The Vision Care Industry in North America is gearing up for substantial growth, projected to achieve a noteworthy compound annual growth rate (CAGR) of 5.8% from 2023 to 2033, as per the latest report released by Future Market Insights (FMI).
This anticipated surge is attributed to several key factors highlighted by FMI analysts. The increasing prevalence of eye diseases necessitating surgical interventions, coupled with a growing geriatric population, is expected to be a major catalyst propelling the revenue growth of the North America’s Vision Care Industry in the coming decade. The introduction of innovative and advanced vision care products is also poised to play a pivotal role in shaping the industry landscape.
Economic factors further contribute to this optimistic outlook, with rising healthcare expenditures, an increase in disposable income per capita, and substantial government support in developed economies providing a favorable backdrop for the expansion of the vision care market. Additionally, favorable reimbursement policies are anticipated to bolster market growth, ensuring improved accessibility to essential vision care services across the region.
Sales of vision care services have remained quite healthy in the U.S. market in recent years, making North America the most lucrative market globally. The North American vision care market revenue accounted to be US$ 37.1 Bn in 2015, with the U.S. accounting for the majority of the revenue share.
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Segmentation highlights
The North America’s Vision Care Industry can be broadly classified into six product segments – Rx lenses, frames, non-Rx sunglasses, contact lenses, readers, and contact lens solutions – each with different applications.
- By product, Rx lenses accounted for a higher revenue share in North America as compared to other product segments
- The Frames product type segment accounted for the second largest revenue share followed by the contact lenses product segment in 2015. The contact lenses segment is expected to register the highest CAGR of 12.4% during the forecast period
- By distribution channel, the retail segment accounted for a higher revenue share in the North American vision care market as compared to other distribution channels
- The Retail segment is expected to reach a market valuation of US$ 60.6 Bn by 2026, reflecting a CAGR of 9.8% over the forecast period
- The E-commerce segment is also expanding at a higher rate in the overall North American vision care market. This segment is expected to reach US$ 18.9 Bn by the end of 2026, registering a CAGR of 3.8% over the forecast period
Vendor insights
Key players in the North American vision care market include Johnson & Johnson Vision Care Inc., Valeant Pharmaceuticals International Inc., Novartis AG, The Cooper Companies Inc., SynergEyes Inc., Luxottica, Essilor International, and ZEISS International. Major market players are adopting different strategies such as partnerships and acquisitions to maintain and expand their market share. Recently in January 2016, Valeant Pharmaceuticals expanded its specialty lens business with the addition of Alden Optical Laboratories Inc. In 2016, Essilor International reinforced its expansion with independent eye care professionals in the U.S. with the acquisition of Vision Source.
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North America’s Vision Care Industry Key Segments
By Product Type:
- Rx-Lenses
- Frames
- Contact Lenses
- Non-Rx Sunglasses
- Reading Glasses
- Contact Lens Solutions
By Distribution Channel:
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
By Country:
- The U.S.
- Canada
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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