Global Eye Health Eco-System Market Size (2024 – 2030)

In 2023, the valuation of the Global Eye Health Eco-System Market stood at USD 64.59 billion, with a projected expansion to USD 85 billion by 2030. Across the forecast period spanning from 2024 to 2030, the market is anticipated to grow steadily at a Compound Annual Growth Rate (CAGR) of 4%.

Industry Overview

The eye, a vital organ facilitating vision and the interpretation of visual stimuli, remains central to eye care, encompassing vision correction and treatment modalities. Essential eye care products encompass a range from sunglasses to eyeglass lenses and contact lenses. The term "eye health eco-system" encompasses diverse procedures aimed at preserving optimal eye health. The primary objective of routine eye care remains ensuring the clearest vision for individuals. A comprehensive eye health strategy encompasses various elements including education, regular health maintenance, and an intervention plan to address any visual impairments. Surgical interventions to correct visual issues are also integral to the eye health eco-system.

Anticipated market expansion correlates with the increasing awareness of ocular diseases in developing regions. Furthermore, the rising acceptance of eye health products is poised to drive market growth in the coming years. Notably, the prevalence of cataracts is on the rise, with the World Health Organization attributing 51% of global blindness to this condition. The demand for eye health eco-system products will also surge due to the escalating incidence of cataracts, predominantly affecting both developed and developing nations.

Impact of COVID-19 on the Industry

As the global community grapples with the burgeoning coronavirus outbreak, there is an increased emphasis on acquiring essential cleaning products such as hand sanitizers, disinfectant wipes, and bleach solutions. Some individuals resort to creating their hand sanitizers or turning to eye health eco-system products when faced with depleted store shelves. Alcohol, a key germ-killing component, features prominently in commercially available eye health eco-system products, albeit at concentrations insufficient to combat the new coronavirus. It is vital to note that eye health eco-system products are not intended for sterilization; instead, they are formulated to gently cleanse the skin without causing irritation.

The proliferation of electronic devices has contributed to a rise in eye-related conditions like computer vision syndrome and retinal degeneration. As the world increasingly transitions towards digitalization, there is a projected surge in demand for eye health eco-system products. Individuals are adopting various precautions such as contact lenses and eyewear to mitigate the adverse effects of technology use. Consequently, there is an uptick in the sale of products related to eye care, a trend likely to persist. Notably, the prolonged use of electronic devices during the COVID-19 pandemic led to a significant increase in spectacle lens sales.

Market Drivers:

Rise in Sedentary Lifestyle Driving Eye-Related Disorders:

The burgeoning sedentary lifestyle is anticipated to precipitate a surge in eye-related disorders, propelling market growth. Key factors contributing to this trend include an aging population, escalating pollution levels, and a growing cohort of individuals engaged in computer-based work. Optimal vision plays a pivotal role in everyday activities such as reading, writing, and social interactions. However, the prevalence of vision impairments such as cataracts, glaucoma, conjunctivitis, and retinal detachment is on the rise. This surge may stem from sedentary lifestyles, aging demographics, or heightened pollution levels. Consequently, a plethora of eye medications in the form of pills, ointments, and drops are being developed and manufactured globally.

Impact of Unhealthy Diets and Toxic Lifestyles on Chronic Illnesses:

Unhealthy dietary patterns and the rising incidence of chronic illnesses can exacerbate resultant visual impairments, leading to partial or complete loss of vision. Consequently, there is a heightened demand for eye care products on a global scale. Various international organizations are spearheading Research and Development (R&D) initiatives to introduce more efficacious products. Additionally, an array of product options with enhanced quality and services are being offered to broaden the consumer base. Moreover, the market is expanding due to the burgeoning e-commerce sector and increased awareness regarding UV-related vision impairments. Notably, leading firms in the industry are focusing on deploying cutting-edge technologies to combat vision impairment.

Market Restraints:

High Cost of Eye Health Eco-System Products as Market Challenge:

The exorbitant costs associated with eye health products and services pose a significant challenge to market growth. These high costs render products such as glasses or contact lenses inaccessible to a sizable portion of the middle-income demographic. Consequently, the reluctance to invest in costly eyewear impedes market demand.

Global Eye Health Eco-System Market- By Product

• Eyeglasses
• Contact Lenses
• Intraocular Lenses
• Contact Lens Solutions

The global eye health eco-system market encompasses intraocular lenses (IOLs), contact lenses, eyeglasses, and other related segments. Within the intraocular lens market, there are three distinct sub-segments: premium IOLs, conventional/monofocal IOLs, and phakic IOLs. In 2021, the intraocular lens market claimed the largest market share, primarily driven by the growing number of cataract procedures worldwide. However, the progress of ocular health improvement in developing nations may be slower due to factors such as limited awareness and lower rates of dry eye diagnosis.

Conversely, the eyeglasses category within the global eye health eco-system market is expected to experience a higher Compound Annual Growth Rate (CAGR) during the forecast period. This segment of the market is further segmented into single vision, progressive, and bifocal eyewear. The expansion of the eyewear market can be attributed to the diverse product offerings from prominent local and international manufacturers across various price points. Moreover, the increasing prevalence of eye diseases is projected to fuel the growth of this market segment in the coming years.

Global Eye Health Eco-System Market- By Distribution Channel

• Retail Outlets
• E-Commerce Platforms
• Clinics
• Hospitals

The global eye health eco-system market comprises retail outlets, e-commerce platforms, clinics, and hospitals. In 2021, e-commerce platforms secured the largest market share. The preference for e-commerce platforms over traditional brick-and-mortar stores is on the rise, driven by factors such as convenience and the availability of discounts and home delivery options. The proliferation of e-commerce platforms is expected to further benefit from this trend.

In contrast, clinics held the second-largest market share in 2020. The online distribution channel is emerging as the fastest-growing segment in the global eye care market. Clinics, serving as traditional sales channels, offer the added advantage of guidance from ophthalmologists.

Global Eye Health Eco-System Market- By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

During the forecast period from 2022 to 2030, North America is projected to maintain its lead in the global eye health eco-system market. With a market share of $25.1 billion in 2021, North America dominated the global market, attributed to technological advancements and increasing healthcare expenditures, with substantial funding from governments contributing to the region's eye health ecosystem market.

However, the Asia-Pacific region is expected to witness a higher CAGR compared to other regions during the forecast period. Factors such as increased adoption of technology devices, improved healthcare infrastructure, and growing awareness of eye health are anticipated to drive the growth of the eye health eco-system market in the Asia-Pacific region.

Among the top five European nations in 2019—the UK, Germany, France, Spain, and Italy—the contact lens market accounted for over 80% of the continent's market share. Although the eye health eco-system market in Europe is anticipated to grow at a slower pace compared to North America and Asia-Pacific, factors such as rising disposable incomes, increased consumer awareness, and a higher prevalence of ophthalmic disorders are expected to contribute to its growth.

Global Eye Health Eco-System Market- By Companies

CooperVisionEssilor Johnson & Johnson Novartis AG Luxottica Valeant Pharmaceuticals All Pro Intraocular Lens Blanchard CHEMIGLAS FielmannHongchen Optical Hoya MeniconRodenstock Seiko Group Notable Developments in the Global Eye Health Eco-System Market:

• Merger & Acquisition: In 2021, CooperVision acquired No7 contact lenses, facilitating the launch of a specialty lens direct-to-ECP business in the UK and integrating No7 Contact Lenses into the CooperVision Specialty EyeCare group.
• Merger & Acquisition: In 2021, CooperVision acquired EnsEyes to accelerate specialty contact lens growth in Nordic countries.
• Merger & Acquisition: In 2021, EssilorLuxottica announced the successful acquisition of a 76.72% stake in GrandVision.