Vision Correction Market Expected to Reach $41.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Vision Correction Market," The vision correction market size was valued at $20,302.8 million in 2021, and is estimated to reach $41,252.7 million by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Vision correction refers to one of the methods used to improve blurred vision caused by refractive errors, cataract, glaucoma, strabismus, and amblyopia. Some people need surgery under vision correction to cure eye diseases such as cataract, diabetic retinopathy, and glaucoma. Though some eye conditions can be treated by use of contact lenses and surgery by choice.

Factors that drive the growth of the vision correction market size include rise in number of product launches, increase in number of vision correction industry and product approvals for vision correction and increase in cases as refractive errors such as myopia, hyperopia, astigmatism, or presbyopia. One of the most common types of vision issues that impairs the ability to see well is refractive error. This occurs when your eye's shape prevents light from properly focusing on your retina (a light-sensitive layer of tissue in the back of your eye). In addition, vision correction market trends include the rise in prevalence of refractive errors which increases the demand for vision correction. For instance, according to World Health Organization in October 2022, it was reported that, globally, at least 2.2 billion people have near or distance vision impairment, out of which 88.4 million refractive error cases are yet to be addressed. In addition, vision correction market analysis include rise in initiatives to raise awareness among people about vision correction products. For instance, in November 2022, STAAR Surgical Company, a leading developer, manufacturer and marketer of implantable lenses, announced the launch of a patient awareness campaign in New York, about commercial introduction of its EVO Visian Implantable Collamer Lenses (EVO) in the U.S. This product is designed for the correction/reduction of myopia with and without astigmatism.

Moreover, the vision correction market share is expected to develop due to surge in clinics equipped with advance technology and the number of experts performing surgical procedures. In addition, rise in disposable income among the population of developing nations and increase in R&D activities, both contribute to the market's expansion.

On the basis of method, the market is classified into glasses, contact lens, and refractive surgery. The glasses segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in prevalence of vision impairment disorders such as presbyopia, astigmatism, myopia, hyperopia, and increase in the number of product launch for vision correction devices.

On the basis of application, the market is fragmented into presbyopia, astigmatism, myopia, hyperopia, and others. The presbyopia segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in prevalence of vision impairment disorder and rise in number of product launch and product approvals for vision correction device, which can treat presbyopia, and increase in number of geriatric population, who are more susceptible to vision impairment.

On the basis of end user, the market is divided into hospital, specialty clinics, and others. The hospital segment dominated the market in 2021 and is expected to continue this trend during the vision correction market forecast period, owing to increase in the number of hospitals and rise in the expenditure by governments to develop healthcare infrastructure.

North America accounted for a majority of the global vision correction market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in the number of product launch & product approval, increase in the number of vision correction industry, and developed healthcare infrastructure. Asia-Pacific is anticipated to witness lucrative growth during the forecast period owing to rise in expenditure by government organizations to develop the healthcare sector and increase in awareness among people regarding eye disease and its treatment.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global vision correction market. demand for vision correction decreased, owing to travel bans & quarantines, restriction of all indoor/outdoor events and massive slowing of supply chain of surgery systems/machines. 

Key Findings of The Study

• By method, the glasses segment was the highest contributor to the market in 2021.
• By application, the presbyopia segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By end user, the hospital segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.