Dec, 2023
The vision care industry in India is on the cusp of a significant boom, with the potential to transition from an unorganized sector to a fully organized industry. Numerous research studies and media reports substantiate the immense scope for growth by 2030. India, with its fast-developing status, holds considerable potential for growth, especially considering that four out of every ten individuals in the world suffering from eye impairments are from India. There are several factors driving the growth of the vision care industry in India. Firstly, there is a gradual increase in eye health awareness among the population. People are becoming more conscious about the importance of regular eye check-ups and maintaining good eye health. This heightened awareness has created a demand for quality vision care services and products. Secondly, continuous technological advancements in the field of vision care have paved the way for innovative solutions and improved treatment options. From advanced diagnostic equipment to cutting-edge surgical techniques, these advancements have significantly enhanced the quality of care provided to patients. As technology continues to evolve, the industry is expected to witness further growth and advancement. Furthermore, the massive population of India presents a vast market for vision care products and services. With a population exceeding 1.3 billion, the demand for eyeglasses, contact lenses, and other vision correction devices is substantial. As more people gain access to healthcare facilities and optometric services, the market for vision care is poised for exponential growth. According to a report by Market Research Future, the Indian vision care market was valued at approximately $2.3 billion in 2019. The market comprises various segments, including eyeglasses, contact lenses, intraocular lenses, and ophthalmic surgical devices. Currently, eyeglasses dominate the market, accounting for the majority of revenue due to the high prevalence of refractive errors. Mr. Mayank Rawat, a vision care industry expert, envisions the future of the industry with optimism, stating, "The vision care industry in India has tremendous potential for growth and development. With the increasing focus on eye health and technological advancements, we can expect a flourishing market that caters to the needs of millions of individuals. By 2030, we can anticipate a well-organized industry that offers a wide range of innovative products and services to address the vision care requirements of the population." Multiple industry reports and studies project robust growth in the Indian vision care industry by 2030. According to a report by Grand View Research, the Indian eyewear market is expected to reach a value of $13.5 billion by 2030, representing a compound annual growth rate (CAGR) of 9.6% from 2020 to 2030. This significant growth can be attributed to factors such as rising disposable incomes, fashion trends, and increasing awareness about the importance of eye health.