Vision Correction Market Size, Share, Competitive Landscape and Trend Analysis Report, by Method, by Application, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031

Vision Correction Market Research, 2031

The global vision correction market size was valued at $20,302.8 million in 2021, and is projected to reach $41,252.7 million by 2031, growing at a CAGR of 7.4% from 2022 to 2031. Vision correction is a type of methodology that is used to improve visual acuity of the eyes through surgical procedures or use of medical devices. A wide range of medical devices and surgeries equipped with advance software are used according to the need and requirement of an individual for the treatment of refractive errors such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism (when light enters the eye incorrectly), presbyopia (farsightedness due to aging), and glaucoma. 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.

Historical overview

The vision correction market size was analyzed qualitatively and quantitatively from 2021-2031. The vision correction market grew at a CAGR of around 7.4% during 2022-2031. Most of the growth during this period was derived from the North America owing to the rise in the number of vision correction industry who manufactures vision correction devices, rising disposable incomes, as well as well-established presence of domestic companies in the region.

Market Dynamics

Growth of the global vision correction market share is majorly driven by rise in the prevalence of eye disorder, increase in the number of geriatric population, and rise in the prevalence of diabetes. Increase in prevalence of eye disorders among the geriatric and youth population due to change in lifestyle, adoption of digital technology, and usage of screen for longer duration of time is one of the major factors for the growth of the market. For instance, according to the data published by National Library of Medicine in July 2022, around 285 million people have a visual impairment, of whom 19 million are children under the age of 14 years. As per the same source, myopia is the most common refractive problem worldwide. It is estimated that 22.9% of the world population is affected by myopia. In addition, myopia is projected to reach 49.8% by 2050.

Furthermore, geriatric population is majorly susceptible to suffer from eye diseases such as cataract, glaucoma, age-related macular degeneration, dry eye, and refractive errors. Owing to aging, the nerves and the muscles surrounding the eyes become weak making it susceptible vision problems. For instance, according to the U.S. Census Bureau data published in December 2021, more than 56 million adults ages 65 years of the nation’s population. As per the same source, it is estimated to reach up to 85.7 million by 2050. Moreover, according to article published in JAMA Ophthalmology, in May 2022, states that 6.6 million people aged 60 years and older are projected to have vision impairment or blindness in 2050, up from 3.3 million in 2020.

Thus, rise in prevalence of eye disorders increases the demand for vision correction. Thus, this factor is anticipated to drive the growth of vision correction market.

Increase in the adoption of contact lenses drives the vision correction market growth. Patients with refractive errors, cataract, glaucoma, strabismus, and amblyopia are keener to use vision correction techniques such as contact lenses and surgeries as they give more natural vision as compared to eyeglasses. Owing to rising participation of individuals in sports and physical activities the need for adopting contact lenses is also increasing as it helps to minimize the risk of injury. In addition, it also provides better compatibility with safety equipment, and enhance the performance of both individuals and athletes. Moreover, contact lenses are known to offer better peripheral vision, unobstructed field of view, and less likelihood of getting splattered.

On the other hand, high cost of treatment and unavoidable side effects of the procedures are some factors that are anticipated to restrain the growth of the vision correction market.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global vision correction market. The COVID-19 pandemic has stressed healthcare systems globally. A huge number of clinics and hospitals across the globe were restructured to increase the hospital capacity for the patient diagnosed with COVID-19. Most of the non-emergency and minor procedures were canceled or postponed during pandemic. In addition, surgeons are more vulnerable for contracting and transmitting the coronavirus. Subsequently, this led to cancellation of many non-essential surgical procedures across the globe. Thus, these factors are anticipated to hinder the growth of the market during the pandemic.

Segmental Overview

The vision correction market share is segmented into method, application and end user and region. On the basis of method, the market is classified into glasses, contact lens, and refractive surgery. On the basis application, the market is divided into presbyopia, astigmatism, myopia, hyperopia, and others. On the basis of end user, market is divided into hospital, specialty clinics and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By method: Based on 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.

By application: Based on 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 populations, who are more susceptible to vision impairment.

By end user: Based on 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 forecast period, owing to increase in the number of hospitals and rise in the expenditure by governments to develop healthcare infrastructure.

By region: The vision correction market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America vision correction market is expected to grow during the forecast period owing to increase in the prevalence of vision impairment, cataract and glaucoma is anticipated to fuel the demand of vision correction which drives the growth of market in North America. For instance, according to Centers for Disease Control and Prevention (CDC), it was reported that, in 2020, approximately 30.1 million people in U.S. are suffering from cataract. In addition, in October 2022, according to the report shared by Bright Focus Foundation, there are 80 million people worldwide with glaucoma, and this number is expected to increase to over 111 million by 2040. In addition, according to Centers for Disease Control and Prevention (CDC), approximately 12 million people 40 years and over in the U.S. have vision impairment, including 1 million who are blind, 3 million who have vision impairment after correction, and 8 million who have vision impairment due to uncorrected refractive error. In addition, approximately 6.8% children younger than 18 years in the U.S. have diagnosed eye and vision disorders. 3% of children younger than 18 years are blind or visually impaired. Estimated number of people suffering from uncorrected vision impairment by 2050 is 8.96 million due to increase in the epidemic of diabetes and other chronic diseases.

Increase in the prevalence of diabetes cause rise in the risk of vision impairment, cataract and diabetic retinopathy and others. Thus, this factor contributes to drive the growth of vision correction market in North America. For instance, according to International Diabetes Federation (IDF), in 2021, 51 million population is living with diabetes in North America. 1 in 7 adults is diagnosed with diabetes. As per the same source, the number of adults with diabetes is expected to reach 57 million by 2030 and 63 million by 2045.

In addition, rise in the number of geriatric populations is attributes to drive the growth of market. As geriatric population is more susceptible to vision disorders such as glaucoma, cataract and vision impairment, this factor drives the market growth. For instance, according to the U.S. Census Bureau, more than 56 million adults ages 65 and over in U.S. By 2030, it is projected to reach 73.1 million older adults.

Vision correction market in Asia-Pacific is expected to grow during the forecast period owing to surge in prevalence of vision impairment and rising geriatric population drives the vision correction market. Moreover, rise in prevalence of vision impairment disorders is attributed to fuel the demand for vision correction and drives the vision correction market forecast period. For instance, in December 2020, according to review of myopia management, by the end of 2019, the prevalence of myopia in school-aged children and adolescents increased by 11.7% in the first half of 2020, with a 15% increase in primary school students, 8.2% in junior high school students, and 3.8% in high school students.

Moreover, the increase in geriatric population of Asia-Pacific is one of the propelling factors that drive growth of the market. According to the 2020 census, there are approximately 264 million (18.70%) people in China in the application of 60 and over. Moreover, the vision correction industry in this region focus on expanding their business, which is expected to significantly enhance revenue generation, owing to availability of untapped areas and low cost of services. In addition, rise in the awareness among people regarding vision impairment and boost the growth of market.

COMPETITION ANALYSIS

Competitive analysis and profiles of the major players in the vision correction market include Some of the major companies that operate in the global vision correction market include MaxiVision Eye Hospital, Bausch Health Companies Inc, Johnson & Johnson, STAAR Surgical Company, Carl Zeiss AG, Rayner Surgical Group Limited, CooperCompanies, Ziemer Group AG, schwind eye-tech-solutions GmbH & co.kg., Alcon. There are some important players in the market such as Carl Zeiss AG, Johnson & Johnson, and others. Major players have adopted product launch, product expansion and acquisition as key developmental strategies to improve the product portfolio of the vision correction market.

Some examples of product approvals in the market

In April 2020, Ziemer a global medical technology leader, received Conformite Europeenne (CE) clearance for its new Lenticule application called Corneal Lenticule Extraction for Advanced Refractive Correction (CLEAR), which is intended for the treatment of myopia and astigmatism.

Acquisition in the market

In April 2021, CooperVision, one of the global medical device company, acquired No7 Contact Lenses, which design and manufactures specialty contact lenses. This strategy complemented its portfolio of innovative products used by eye care professionals to manage challenges such as myopia progression in children and irregular cornea.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vision correction market analysis from 2021 to 2031 to identify the prevailing vision correction market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the vision correction market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global vision correction market trends, key players, market segments, application areas, and market growth strategies.

  Vision Correction Market Report Highlights

Aspects	Details
Market Size By 2031	USD 41.3 billion
Growth Rate	CAGR of 7.4%
Forecast period	2021 - 2031
Report Pages	394
By Method	Glasses Contact lens Surgery
By Application	Presbyopia Astigmatism Myopia Hyperopia Others
By End User	Hospital Speciality Clinics Others
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, France, UK, Italy, Spain, Rest of Europe) Asia-Pacific  (Japan, China, India, Australia, South Korea, Rest of Asia-Pacific) LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players	STAAR Surgical Company, Carl Zeiss AG, Bausch Health Companies Inc, MaxiVision Eye Hospital, The Cooper Companies Inc, Alcon, Johnson & Johnson, Rayner Surgical Group Limited, SCHWIND eye-tech-solutions GmbH & co.kg, Ziemer Group AG

Analyst Review

Vision correction refers to one of several methods used to improve blurred vision caused by refractive error and other eye disorders such as cataract, glaucoma and others. Increase in number of product launch and product approvals for vision correction devices are anticipated to drive the growth of market. 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. In addition, in April 2021, CooperVision, one of the global medical device company, acquired No7 Contact Lenses, which design and manufactures specialty contact lenses. This strategy complemented its portfolio of innovative products used by eye care professionals to manage challenges such as myopia progression in children and irregular cornea. Such newer strategies adopted by the key players augments growth of vision correction market. 

Author Name(s) : Linu Dash| Tanjeem Shaikh | Roshan Deshmukh

Related Tags

• Surgical Equipment
• Implantable Devices
• Drug Delivery