Vision Care Devices And Equipment Global Market Report 2024

The vision care devices and equipment market size has grown rapidly in recent years. It will grow from $30.69 billion in 2023 to $33.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed during the historical period can be attributed to factors such as heightened awareness of eye health, the aging demographic, a focus on fashion and aesthetics, and increased screen time.

The vision care devices and equipment market size is expected to see strong growth in the next few years. It will grow to $49.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The projected growth in the forecast period can be attributed to factors like digital eye strain, an aging demographic, the management of myopia, and the increasing demand for sustainable and eco-friendly eyewear products. Major trends expected during this period include the emergence of smart eyewear, the proliferation of customized and 3D-printed eyewear, the integration of AI-powered eye examinations, and the expansion of teleophthalmology.

The increasing usage of electronic devices remains a consistent driver for the growth of the vision care devices and equipment market. The widespread use of laptops, mobile phones, personal computers, and other electronic devices in daily life has contributed significantly to the prevalence of eye-related issues. As per a survey conducted by Deloitte, Americans collectively check their phones more than 8 billion times each day. On average, individuals spend approximately five hours daily browsing the internet and using various applications on electronic devices.

Vision care devices and equipment encompass various categories, including intraocular lenses, ophthalmic lasers, glaucoma drainage devices, contact lenses, and other related tools. Intraocular lenses are artificial replacements for the eye's natural lens. These devices find applications in vision care, diagnostic procedures, and surgeries, serving a range of end-users like hospitals, ambulatory surgery centers, optical centers, and other relevant facilities.

The vision care devices and equipment research report is one of a series of new reports that provides vision care devices and equipment statistics, including vision care devices and equipment industry global market size, regional shares, competitors with vision care devices and equipment share, detailed vision care devices and equipment segments, market trends and opportunities, and any further data you may need to thrive in the vision care devices and equipment industry. This vision care devices and equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rising prevalence of eye disorders is expected to be a significant driver for the growth of the vision care devices and equipment market in the future. Eye disorders, also known as ocular disorders or eye conditions, encompass various medical conditions or abnormalities that impact the structure and function of the eye, often resulting in visual impairment or discomfort. With an increasing number of individuals affected by eye disorders, there is a growing demand for vision care products and services, including eyeglasses, contact lenses, and surgical interventions. This heightened demand is propelling the market for vision care devices and equipment. For example, as of August 2023, a report from the World Health Organization (WHO), an intergovernmental organization based in Sweden, revealed that at least 2.2 billion people worldwide are affected by near- or distance vision impairment. Among these, nearly half, approximately 1 billion individuals, experience vision loss that could have been prevented or is still present. The leading causes of distance vision impairment or blindness in this group include conditions like cataracts (94 million cases), refractive errors (88.4 million cases), age-related macular degeneration (8 million cases), glaucoma (7.7 million cases), and diabetic retinopathy (3.9 million cases). Presbyopia, affecting 826 million people, is the primary condition leading to issues with close-up vision. Thus, the increasing prevalence of eye disorders is a key driver behind the growth of the vision care devices and equipment market.

The lack of awareness among the general population regarding eye diseases, including conditions like glaucoma, macular degeneration, and others, has a negative impact on the growth of the vision care devices and equipment market. For example, a study conducted in the USA revealed that approximately one-third of the survey respondents lacked awareness about glaucoma, with more than half being unaware of macular degeneration, and one-fourth of respondents having no knowledge about any eye conditions. This lack of awareness can hinder the adoption of vision care products and services, affecting the market's expansion.

Recent technological advancements in vision care devices have brought about significant transformations in eye care. These innovations represent substantial breakthroughs in the field, and they are quickly reshaping the prospects for individuals dealing with chronic eye conditions. Some of the innovations encompass the development of DriveSafe lenses with anti-glare coatings designed to improve vision during challenging driving conditions, the creation of photochromic contact lenses that provide protection against harmful UV rays from the sun, and the introduction of blue light blocking glasses, among other notable advancements. Leading companies, including Johnson & Johnson Vision, have made investments in adaptive lenses, further driving progress in this area.

Prominent companies in the vision care devices and equipment market are actively innovating by introducing new products like myopia management lenses. These lenses are specifically designed to address a larger customer base, boost sales, and increase overall revenue. Myopia management lenses are specialized corrective eyeglasses or contact lenses that aim to slow down the progression of myopia (nearsightedness), primarily in children and adolescents. For instance, in April 2023, HOYA Vision Care, a manufacturer of eyeglass lenses based in Thailand, launched MiYOSMART Sun Spectacle Lenses, which combine myopia control with protection against strong sunlight. These non-invasive MiYOSMART clear spectacle lenses incorporate unique technology that has been shown to reduce myopia progression in children aged 8 to 13 by 60%. Additionally, they have introduced photochromic and polarized spectacle lenses, MiYOSMART Chameleon and MiYOSMART Sunbird, both designed to slow down the progression of myopia in youngsters by utilizing Defocus Incorporated Multiple Segments (DIMS). This product innovation is contributing to the growth and evolution of the vision care market.

In the United States, the FDA regulates eyeglass frames and prescription lenses, categorizing them as class 1 medical devices. These devices are considered low risk and are exempt from the requirement of filing a premarket notification application or obtaining FDA clearance before being marketed. As a result, prescription eyeglasses sold online are still subject to FDA regulation in the United States. Within the European Union (EU), medical devices, including contact lenses, fall under the regulatory purview of the European Commission (EC). The EC collaborates closely with the health authorities of individual EU Member States to harmonize national requirements into a single law applicable across the EU. In 2020, the EU introduced new medical device regulations (MDR), which encompass contact lenses. These updated regulations emphasize the importance of prioritizing safety and efficacy when seeking marketing approval and enhancing the transparency of device-related information. The implementation of these new EU regulations will have implications for the approval process of contact lenses in Europe.

Major companies operating in the vision care devices and equipment market include Essilor International, Johnson & Johnson, Carl Zeiss AG, The Cooper Companies, Novartis AG, Bausch & Lomb, Nidek Co.Ltd., Valeant Pharmaceuticals International Inc., Luxottica Group SpA, Escalon Services, Tomey Corporation, CIBA Vision Corporation, Visionix Ltd., Potec, LuxVisions Innovation Limited, Heine Optotechnik, Luneau Technology Operations SAS, Heidelberg Engineering Inc., Huvitz Technologies, STAAR Surgical Company, Swiss Advanced Vision, Visioneering Technologies Inc., Rayner Intraocular Lenses Limited, Jiangsu Hongchen Optical Co. Ltd., Alcon, Hoya Corporation, Topcon Corporation, Carl Zeiss Meditec AG, Lumenis Ltd., Ellex Medical Pty Ltd., Abbott Medical Optics, Canon Medical Systems, Haag-Streit AG, Optovue Inc., Quantel Medical SAS, VisionCare Devices LLC, Med-Logics Inc., Advanced Vision Science Inc., Eyenovia Inc., HumanOptics Holding AG, Clearside Biomedical Inc.

North America was the largest region in global vision care devices and equipment market in 2023. Asia-Pacific was the second-largest region in the vision care devices and equipment market share. The regions covered in the vision care devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the vision care devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The vision care devices and equipment market consist of sales of equipment such as vitrector, Phoropter, VT 1 vision screener, contact lenses and spectacles and others that are used for proper diagnosis and treating vision of an eye. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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