In a recent publication titled North America Vision Care Industry Analysis and Opportunity Assessment, 2022 – 2032,” Future Market Insights (FMI) offers invaluable insights into the burgeoning North American vision care market. With a substantial share of global healthcare spending, the vision care sector is a billion-dollar industry, and the North American market is poised for remarkable growth. By 2032, the market is expected to soar past an estimated US$ 79.46 billion, exhibiting an impressive year-on-year growth of 9.5%.
FMI’s comprehensive report delves into the various factors and trends that are steering the trajectory of the North American vision care market. Key insights from FMI analysts point to several driving forces behind this growth, including the increasing prevalence of eye diseases necessitating eye surgery procedures, a growing aging population, and the introduction of innovative vision care products. These factors are anticipated to underpin the revenue surge in the North American vision care market throughout the forecast period.
Moreover, economic factors are playing a pivotal role in shaping the market’s landscape. The rising healthcare expenditure, augmented per capita disposable income, bolstered government support in developed economies, and favorable reimbursement policies are all poised to further invigorate the growth of the North American vision care market in the coming years.
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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 industry 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 industry 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 industry. 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 industry 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
By Country
- U.S.
- Canada
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Author
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 areas such as 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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