The global vision care market is experiencing a steady expansion, thanks to the increased incidence of eye disorders, changes in lifestyle, and growth of the elderly population across the globe. According to the 2014 WHO statistics, 285 million people worldwide are visually impaired, 246 of which have low vision. The sheer numbers in our report show why there is high demand for vision care products. This in turn explains the growth of the global vision care market, which was valued at $50.91 billion in 2015 and, according to the analysts at Technavio, will see a CAGR of around 4% by 2020.
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Countries With the Lowest Laser Eye Surgery Costs
Source: Clinics listed on MEDIGO
What are the major drivers of global vision care market?
Unhealthy diet and a lifestyle dominated by the use of electronic devices like laptops, tablets, PCs etc. are regarded as the two major reasons behind the growing trend of eye diseases and disorders. Myopia, astigmatism, hyperopia, retinal tears, macular edema, and diabetic retinopathy are some of the most common eye disorders. Increased prevalence of these disorders is one of the key drivers of the global vision care market.
Another chief driver of the market is the increase in the geriatric (elderly) population. United Nations’ “World Population Prospects: The 2015 Revision” predicts that by 2030, the population aged 60 years and above will grow by 56%. With the increase in age, the risk of eye disorders also increases. Vision loss is in fact one of the major health problems that most elderly people face.
When it comes to vision care products, eye glasses are the primary solution for correcting vision. However, the lack of ease and comfort associated with eye glasses has resulted in a steady expansion of the global contact lenses market. Along with the aesthetic aspects, technical advancement in terms of product design and production technologies is yet another major factor for the high demand of contact lenses over eye glasses.
According to analysts at Technavio, the value of the global contact lenses market was a little over $7 billion in the year 2015 and is poised to reach at least $9 billion by 2020. The increased popularity of contact lenses, especially progressive contact lenses, has opened up a new segment of the contact lens market, which in turn has led to great growth potential for the global vision care market.
After contact lenses, tinted glasses are in the highest demand. These lenses are not only fashionable, but also serve various purposes including blocking UV rays, filtering hazy lights, and can be used for working on miniature components, circuit boards, etc.
Last and perhaps one of the most important drivers of this expanding market is the growing brand awareness among consumers. Over the past few decades there has been a paradigm shift in consumer behaviour. Functionality of the product alone is no longer the primary deciding factor when it comes to purchasing eyewear. Instead, the focus is also on the brand name and how fashionable the product is. The demand for branded eye care products has increased, which has directly benefited the global eye care market.
