The North America Vision Care Market is estimated to be valued at US$ 6.44 Bn or Billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vision care products include contact lens, spectacles and other products like sunglasses. Vision care products help in correcting refractive errors like myopia, hypermetropia and astigmatism. They also provide protection from ultraviolet rays.
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Market key trends:
The key trend in the North America vision care market is the growing demand for daily and monthly disposable contact lenses. Disposable contact lenses are preferred over conventional reusable contact lenses as they reduce the risk of infection and are hassle-free. The emergence of new technologies is another trend as manufacturers are focusing on developing advanced contact lenses to address unmet needs such as presbyopia and computer vision syndrome. For instance, multifocal and toric contact lenses are helping address presbyopia. Growing consumer awareness about eye health and regular vision screening is also influencing the market growth.
Market key trends:
One of the key trends in the North America vision care market is the increase in the prevalence of eye diseases and disorders. Various eye conditions like myopia, hyperopia, astigmatism, cataracts, glaucoma etc. are on the rise in the region. This is mainly due to increased screen time, aging population, lifestyle changes and other factors. As a result, demand for vision care products like glasses, contact lenses, solutions and medications is growing in North America.
SWOT Analysis
Strength: Large customer base and presence of major players in the region. Increased awareness about eye health and vision correction options.
Weakness: High cost of advanced vision care products and surgeries. Dependency on medical reimbursements.
Opportunity: Rising geriatric population and increasing rate of eye diseases provides scope for market expansion. Growing demand for innovative and customized vision care solutions.
Threats: Availability of low cost alternatives from other regions. Threat from online retailers and sellers.
Key Takeaways
The North America vision care market size was valued at US$ 6.44 Bn in 2023 and is expected to reach over US$ 9 Bn by 2030, expanding at a CAGR of 4.5% during the forecast period. The increasing prevalence of eye disorders and visual impairment among the rising geriatric population as well as growing awareness about eye health are primary factors fueling market growth.
Regional analysis:
The U.S. dominated the North America vision care market in 2023 and is expected to maintain its leading position during the forecast period as well. This can be attributed to presence of major players, developed healthcare infrastructure and higher spending on vision care in the country. Canada is also expected to exhibit decent growth owing to growing base of aging population and increasing myopia rate in the region.
Key players:
Key players operating in the North America Vision Care Market are Novartis AG, CooperVision, Inc., Johnson and Johnson Vision Care, Inc., Bausch Health Companies Inc., SynergEyes, Inc., Carl ZEISS AG, Essilor Internationals, Safilo Group S.P.A, Rodenstock and Luxottica.
