Vision care encompasses the preservation and mitigation of threats to ocular and visual well-being. It addresses a spectrum of vision and eye-related issues, rectifying refractive errors through the provision of prescription eyeglasses and contact lenses. With advancing technology and a digital-centric population, the vision care product sector anticipates both quantitative and qualitative expansion in the forthcoming years.
Significant investments by industry leaders and continual research to enhance the manufacturing and distribution processes of eyeglasses, lenses, and other eyecare products are serving as strong catalysts for market growth. In terms of revenue, the North American vision care market is poised to exhibit a robust Compound Annual Growth Rate (CAGR) of 9.8% throughout the forecast period, reaching a substantial valuation of US$ 100.72 billion by the conclusion of 2026.
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Sales of vision care services has remained quite healthy in the U.S. market in the recent years, making North America the most lucrative market globally. The North America vision care market revenue was accounted to be US$ 37.1 Bn in 2015, with the U.S. accounting for majority of revenue share.
Segmentation highlights
The North America vision care market 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 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 America 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 America 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
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Vendor insights
Key players in the North America 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.
Key SegmentBy Product Type
- Rx-Lenses
- Frames
- Contact Lenses
- Non Rx Sunglasses
- Reading Glasses
- Contact Lens Solutions
By Distribution Channel
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
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By Country
- U.S.
- Canada
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