Vision Care Market Research Report and Outlook by 2028

The vision care industry is projected to expand from approximately US$ 71,348.94 million in 2021 to around US$ 98,968.42 million by 2028, reflecting a compound annual growth rate (CAGR) of 4.9% from 2022 to 2028.

This growth is primarily driven by the increasing incidence of eye-related ailments and the introduction of advanced products. Nevertheless, the negative impact of contact lenses on ocular health poses a challenge to the vision care market expansion.

Numerous companies within the vision care sector are actively engaged in the development and launch of new products. By strategically enhancing their geographical reach and manufacturing capabilities, along with introducing innovative products, these companies aim to serve a wider customer demographic. Below are some notable recent advancements that are contributing to the vision care market's growth.

• In May 2019, Menicon Co., Ltd unveiled the Menicon Bloom Myopia Control Management System. This prominent contact lens manufacturer received US FDA PMA approval for its Menicon Z Night (tisilfocon A) contact lenses designed for overnight use. The Menicon Bloom Night therapy features a specially crafted reverse geometry orthokeratology contact lens made from hyper-oxygen-permeable Menicon Z rigid material, ensuring optimal corneal oxygenation for comfortable wear.
• In August 2019, Alcon, a leading name in eye health, introduced PRECISION1, a new addition to its extensive range of contact lenses. These daily disposable silicone hydrogel (SiHy) lenses are the first to utilize Alcon's proprietary SMARTSURFACE technology, which provides consistent visual performance throughout the day.
• In May 2019, Johnson & Johnson Vision launched Acuvue Oasys contact lenses in the UK. These photochromic lenses, enhanced with transitions light intelligent technology, offer eye protection and assist in managing stress from varying light conditions.
• In January 2022, Titan Eye+ launched Titan EyeX, a new line of smart eyewear designed for everyday comfort. This innovative product includes features such as high-quality audio, touch controls, a fitness tracker, voice-enabled eye care notifications, sweat resistance, and compatibility with both Android and iOS devices.
• In June 2022, Noise introduced its first smart eyewear, the Noise i1. This product can connect to smartphones via Bluetooth 5.1 and features touch controls integrated into one of the frame's stalks, allowing users to play or pause music, manage phone calls, and activate voice assistants.

Increased funding for eye care research is a trend expected to positively influence the growth of the vision care market. Ongoing extensive research worldwide aimed at discovering new treatments for eye diseases is likely to bolster market expansion in the coming years. The National Eye Institute (NEI) supports vision research through approximately 1,500 research grants and training awards provided to researchers at over 250 medical centers, hospitals, and universities across 44 states in the US and globally. The NEI also funds clinical trials to develop innovative therapies for blinding conditions. In 2017, the NEI initiated the 3D Retina Organoid Challenge Competition (3D-ROC) to create functional mini-retinas from human stem cells, offering a prize of US$ 1.1 million to the team that best replicates retinal structure and function. The India-U.S. Collaborative Vision Research Program 2020 aims to advance science and technology crucial for understanding, preventing, and treating blinding eye diseases and related complications, funded by both the Indian Department of Biotechnology and the US NEI.

The Karolinska Institutet in Sweden provides grants to encourage research on eye diseases. In 2020, the institute announced funding of SEK 50,000-150,000 (approximately US$ 5,912.88-17,738.64) per individual for new research initiatives focused on eye diseases. In December 2022, Research to Prevent Blindness (RPB) awarded an annual grant of US$ 115,000 to the John A. Moran Eye Center at the University of Utah for eye care research. These funds are intended to offer maximum flexibility to eye research programs, supporting their development and expansion while fostering innovative planning beyond the limitations of restricted project grants. In December 2021, NIH-funded initiatives facilitated a partnership between Kellogg Eye Center and Aravind Eye Hospital (India) to establish a clinical research training program for eye care specialists, aimed at enhancing the field of eye care in India. Therefore, the increasing financial support for eye care research is likely to introduce new trends in the vision care market, stimulating its growth.

Insights Based on Product Type
The vision care market is categorized by product type into eyeglasses, contact lenses, intraocular lenses, and others. The eyeglasses segment dominated the market share in 2021 and is anticipated to experience the highest CAGR during the forecast period.

Insights Based on Distribution Channel
The vision care market is also segmented by distribution channel into retail stores, e-commerce, clinics, and hospitals. The retail stores segment held the largest market share in 2021, while the e-commerce segment is projected to achieve the highest CAGR of 9.5% during the forecast period.

Key sources referenced in the preparation of the report on the vision care market include the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), the Association for Research in Vision and Ophthalmology, the UN Population Division, the Chinese National Health Commission, The Lancet, the International Diabetes Federation (IDF) Diabetes Atlas, National Health Insurance Statistical Yearbook, Instituto Nacional de Estad?stica y Censos (INDEC), the Department of Economic and Social Affairs, the Department of Emergency Medicine, the European Vision Institute EEIG, and the Brazil Statistical Institute.