NEWARK, Del, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The vision care market in North America is anticipated to expand at a CAGR of 5.8% through 2033. The market is projected to grow from a valuation of US$ 65,326.3 million in 2023 to US$ 114,800.8 million by 2033.
Technological advancements, such as the development of innovative lenses and treatment options, have further fueled the industry's expansion. The emphasis on proactive eye health management and the adoption of preventive measures by consumers and healthcare providers have also played a crucial role in bolstering the demand for vision care services in the region.
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One of the key challenges in the industry is the high costs associated with advanced vision care treatments and procedures, limiting accessibility for a significant portion of the population. Additionally, the need for more awareness regarding the importance of regular eye check-ups and preventive measures among specific demographics has contributed to the underutilization of vision care services.
The growing adoption of teleophthalmology services and the integration of digital technologies offer avenues for expanding the reach of vision care services to remote and underserved areas. The rising consumer preference for customized vision care solutions and the increasing focus on value-based care models provide opportunities for market players to innovate and diversify their product offerings.
The integration of artificial intelligence and machine learning in vision diagnostics and treatment planning has revolutionized the sector, enabling more accurate diagnoses and personalized treatment regimens. The rising adoption of wearable vision care devices and the development of advanced nanotechnology-based treatment options are also emerging as prominent trends, shaping the future of the vision care industry in North America.
"The increasing focus on eco-friendly and sustainable vision care products has gained traction, with manufacturers emphasizing the use of biodegradable materials and eco-conscious production processes,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the North America Vision Care Market:
- In 2023, Rx-Lenses dominate the market with a share of 47.1% in the North American vision care industry.
- Retail Stores establish themselves as the foremost distribution channel in the North American vision care market, securing a significant market share of 61.2% in 2023.
- Demand for vision care products in Canada exhibits a robust CAGR of 8.2%, expected to persist through 2033.
- The United States showcases a vigorous demand for vision care products, with an impressive CAGR of 9.9% projected to endure until 2033.
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Competition Outlook of North America Vision Care Market:
Key players operating in the vision care industry in North America compete through product diversification, technological advancements, and strategic collaborations to gain a competitive edge and expand their market share. Companies are focusing on enhancing their distribution networks and strengthening their brand presence to stay ahead in the industry.
Many leading players are investing heavily in research and development to introduce innovative products and technologies, catering to consumers' diverse and evolving needs in the vision care sector. Strategic partnerships and mergers with local and international players enable companies to expand their geographic reach and offer comprehensive solutions to a broader customer base.
New entrants can capitalize on the growing demand for personalized and technologically advanced vision care solutions by introducing innovative products and services tailored to specific consumer segments. Investing in advanced manufacturing capabilities and distribution networks can help new players establish goodwill in the North America vision care industry.
Recent Developments:
- Alcon (Novartis) launches new PrecisionID technology for LASIK surgery. Alcon, a division of Novartis, has launched a new technology called PrecisionID for LASIK surgery. The new technology uses a laser to create a personalized 3D map of the patient's eye, which is then used to guide the laser during surgery.
- CooperVision launches new MiSight contact lenses for myopia control. CooperVision has launched a new line of contact lenses called MiSight. The new contact lenses are designed to slow the progression of myopia, or nearsightedness, in children.
- Bausch & Lomb launches new ULTRA ONE DAY contact lenses. Bausch & Lomb has launched a new line of daily disposable contact lenses called ULTRA ONE DAY. The new contact lenses are designed to provide all-day comfort and moisture, and they also feature a UV filter to protect the eyes from the sun.
- Warby Parker launches new Try-On program. Warby Parker, a direct-to-consumer eyewear company, has launched a new Try-On program. The new program allows customers to try on five pairs of glasses for five days at home before they buy.
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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.
Explore FMI’s related ongoing Coverage in the Healthcare Domain:
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Healthcare Interoperability Solutions Market: is forecasted to expand at 14.5% CAGR to reach a market valuation of US$ 16.2 billion by the end of 2033, up from US$ 3.7 billion that was recorded for 2022.
Vision Care Market: is expected to expand at a decent CAGR of 7.2% during the forecast period. The valuation of the vision care market as of 2023 is US$ 89,596 million, and the market is projected to be valued at US$ 1,78,930.9 million by 2033.
Medical Display Market: valuation is estimated to reach US$ 2.6 billion. The market is likely to record a modest CAGR of 5.3% from 2023 to 2033. The valuation of the medical display market is expected to reach US$ 4.3 billion by 2033.
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