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What key factors are powering the surge in the vision care devices and equipment market right now?
The size of the vision care devices and equipment market has witnessed fast-paced expansion in the previous years. The market is expected to surge from $25.5 billion in 2024 to reach $29.12 billion by 2025, with a compound annual growth rate (CAGR) of 14.2%. Factors including greater awareness of eye health, aging demographic, fashion and aesthetic influences, as well as increased screen usage times have significantly contributed to this growth during the historical period.
How fast Is the vision care devices and equipment market expected to grow, and what’s its future value?
The market size for vision care devices and equipment is set for rapid expansion in the upcoming years, with an expected worth of $44.29 billion by 2029, signifying a compound annual growth rate (CAGR) of 11.0%. The predicted growth during this period owes to factors such as digital eye strain, elderly demographics, management of myopia and the rise of sustainable and eco-friendly products. Some key trends during the forecast period will be the advent of smart eyewear, personalized and 3d-printed eyeglasses, AI-driven eye assessments, and teleophthalmology.
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What are the leading drivers of growth in the vision care devices and equipment market?
The escalating reliance on electronic gadgets consistently fuels the expansion of the vision care devices and equipment market. The increased daily utilization of laptops, mobiles, PCs, and other similar gadgets is the main cause of eye-related health issues. A study conducted by Deloitte revealed that Americans together check their phones more than 8 billion times in a single day. It’s estimated that each individual spends roughly around five hours each day surfing the net and using apps.
What are the key segments defining the vision care devices and equipment market?
The vision care devices and equipment market covered in this report is segmented –
1) By Type: Intraocular Lens, Ophthalmic Lasers, Glaucoma Drainage Devices, Contact Lenses, Other Types
2) By Aplication: Vision Care, Diagnosis, Surgery
3) By End User: Hospitals, Ambulatory Surgery Centers, Optical Centers, Other End Users
Subsegments:
1) By Intraocular Lens (IOL): Monofocal IOLs, Multifocal IOLs, Toric IOLs, Accommodating IOLs, Phakic IOLs
2) By Ophthalmic Lasers: Excimer Lasers, Femtosecond Lasers, YAG Lasers, Diode Lasers, Argon Lasers
3) By Glaucoma Drainage Devices: Shunt Implants, Tube Drainage Implants, Cyclodestructive Procedures, Valved Drainage Devices
4) By Contact Lenses: Soft Contact Lenses, Rigid Gas Permeable Lenses, Toric Lenses, Scleral Lenses, Hybrid Contact Lenses
5) By Other Types: Retinal Implant Devices, Corneal Implants, Vision Correction Devices, Eye Examination Equipment
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Who are the key players steering the development of the vision care devices and equipment market?
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.
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Which regions are most influential in expanding the vision care devices and equipment market?
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.
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