Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
North America Vision Care Market – Insights
Vision care deals with preventing or minimizing the threat to eyes or visual integrity. North America vision care market provides a comprehensive analysis of the various aspects such as market size and market overview of segments such as Rx lenses, frames, non Rx sunglasses, contact lenses, readers, and contact lens solutions.
North America vision care market is estimated to account for US$ 110,648.3 Mn in terms of value by the end of 2027.
North America Vision Care Market: Drivers
Increasing prevalence of cataract is expected to propel growth of North America vision care market over the forecast period. For instance, according to National Eye Institute’s projections, the number of people in the U.S. with cataract is expected to reach 50 million in 2050.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, geriatric population in the U.S. is expected to reach 77 million by 2035.
U.S. held dominant position in North America vision care market in 2019, accounting for 88.7% share in terms of volume, followed by Canada.
Figure 1. North America Vision Care Market Share (%), by Region, 2019
North America Vision Care Market: Restraints
Business practice restrictions and unfavorable insurance scenario is expected to hamper growth of the market. Employment restrictions prohibit unlicensed persons and firms from hiring optometrists. Moreover, branch office restrictions prevent optometrists from expanding their practices by opening new offices. Vision insurance is also not fully covered (adults) under the Affordable Care Act (ACA). However, pediatric vision care beyond vision screening is covered under the ACA.
Moreover, growing adoption of e-commerce industry is expected to hinder growth of independent optometry business in the market, thereby hindering growth of the market to some extent.
North America Vision Care Market: Opportunities
Increasing the number of people under health insurance coverage is expected to offer lucrative growth opportunities for players in the market.
Moreover, in the U.S., rural populations and low-income groups are at higher risk for vision impairments compared to those living in urban areas. Therefore, market players can focus on expanding their geographical presence to enhance their market share.
Rx-Lenses segment in North America vision care market was valued at US$ 23,914.0 Mn in 2019 and is expected to reach US$ 52,170.0 Mn by 2027 at a CAGR of XX% during the forecast period.
Market Trends/Key Takeaways
Increasing popularity of vision care on social media platforms through reviews is propelling growth of the market. Consumers share experiences regarding vision care products on various social media platforms such as Pintrest, Facebook, Youtube, Instagram, and SnapChat.
Players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in February 2020, Midwest Vision Partners partnered with Rosenbaum Eye & Laser Center and its vision correction center, Michigan Laser Eye Associates to offer medical and surgical eye care services.
North America Vision Care Market: Competitive Landscape
Major players operating in North America vision care market include, Novartis AG, CooperVision, Inc., Johnson and Johnson Vision Care Inc., Valeant Pharmaceuticals International, Inc., SynergEyes, Inc., ZEISS International, Essilor International, and Luxottica.
North America Vision Care Market: Key Developments
Major players in the market are focused on product approval and launch to expand their product portfolio. For instance, in November 2019, CooperVision received U.S. Food and Drug Administration (FDA) approval for its MiSight 1 day contact lens that is indicated to slow the progression of myopia in children 8-12 years old.
Players in the market are also focused on launching smart contact lens to expand their product portfolio. For instance, in January 2020, Mojo Vision announced that it is developing the Mojo Lens, the world’s first true smart contact lens.