Global Eye Health Eco-System Market Size (2023 – 2030)

In 2022, the Global Eye Health Eco-System Market was valued at USD 62.11 billion and is projected to reach a market size of USD 85 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 4%. 

Industry Overview

The eye is a crucial organ of the body that supports vision and aids in the interpretation of visual information. Eye care covers vision issues, eye care, and treatment for such issues. Products for eye care include sunglasses, eyeglass lenses, and contact lenses. The word "eye health eco-system" refers to a variety of procedures for preserving healthy and effective eyes. The main goal of routine eye care is to guarantee that a person has the clearest eyesight possible. Many components of the eye health strategy, including education, routine health maintenance, and a treatment plan that can help repair any vision issues, are included. Surgical methods to address vision issues are also a part of eye health eco-system.

The market is anticipated to expand as ocular illnesses become more widely known in developing countries. The market for eye health eco-system will rise in the upcoming year due to the rising acceptance of these products. Additionally, the market will see a rise because of the increase in cataract instances. For instance, the World Health Organization estimates that cataracts are to blame for 51% of blindness worldwide. The demand for eye health eco-system will also be fueled by the rising risks of cataract incidence, which will mostly affect developed and developing nations.

Impact of Covid-19 on the Industry

People from all across the world are gathering cleaning products like hand sanitizer, disinfectant wipes, and bleach solutions as the new coronavirus outbreak grows. Some people make their hand sanitizer at home or turn to Eye health eco-system when store shelves are empty. Alcohol is the main germ-killing component in the majority of store-bought Eye health eco-system, albeit at much lower concentrations than those needed to eradicate the new coronavirus. It's important to keep in mind that Eye health eco-system cannot be used for sterilization; they merely include the amount of alcohol required to gently cleanse the skin without irritating the baby's sensitive skin.

Overuse of electronic gadgets has made eye issues like computer vision syndrome and retinal degeneration more common. As the globe continues to transition toward digitization, it is projected that the demand for eye health eco-system products will increase significantly. People are employing various precautions, including contact lenses and eyewear, when using electronic gadgets as a result of the unsettling effects of technology. Products for eye care are selling better as a result, and this trend is likely to last. As individuals spent a lot of time using electronics during the COVID-19 pandemic, sales of spectacle lenses significantly increased.

Market Drivers:

The rise in sedentary lifestyle will result in a surge of eye-related disorders which drive the market growth:

Growing senior populations, rising pollution levels, and an increase in the number of individuals working at computers are the main factors fueling market expansion. Your ability to see well will aid you when reading, writing, and seeing are daily tasks. It has an impact on a person's capacity for both working and interacting with others. However, the number of persons with vision problems such as cataracts, glaucoma, conjunctivitis, and retinal detachment is significantly rising. It might be brought on by a sedentary lifestyle, an aging population, or higher pollution levels. As a result, many eye medications in the form of pills, ointments, and drops are being developed and produced all over the world.

Rise in unhealthy diet and toxic lifestyle is resulting in chronic illnesses:

A poor diet and a higher prevalence of chronic illnesses might exacerbate any resulting visual impairment and cause partial or complete vision loss. As a result, there is an increase in demand for eye care products all over the world. Numerous worldwide organizations concentrate on R&D initiatives to launch more effective products. To increase our consumer base, we also provide a variety of product options with better quality and service. In addition, the market is expanding due to the booming e-commerce industry and increased awareness of UV-related vision impairment. Some of the top firms in the sector are concentrating on deploying cutting-edge technologies to stop vision impairment.

Market Restraints:

The high cost of the eye health eco-system will challenge the market growth:

Eye health products and services are very expensive which makes them less accessible for the majority of the population. Glasses or contact lenses are very expensive for middle-income earners which makes them avoid buying expensive glasses thus challenging the market demand.

GLOBAL EYE HEALTH ECO-SYSTEM MARKET REPORT COVERAGE:

This research report on the global eye-health ecosystem market has been segmented and sub-segmented based on, Geography & region.

Global Eye Health Eco-System Market- By Product

• Eye Glasses

• Contact Lens

• Intraocular Lens

• Contact Lens Solutions

Intraocular lenses (IOLs), contact lenses, eyeglasses, and other segments make up the worldwide eye health eco-system market. There are three further sub-segments within the intraocular lens market: premium IOLs, conventional/monofocal IOLs, and phakic IOLs. In 2021, the intraocular lens market category had the highest market share. The category has grown as a result of an increase in cataract procedures worldwide. Due to a lack of awareness and a lower prevalence of dry eye diagnosis, it is projected that ocular health will improve more slowly in developing nations.

In contrast, during the projected period, the eyeglasses category in the global eye health eco-system market is anticipated to rise at a higher CAGR. The eyewear market is further divided into the categories of single vision, progressive, and bifocal eyewear. The comprehensive product offerings from prominent local and international manufacturers in a range of price points are responsible for this eyewear market development. Additionally, during the forecast period, the prevalence of eye disease is anticipated to fuel the expansion of this market segment.

Global Eye Health Eco-System Market- By Distribution Channel

• Retail Stores

• E-Commerce

• Clinics

• Hospitals

The retail sector, e-commerce, clinics, and hospitals make up the worldwide eye health eco-system market. In 2021, the e-commerce industry accounted for the biggest market share. E-commerce websites are increasingly chosen over conventional brick-and-mortar media when it comes to buying or selling products. The rise of the e-commerce business is responsible for the expanding advantages provided by online platforms, such as free home delivery and discounts. The expansion of electronic stores in this market segment is probably going to benefit from this increase.

In contrast, the category of the clinic had the second-largest market share in 2020. The fastest-growing segment of the global eye care market is the online distribution channel. Clinics are traditional sales channels that are mixed with ophthalmologist guidance.

Global Eye Health Eco-System Market- By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

During the forecast period of 2022–2030, North America is estimated to lead the global market for the eye health eco-system. With a market share of 25.1 billion dollars, North America dominated the global eye health eco-system market in 2021. The increase is due to technological advancements and rising healthcare costs for both individuals and governments, with the latter financing a sizable %age of North America's eye health eco-system market.

However, during the projected period, Asia Pacific is anticipated to grow at a greater CAGR than the rest of the world's Eye health eco-system market. The region's developing economies' greater use of technology devices, improved healthcare infrastructure, and growing attention to eye health are all estimated to be positive factors for the Asia Pacific eye health eco-system market.

The top five European nations in 2019—the UK, Germany, France, Spain, and Italy—accounted for more than 80% of the continent's contact lens market. The market for the eye health ecosystem in Europe is anticipated to expand more slowly than those in North America and the Asia Pacific. Due to rising disposable incomes, increased consumer knowledge, and an increase in the prevalence of ophthalmic disorders in the region, the Asia-Pacific region is the one that is expanding the fastest.

Global Eye Health Eco-System Market- By Companies

• Cooper vision

• Essilor

• Johnson & Johnson

• Novartis AG

• Luxottica

• Valeant Pharmaceuticals

• All Pro Intraocular Lens

• Blanchard

• CHEMIGLAS

• Fielmann

• Hongchen Optical

• Hoya

• Menicon

• Rodenstock

• Seiko Group

NOTABLE HAPPENINGS IN THE GLOBAL EYE HEALTH ECOSYSTEM MARKET IN THE RECENT PAST:

• Merger & Acquisition: - In 2021, Cooper Vision acquired No7 contact lenses. The deal will allow CooperVision to launch a specialty lens direct-to-ECP business in the UK, and No7 Contact Lenses will work as part of the CooperVision Specialty EyeCare group.
• Merger & Acquisition: - In 2021, CooperVision buys EnsEyes to accelerate specialty contact lens growth in Nordic countries.
• Merger & Acquisition: - In 2021, EssilorLuxottica revealed that it had successfully acquired a 76.72 % stake in GrandVision.