The vision care market in North America is expected to witness robust growth over the next decade, with demand projected to rise at a Compound Annual Growth Rate (CAGR) of 5.8% through 2033. The market is forecasted to grow significantly, increasing from an estimated valuation of US$ 65,326.3 million in 2023 to reach US$ 114,800.8 million by 2033.
This growth is driven by rising awareness of eye health, an aging population, and the increasing prevalence of vision-related issues, including myopia, presbyopia, and digital eye strain. Advances in vision care technologies, coupled with a growing emphasis on early diagnosis and treatment of eye conditions, are further contributing to market expansion.
Vision care products and services, including corrective lenses, contact lenses, and eye care solutions, continue to experience rising demand as consumers prioritize both vision health and lifestyle enhancement. This surge in demand underscores the vital role of innovative eye care solutions in improving quality of life across North America.
A Full Report Analysis – https://www.futuremarketinsights.com/reports/north-america-vision-care-market
Key Takeaways:
- The North America vision care market is expected to grow from US$ 65,326.3 million in 2023 to US$ 114,800.8 million by 2033 at a CAGR of 5.8%.
- Growth drivers include increased awareness of eye health, the aging population, and rising cases of vision impairments.
- Advances in technology and heightened demand for corrective and preventive vision solutions are propelling the market.
- Vision care products are essential for managing common conditions such as myopia, presbyopia, and digital eye strain.
With the increasing focus on comprehensive eye health solutions, the North American vision care market is positioned for significant advancements, delivering innovative products and services to meet evolving consumer needs.
Key Drivers of Market Growth
- Increasing Prevalence of Vision-Related Disorders: The rise in conditions such as myopia, hyperopia, and age-related eye diseases is driving demand for vision care services and products.
- Aging Population: As the population ages, the incidence of vision impairments increases, leading to greater demand for corrective eyewear and treatments.
- Technological Advancements: Innovations in vision care technology, including advanced lenses and treatment options, are enhancing the effectiveness of vision correction solutions.
- Emphasis on Preventive Eye Care: There is a growing focus on proactive eye health management among consumers and healthcare providers, which is fostering increased adoption of vision care services.
- Economic Factors: Rising disposable incomes and healthcare expenditures are enabling consumers to invest more in vision care products.
Market Insights
- The market for vision care products in North America has shown robust growth, with historical sales reaching approximately USD 61,745.1 million in 2022, reflecting a CAGR of 7.6% from 2018 to 2022.
- The leading product segment is expected to be Rx-Lenses, which accounted for about 47.1% of the market share in 2023.
- Retail stores remain the primary distribution channel, capturing around 61.2% of the market share.
Competition Outlook for Vision Care Products in North America
The vision care industry in North America is highly competitive, with several key players vying for dominance. These companies offer a wide range of vision care products and services, including eyeglasses, contact lenses, intraocular lenses, and eye care surgery. They compete on several factors, including price, quality, convenience, and brand recognition.
The vision care product manufacturers are constantly innovating and developing new products and services to stay ahead of the competition. For example, EssilorLuxottica has recently invested heavily in the development of new eyeglass lens technologies, such as the Crizal Sapphire UV and Varilux X series. Johnson & Johnson Vision has also been active in innovation, with the recent launch of its Acuvue Vita contact lenses and its PrecisionID technology for LASIK surgery.
In addition to innovation, the key players in the vision care industry are also focused on expanding their distribution networks and making their products and services more accessible to consumers. For example, Warby Parker has recently opened several brick-and-mortar stores, and LensCrafters now offers online eye exams.
Challenges Faced by Key Players
- The cost of vision care is rising, putting a strain on consumers’ budgets. This is leading to some consumers delaying or forgoing vision care altogether.
- Online retailers such as Warby Parker and EyeBuyDirect offer consumers convenient and affordable access to vision care products. This is putting pressure on traditional brick-and-mortar retailers.
- The aging population in North America is increasing the prevalence of age-related eye diseases such as cataracts and macular degeneration. This is driving demand for vision care services but also putting a strain on healthcare systems.
Recent Developments by Companies Offering Vision Care in North America:
- EssilorLuxottica launched a new line of eyeglasses lenses called Crizal Sapphire UV. These lenses are designed to block UV rays, including harmful blue light.
- Johnson & Johnson Vision launched a new contact lens called Acuvue Vita. This lens is designed to provide all-day comfort and hydration.
- Alcon (Novartis) launched a new intraocular lens (IOL) called AcrySof IQ Vivity. This IOL is designed to provide patients with a broader range of vision without the need for glasses.
- CooperVision launched a new contact lens called MyDay Toric. This lens is designed for patients with astigmatism and provides all-day comfort and hydration.
- Bausch & Lomb launched a new contact lens solution called UltraONE. This solution is designed to clean, disinfect, and store contact lenses in one step.
Key Companies Providing Vision Care Products in North America
- EssilorLuxottica
- Johnson & Johnson Vision
- Alcon (Novartis)
- CooperVision
- Bausch & Lomb
- Warby Parker
- LensCrafters
- Visionworks
- Pearle Vision
- EyeBuyDirect
- National Vision
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 United States
- 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 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.
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