NORTH AMERICA VISION CARE MARKET ANALYSIS

The North America Vision Care market is estimated to be valued at US$ 6.44 Billion in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030).

Analysts’ Views on North America Vision Care Market:

Electronic device adoption has risen quickly in recent years. People frequently utilize these devices for extended periods. This has finally increased the number of people experiencing eye-related problems, primarily asthenopia, and as a response, people have begun using vision care products, particularly eye drops, and capsules. More people are beginning to experience partial or complete eyesight loss as a result of poor diet and reduced dietary intake. Additionally, the robust supply chain network and logistics, which include eyeglasses, cooling glasses, etc., have made vision care items more readily available than ever before.

Figure 1. North America Vision Care Market Share (%), by Product Type, 2023

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North America Vision Care Market – Driver

Increase in geriatric population

Due to increase in the age of the population, it’s become difficult to focus on objects placed nearby generally called presbyopia which is common in geriatric populations. Increase in the prevalence of technological advancements like nanotechnology to measure eye pressure for treating retina-based problems and aiding patients in speedy recovery from glaucoma.

Increasing initiatives to raise awareness

Initiatives and raising awareness from the regulatory agencies could propel the North American market for vision care. For instance, in September 2021, AbbVie, Inc. a pharmaceutical company and REGENXBIO Inc., a biotechnology company announced a partnership to develop and commercialize RGX-314, a potential one-time gene therapy for the treatment of wet age-related macular degeneration (wet AMD), diabetic retinopathy (DR) and other chronic retinal diseases. RGX-314 is currently being evaluated in patients with wet AMD in a pivotal trial utilizing sub-retinal delivery, and in patients with wet AMD and DR in two separate Phase II clinical trials utilizing in-office suprachoroidal delivery.

Increase in adoption of lenses and increasing eye problems in youth

The adoption of contact lenses has also been driven by the increasing accessibility of vision care products and services and due to the increased work load among the youth and constant sitting in front of the laptops, PC and mobiles led to an increase prevalence of eye problems. With the expansion of e-commerce and online retail, consumers now have more options to purchase contact lenses and other vision care products, which has made them more accessible and affordable.

Figure 2. North America Vision Care Market Value (US$ Billion), by Country 2023

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North America Vision Care Market- Regional Analysis

Among Country, U.S. is estimated to hold a dominant position in the North America vision care market over the forecast period. U.S. is estimated to hold 88.7% of the market share. The growing prevalence of the geriatric population and vision disorders directly impacts the increased demand for the vision care market. For instance, in March 2023, Alcon, a pharmaceutical and medical device company, announced plans to launch TOTAL30 for Astigmatism, the first-and-only reusable contact lens with Water Gradient material for astigmatic contact lens wearers.

North America Vision Care Market – Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 outbreak is anticipated to present difficulties for market participants in North America's vision care services. To comply with social distance rules, healthcare practitioners are required to make considerable changes to their operations. The industry for eye care goods is projected to experience a decline in demand as a result of appointment cancellations and ongoing economic uncertainty. Government financial assistance to business owners may shorten the crisis's short-term impact on the market.

North America Vision Care Market Segmentation:

The North America Vision Care market report is segmented into by Product Type, by Distribution channel, and by Country.

By Product Type, the market is segmented into Rx-Lenses, Frames, Contact Lenses, Non Rx-Sunglasses, Reading Glasses, and Contact Lenses Solutions. Out of which, the contact lens segment is expected to hold a dominant position in the North America Vision Care market during the forecast period and this is attributed to the technological advancements in the field of vision care.

By Distribution Channel, the market is segmented into retail stores, e-commerce, clinics, and Hospitals. Out of which, the Hospital segment is expected to hold a dominant position in the vision care market during the forecast period and this is attributed to the increasing usage in growing vision care applications.

Among all the segmentations, the distribution channel segment has the highest potential due to the increasing prevalence of vision care over the forecast period. For instance, in March 2021, LION Eye Group, a network of independent optometry practices that utilizes various key initiatives and protocols across strategic and non-clinical operational disciplines to increase provider profitability, entered into a master Service agreement with ZEISS Vision Care, a eyecare technology enterprise operating in the fields of optics and optoelectronics.

North America Vision Care Market Cross Sectional Analysis:

Health insurance coverage for more people is anticipated to present profitable growth prospects for industry participants. Moreover, compared to people living in metropolitan regions, Americans who live in rural areas and low-income groups are more likely to have vision problems. As a result, market participants can concentrate on increasing their regional presence to increase their market share.

North America Vision Care Market: Key Developments

In October 2021, ECMOHO Limited, an integrated solutions provider in the health and wellness market in China, announced that it has reached a strategic cooperation agreement with the renowned U.S. vision care brand Bausch + Lomb to promote and sell its products and services on the Chinese e-commerce website Pinduoduo. Through the partnership, ECMOHO provides consumers and Chinese families with high-quality eye care products and family health solutions to satisfy the rising demand for eye health.

In December 2021, Allergan, a global pharmaceutical company, announced that VUITY (pilocarpine HCl ophthalmic solution), the first and only eye drop approved by the U.S. Food and Drug Administration (FDA) to treat presbyopia, is now available by prescription in pharmacies nationwide. Presbyopia, or age-related blurry near vision, can be diagnosed through a basic eye exam by an eye doctor (optometrist or ophthalmologist).

On 15 May 2023, Edmund Optics, a provider of optical components, joins NSF-funded regional consortium to Advance Photonics Research and Workforce Development. This consortium has been awarded a grant from the US National Science Foundation’s Regional Innovative Engines, or NSF engines, program which is the foundation for the Advancing Photonics Technologies group aimed to advance research and development of light-based, photonics innovations as well as build up the region’s technological workforce.

On 26 April 2023, Edmund Optics, a provider of optical components, had partnered with ISP Optics, a manufacturer of infrared products to offer global access to their extensive range of recognized high-quality optical components in over 15 infrared (IR) materials. With Edmund Optics as a global ecommerce distributor for ISP Optics, customers now have direct off-the-shelf access to the entire range of ISP Optics’ product offering which includes lenses, windows, prisms, and many more IR optical components.

North America Vision Care Market: Key Trends

Effective government policies

By initiating the effective government policies can help the geriatric population in nice eye care along with the monitoring of eye care. For instance, in May 2022, World Health Organization (WHO) guide on eye care was launched at an event Universal Health Coverage and Eye Care: Promoting Country Action- attended by government officials, WHO representatives, and non-governmental organizations in the eye care sector. This new resource leads the Member States through a four-step process: situation analysis; development of an eye care strategic plan and monitoring framework; development, and implementation of an operational plan; and establishing and maintaining ongoing review processes.

Better healthcare infrastructure

For better healthcare vision, the key playerss are initiating strategic plans which may include collaboration for distribution, initiatives by the key market players, etc. On March 15, 2023, Body Vision Medical, a commercial-stage medical device company, signed exclusive distribution agreements with SumTage Enterprise Co., Ltd., Scanmed Technology Pte Ltd, ElsMor Medical System Ltd., and Supri Artigos Médicos Hospitalares Ltd. for distribution of its LungVision real-time, intraoperative CT imaging platform in Taiwan, Singapore, Israel, and Brazil, respectively.

North America Vision Care Market: Restraint

Business practice restrictions and unfavorable scenario

It is expected that limitations on business practices and an unfavorable insurance environment will slow industry expansion. Optometrists cannot be employed by unlicensed individuals or businesses due to employment limitations. Whereas, creating awareness about the insurance policy and restriction practices can provide a certain growth to the vision care market. Additionally, limits on branch offices impede optometrists from growing their businesses by opening additional offices. The Affordable Care Act (ACA) does not fully cover vision insurance for people. The ACA does, however, cover pediatric vision treatment that goes beyond vision screening.

Increase in the cases of eye infection due to contact lenses

Dry eye is the most common problem associated with the contact lenses. Additionally, if contact lenses not maintained properly, can cause irritation. So use of disposable can be incorporated for prevention of disease for eye care.For instance, in September 2022, according to the Center for Disease Control and Prevention,  a study suggests that reusable contact lens wearers were almost four times as likely to contract Acanthamoeba keratitis, a microbial infection (AK) than users of disposable contacts.

North America Vision Care Market - Key Players

Major players operating in the North America vision care market include Novartis AG, CooperVision, Inc., Johnson and Johnson Vision Care, Inc., Bausch Health Companies Inc., SyergEyes, Inc., Carl ZEISS AG, Essilor Internationals, Safilo Group S.P.A, Rodenstock, and  Luxottica.

*Definition: Vision care deals with preventing or minimizing the threat to eyes or visual integrity. Vision care is the care of eye, eyesight conditions and vision. The costs the insured person incurs for eye exams and corrective lenses are covered under vision care coverage. Insurance for vision care usually pays for eye surgery to correct vision.North America vision care market provides a comprehensive analysis of the various aspects such as market size and market overview of segments. U.S. is dominant in North America, which tends to contribute about 88.7% growth till the forecast period. Vision Care Market can provide tremendous growth opportunities for the key players with the growth as well as collaboration.