Driven by an ageing population and numerous innovations, the eye care market is showing robust growth. It could exceed $110 billion in 2030, compared to $74.7 billion in 2024.
At least 2.2 billion people worldwide suffer from visual impairment or blindness. This figure is regularly cited in the media when discussing vision issues on a global scale. But in reality, the number is higher. This figure is taken from the first “World Report on Vision”, published in 2019 by the World Health Organization (WHO). That was six years ago. Since then, “the prevalence of all eye disorders has increased,” says Riad Sherif, CEO of the Swiss company Oculis, in an interview with us.
There are several reasons for the dramatic increase in ophthalmic diseases worldwide. The first is demographic. “With age, the risk of developing a vision disorder increases,” says Pierre-Alexis François, portfolio manager at Thematics Asset Management. “As a result, the ageing population automatically leads to an increase in eye disorders, particularly diseases such as glaucoma, cataracts and age-related macular degeneration (AMD).” According to projections by the United Nations, the number of elderly people worldwide (aged 60 and over) will more than double, from 761 million in 2021 to 1.6 billion in 2050, leading to a dramatic increase in eye disorders.
For example, AMD – the leading cause of central vision loss in people over 50 in Western countries – affected approximately 200 million people worldwide in 2020. This figure is expected to reach 288 million in 2040, an increase of 44% over the period, according to a study published in Cureus: Journal of Medical Science. The risk of developing AMD increases dramatically with age: 24% of the population aged 75-79 compared to 2% of those aged 50-59 in the United States. Globally, this disease is responsible for approximately 9% of all blindness.
The situation is similar for glaucoma. According to a study published in the journal Ophthalmology, nearly 111.8 million people will be affected by this disease in 2040, compared to approximately 80 million in 2020, based on figures from the Glaucoma Research Foundation. This trend has significant health and economic consequences: by 2040, 22 million people worldwide will be blind due to glaucoma, compared to 8.4 million in 2010.
A myopia epidemic
“The increase in the prevalence of diabetes worldwide (see Swissquote Magazine, March 2023) is also a cause of the rise in the prevalence of eye disorders,” says Cyril Suter, investment specialist at Indosuez Wealth Management. In fact, of the 800 million people with diabetes worldwide – five times more than in the 1980s – 25% to 30% will develop eye disease, particularly diabetic retinopathy, which, if left untreated, can lead to blindness.
However, the increase in eye disorders does not only affect the elderly. Younger people are also seeing less and less well. Specialists, for example, do not hesitate to refer to a ‘myopia epidemic’ due to the rapid and alarming increase in the prevalence of this vision disorder worldwide, particularly among younger generations. According to an article published in the scientific journal Nature in May 2024, half of the world’s population (i.e., 5 billion people) will be short-sighted by 2050, compared to 30% today.
“Myopia is becoming increasingly prevalent due to changing lifestyles,” notes Alyssa Cornuz, portfolio manager at Robeco. “Younger generations are spending less time outdoors and more time indoors, especially in front of screens. But the human eye is not designed for this. It needs natural light and distance vision.” As a result, while in 2001 a majority (55%) of 16 to 24-year-olds living in Switzerland did not use visual aids (glasses or contact lenses), this figure had fallen to just 30% twenty years later, in 2021, according to a study by Optique Suisse. In total, more than 80% of the Swiss population aged 15 to 74 currently wear glasses or contact lenses.
This proves beneficial for companies specialising in the ophthalmology sector, such as giants EssilorLuxottica, the world leader in eyewear, and Alcon, the world leader in eye surgery, as well as smaller companies such as Oculis, Ocular Therapeutix and Warby Parker (see company profiles). “The eye health sector is showing structural growth of 4% to 5% per year,” continues Suter. “It is an attractive industry for investors, although it is necessary to examine each subsector individually, as the ophthalmology market covers many areas ranging from pharmaceuticals to medtechs and lens manufacturers.” According to a study by Grand View Research, the global eye care market is expected to generate $110.33 billion in 2030, up from $70.78 billion in 2023, representing annual growth of 6.72%.
“The market for the treatment of eye disorders is experiencing structural growth due to the increase in the number of patients,” confirms François. “But it is also growing because of advances in the field. Ophthalmology is a highly innovative sector, which is creating new markets. For investors, this industry can offer attractive growth rates, particularly if you focus on the most innovative companies.” Christoph Wirtz, head of equities at Rothschild & Co, shares this view: “The eye care sector can be a good investment. The key is innovation. In developed countries, healthcare systems will pay to reimburse innovations that bring real benefits to patients.”
Before the 2000s, for example, medicine offered few solutions for people suffering from AMD. The arrival in 2005 of a new class of drugs – anti-vascular endothelial growth factor (or anti-VEGF) – revolutionised the treatment of these patients. Today, the anti-VEGF market is estimated at $13 billion and is expected to reach $23.3 billion by 2034, representing annual growth of 6.1%, according to Global Market Insights. Numerous companies, including Alcon, Amgen, Novartis and Roche, share this business.
“The anti-VEGF market has become very competitive,” says Suter. “But this is a sector where there is still room for innovation. Currently, treatment consists of regular injections into the eyes. In order to improve care, many players are developing less restrictive and less invasive procedures. Through their innovations, they can disrupt this market.” In 2023, for instance, Regeneron Pharmaceuticals obtained FDA approval to market Eylea, a formulation that reduces the frequency of injections. Roche, meanwhile, launched Susvimo, an intraocular implant that continuously releases the drug and reduces the frequency of injections to once every six months, compared to once every eight weeks or so for conventional treatments. This unique process was approved by the FDA in February 2025. Swiss startup Oculis is developing eye drops that could eventually eliminate the need for injections to treat AMD (see interview with Riad Sherif). “The anti-VEGF sector is very dynamic, with lots of innovation,” says Suter.
In developed countries, healthcare systems will pay to reimburse innovations that bring real benefits to patients
Another revolution is underway in the field of myopia, where major eyewear manufacturers such as EssilorLuxottica, Hoya and Zeiss have launched lenses since 2020 that not only correct myopia but also slow its progression. As an example, according to the company’s figures, Essilor Stellest lenses, can slow the progression of myopia by 67% compared to standard lenses when children wear them for 12 hours a day.
This represents a turning point in health, as between the ages of 6 and 9, nearly one in four children who wear glasses are short-sighted. This figure rises to 60% at age 18. It is therefore essential to intervene as early as possible, as the progression is faster before the age of 10, and each dioptre lost increases the risk of severe pathologies in adulthood by 67%: retinal detachment, glaucoma, myopic maculopathy, etc. “The addressable market for lenses that slow myopia is huge,” says Pierre-Alexis François. “EssilorLuxottica already generates a significant portion of its revenue with this technology in China.”
And the Italian-French company is not stopping there, innovating on all fronts. Its partnership with Meta has led to the launch of connected glasses, Meta Ray-Ban, and the company also intends to revolutionise the hearing aid sector. Following the acquisition of Nuance Hearing in 2023, Essilor launched Nuance Audio in 2025 – glasses that both correct vision and improve hearing. This is a potentially huge new market, according to the company: “The hearing aid market remains underserved on a global scale (...) with consumers often reluctant to wear corrective devices due to factors such as the stigma associated with the visibility of the device, physical discomfort, price and accessibility. Nuance Audio aims to eliminate these barriers, which have slowed the adoption of traditional hearing aids. With the launch of Nuance Audio Glasses, the Group aims to meet the needs of nearly 1.25 billion people worldwide who suffer from mild to moderate hearing loss.”
Cutting-edge microsurgery
Refocusing exclusively on eyes, enormous progress has also been made in the field of ophthalmic microsurgery, as Robeco’s Alyssa Cornuz explains: “Lasers are becoming increasingly precise, enabling less invasive and extremely safe procedures.” Two studies presented in September in Copenhagen (Denmark) at the 43rd Congress of the European Society of Cataract and Refractive Surgeons showed that it is now “safe, practical and effective” to operate on both of a patient’s eyes at the same time during cataract surgery, whereas until now ophthalmologists have performed the procedure in two stages: one eye and then the other, approximately two weeks apart. This paradigm shift could reduce costs for health insurance companies and save time for patients.
Another notable development is the emergence of multifocal implants. During cataract surgery, the clouded lens is removed and replaced with an artificial lens. While conventional implants can treat cataracts, new multifocal implants can also correct myopia, astigmatism and presbyopia at the same time. This could reduce patients’ glasses expenses.
“Leading companies in the field of ophthalmic surgery are benefitting from the increase in the number of operations, particularly for cataracts,” says David Kägi, portfolio manager at Robeco. But the specialist warns: “People are starting to feel the effects of inflation, and eye operations are the kind of expense that gets put off in times of crisis, especially in countries where this type of procedure is not covered, or only partially covered, by health systems.” Wirtz shares this view: “The ophthalmic surgery market is volatile, with patients postponing operations during periods of economic uncertainty.”
In the longer term, “some surgical treatments could be replaced by cell and gene therapy, which are very promising in ophthalmology,” continues Wirtz. “But that’s still a long way off. These treatments are still a long way from reaching the market.” That hasn’t stopped Alcon from preparing for them. In March 2025, the Geneva-based company announced the acquisition of a majority stake in Aurion Biotech, a company specialising in cell therapies for eye diseases.
