular lenses in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Eye Care Market By Product Type (Eyeglasses, Eye Drops, Contact Lens, Intraocular Lens, Eye Vitamins, Others), By Eye Drops (Prescription v/s Over-The-Counter), By Coating (Anti-Glare, UV Coating, Others), By Lens Material (Polycarbonate, Normal Glass, Trivex, Others), By Distribution Channel (Retail Stores, E-commerce, Clinics, Hospitals), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global eye care market and provided statistics and information on market size, shares, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global eye care market.
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