Eye Care Market Size, Share & Trends Analysis Report By Product (Contact Lens, Ocular Health Products), By Mode Of Purchase (Over-The-Counter, Prescribed), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Eye Care Market Size, Share & Trends Analysis Report By Product (Contact Lens, Ocular Health Products), By Mode Of Purchase (Over-The-Counter, Prescribed), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Eye Care Market Growth & Trends

The global eye care market size is expected to reach USD 110.33 billion by 2030, growing at a CAGR of 6.72% over the forecast period, according to a new report by Grand View Research, Inc. The market is experiencing significant growth, likely driven by the rising prevalence of eye illnesses, aging population, and technological advancements. Government initiatives to enhance healthcare infrastructure and broaden access to vision care services have been instrumental in this market expansion.

For instance, the Vision Catalyst Fund (VCF) launched a new phase offering USD 1.06 million in grants for vision programs. The fund targets programs that effectively scale ocular health services through market shaping for glasses or by developing public health services to combat ocular disease. It has provided grants from USD 16,000 to USD 213,000 to help expand vision care access across low- and middle-income countries. Funding for these grants is obtained from an Eye Health Accelerator Bond, a collaborative effort between the VCF and P1 Capital, enabling investors to allocate a portion of their returns toward vision wellbeing programs. This innovative approach demonstrates a commitment to utilizing financial mechanisms to address the escalating demand for vision care services globally.

In addition, the donations for glasses and lenses are sought for expressions of interest, aiming to enhance access to lenses through catalytic, multiyear programs. This collective endeavor underscores the pivotal role of public-private partnerships and innovative financing models in advancing vision care access & outcomes worldwide.

The Eye Health Investment Study, published in November 2023, highlighted a compelling Return on Investment (ROI) ratio of 36:1, indicating that every dollar spent on cataract or refractive error correction results in USD 36 worth of benefits for individuals and society. This ROI ratio places ocular health investments at par with, if not exceeding, other recognized “best buys” in global health. Despite the evident economic advantages, ocular health continues to receive significantly lower funding than other health sectors, such as nutrition & noncommunicable diseases. The WHO estimates that nearly 2.2 billion people worldwide suffer from vision impairment, highlighting the urgency for increased investment and attention to ocular health. The study scheduled for publication in the December 2023 issue of the Bulletin of the World Health Organization underscores a critical funding gap of USD 14.3 billion, emphasizing the need for greater prioritization of ocular health on the global agenda.

Initiatives undertaken by players are expanding the market and enhancing the accessibility & quality of vision care products & services. Through continuous innovation and adaptation, these companies are shaping the future of the eye care industry, addressing key challenges, and seizing opportunities for growth in a rapidly evolving market landscape. For instance, in April 2024, Viatris launched RYZUMVI, the first FDA-approved eye drop to reverse pharmacologically induced mydriasis, in the U.S. It is designed to counteract pupil dilation caused by certain medications, aiding eye exams. The product supports standard dilation practice in eye care, which is crucial for diagnosing ocular and systemic diseases. This initiative addresses a key challenge in eye care, potentially increasing the number of annual comprehensive eye exams, leading to earlier diagnoses and improved patient outcomes.

Eye Care Market Report Highlights

• Based on product, the contact lens segment accounted for the largest revenue share of 36.42% in 2023 due to their effectiveness in addressing complex retinal issues and providing patients with clear vision at different distances.
• Based on mode of purchase, the prescribed products segment accounted for the largest revenue share in 2023.
• Based on distribution channel, the hospitals & clinics segment accounted for the largest revenue share of 35.92% in 2023.With access to specialized equipment & expertise, hospitals & clinics serve as trusted hubs for addressing complex eye conditions and providing continuity of care.
• In 2023, North America dominated the global industry as this region is a hub for technological innovation, with continuous advancements in diagnostic and treatment options.

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