The North America Vision Care Market is estimated to be valued at US$ 6.44 Bn 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:
The North America Vision Care Market comprises vision correction products such as eyeglasses, contact lenses, and intraocular lenses, among others. Vision correction products aid in correcting refractive errors such as myopia, hyperopia, and astigmatism. Contact lenses provide comfort as compared to eyeglasses due to their lightweight and easy handling nature. Moreover, continuous technological advancements are leading to the development of advanced contact lenses such as multifocal and toric contact lenses to treat complex refractive errors.
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Market key trends:
Rising incidence of myopia is a key factor boosting the demand for vision correction products in the North America region. According to a study published in JAMA Ophthalmology in 2017, prevalence of myopia in the United States increased from 25% to 41.6% between 1972 and 2004. In addition, increasing focus on aesthetics is propelling the demand for contact lenses, as they are less conspicuous and enable freedom to wear any outfits easily as compared to eyeglasses. Furthermore, growing consumer preference for non-invasive treatments and increasing demand for eye cosmetic surgeries are also fueling revenue growth of the market.
Porter’s Analysis
Threat of new entrants: The North America vision care market has high entry barriers for new players due to existing regulations on eye care products.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differing preferences of consumers in the market.
Bargaining power of suppliers: Large suppliers creating own distribution channels increases their bargaining power over market players.
Threat of new substitutes: Emerging technologies for vision correction and alternatives to glasses and lenses pose moderate threat of substitution.
Competitive rivalry: Major players competing on brand, technology and customer experience resulting in intense competitive rivalry.
Key Takeaways
The North America vision care market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of vision disorders and growing geriatric population. The market size for 2023 is estimated to be US$ 6.44 Bn.
Regional analysis indicates that the U.S. is projected to dominate the regional market, owing to increasing adoption of vision correction devices and rising healthcare expenditure. Moreover, increased spending on vision care and growing awareness about vision health are propelling the growth of the Canada vision care market.
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. Major players focus on expanding their product offerings, acquisitions and collaborations to strengthen their foothold in the region.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.