COVID-19 Impact Analysis

There has been an increase in demand for medical supplies to take care of the population that is infected by the COVID-9 virus. Respiratory support devices such as atomizers, life-support machines, oxygen generators, and monitors are among the majorly used medical devices in primary clinical treatment. Moreover, COVID-19 has led to a huge surge in demand for medical supplies such as personal protective equipment including masks, gloves, and protective eyeglasses. There is an increase in the need for medical supplies, both from healthcare professionals and the civil population for precautionary measures, owing to the rise in several COVID-19 cases globally. Manufacturers of these products have a chance to capitalize on this increase in demand for medical supplies to ensure an adequate and continuous supply of personal protective equipment in the market. Therefore, COVID-19 is expected to have a significant impact on the global vision care market.

Top Impacting Factors

• The rise in the geriatric population and surge in volume of patients suffering from chronic diseases globally are considered as major factors that drive the growth of the vision care market.
• The shift in visual demands due to reliance on digital devices and improvements in glasses and contact lenses is a major factor that drives the vision care market. 
• With the expansion in an investment of research and development, many modern technologies have emerged such as contact lenses, intraocular lenses, and artificial tears. These technologies have heightened the growth of the market. 
• The rise in awareness regarding vision care globally has resulted in the increasing demand for vision care products.
• Improper intake of nutrition and unhealthy food eating habits and the growth of the e-commerce sector along the prevalence of several products with improved quality and services create opportunities for the future development of the market. 
• Despite various innovations and improvement, there are some factors that act as a barrier such as the shift towards refractive surgery.

New Product Launches to Flourish Vision Care Market

In August 2019, CooperVision launched a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.

In August 2019, the United States Food and Drug Administration (U.S FDA) approved CooperVision's Paragon contact lens manufacturing site in Phoenix, U.S.

In April 2021, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced a global strategic collaboration with Menicon, a leading manufacturer of innovative contact lenses. The collaboration is part of a broader commitment from Johnson & Johnson Vision to lead with science and help reshape the future of myopia – and bring forward a novel portfolio of products and services to manage the progression of myopia in children.

The global incidence of cataract cases is increasing, which is expected to boost the intraocular lens segment. According to many published research articles, India and the U.S. are among the top countries in terms of the number of cataract procedures conducted each year. This is expected to have a favorable impact on the use of intraocular lenses in eye care products. Cataracts are responsible for 51% of global blindness, according to the World Health Organization (WHO).

The prevalence of cataract patients increases as the senior population grows. As a result, the global vision care market is expected to benefit during the forecast period.