Vision Correction Market Size to Exceed $41.25 Billion by 2031

According to recent market research by Allied Market Research, the global vision correction market was worth $20,302.8 million in 2021, and is expected to grow at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2031, reaching $41,252.7 million by 2031.

Vision correction refers to the use of surgical procedures or medical devices to improve the visual acuity of the eyes. This methodology involves using a range of advanced medical devices and surgical techniques that are tailored to meet the specific needs of individuals with refractive errors, including myopia, hyperopia, astigmatism, presbyopia, and glaucoma.

Market Growth By Application

Presbyopia segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.

Market Growth By Method

Glasses segment held a dominant position in 2021 and would continue to maintain the lead over the forecast period.

Market Drivers

Increasing Prevalence of Eye Disorders

The global vision correction market is primarily driven by several factors, including an increase in the prevalence of eye disorders, a rise in the number of older adults, and an increase in the prevalence of diabetes. The growth of the market is also attributed to the rise in the number of people with eye disorders among both the younger and older population due to lifestyle changes, increased adoption of digital technology, and prolonged screen time.

According to the National Library of Medicine's data published in July 2022, there are about 285 million people worldwide with visual impairments, of which 19 million are children under 14 years old. Myopia is the most common refractive problem globally, affecting an estimated 22.9% of the world population. Additionally, myopia is projected to increase to 49.8% by 2050.

Rising Demand for Contact Lenses

The growth of the vision correction market is being driven by an increase in the adoption of contact lenses. Patients who have refractive errors, cataract, glaucoma, strabismus, and amblyopia are more inclined to use contact lenses and surgeries for vision correction because they provide a more natural vision compared to eyeglasses. The demand for contact lenses is also increasing due to the growing participation of individuals in sports and physical activities. Contact lenses help to reduce the risk of injury and improve compatibility with safety equipment, thus enhancing the performance of both individuals and athletes. Additionally, contact lenses provide better peripheral vision, an unobstructed field of view, and a lower chance of getting splattered.

Limits/Challenges Against The Market Growth

High Costs & Side Effects

Although the vision correction market is growing due to the increase in adoption of contact lenses, there are also factors that are expected to limit its growth. The high cost of treatment and the side effects of procedures are among these factors.

The COVID-19 Pandemic

Furthermore, the COVID-19 pandemic is projected to negatively impact the growth of the global vision correction market. Due to the pandemic, many clinics and hospitals had to be restructured to increase capacity for COVID-19 patients, resulting in the cancellation or postponement of non-emergency and minor procedures. Surgeons are also more susceptible to contracting and spreading the virus, leading to the cancellation of many non-essential surgical procedures worldwide. As a result, these factors are expected to hinder the market's growth during the pandemic.