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United States Vision Care Market - Prescription Glasses and Contact Lens Lead, E-commerce Channel Exhibits Fastest Growth
Friday, August 11, 2023
DUBLIN, Aug. 3, 2023 /PRNewswire/ -- The "US Vision Care Market: Analysis By Product, By Distribution Channel, By Region, Trends and Forecast, to 2028" report has been added to ResearchAndMarkets.com's offering.
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The US vision care market was valued at US$24.35 billion in 2022. The market value is forecasted to grow to US$33.40 billion by 2028.
Rising consumer preference for branded eye care products, increasing cases of diabetes in the region, rapid adoption of electronic devices among children & working adults, wide availability of vision care products through various distribution channels, such as hospitals, clinics, retail, & online stores, increasing sedentary lifestyle and rising prevalence of vision-related ailments, such as cataracts, glaucoma, conjunctivitis, refractive errors, color blindness, amblyopia, and astigmatism, among different age groups in the US population, etc., have been positively contributing towards increased demand for vision care products.
Other significant factors are digitalization, strong logistics and supply chain network, highly developed healthcare infrastructure, favorable reimbursement policies by the government, increasing demand for lightweight, cost-effective, scratch resistant, & comfortable eyewear among individuals, and rising number of new product launches and innovations in the market by vision care companies to remain competitive in the market and strengthen their current portfolios. The market is anticipated to grow at a CAGR of approx. 5.41% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
-- By Product: The report provides the bifurcation of the market into four
segments on the basis of product: prescription glasses, contact lens,
intraocular lens, and others. The prescription is both the largest and
the fastest growing segment of the US vision care market owing to
increasing cases of myopia (nearsightedness) and hyperopia
(farsightedness), wide product offering of varying cost range provided
by local and online retailers, increasing demand for stylish and trendy
eye frames to complement personal style and fashion preferences, rising
adoption of high quality sunglasses as a result of increasing awareness
of ocular diseases caused by UVA and UVB rays, increasing demand for
bifocal and progressive reading eye glasses among older population and
added benefits associated with eye glasses in terms of non-invasiveness,
cost-effectiveness, low maintenance, and lower risk of eye infections
and allergies.
-- By Distribution Channel: The report provides the bifurcation of the
market into four segments based on distribution channel: retail stores,
e-commerce, clinics, and hospitals. The retail store is the largest
segment of the US vision care market owing to, rapidly expanding retail
sector, immediate purchasing experience provided by retail stores,
rising use of eye care products as fashion accessories, and added
benefits associated with retail stores in terms of personalized
assistance to customers, face-to-face consultations with opticians, and
provision of fitting and adjustment services.
-- E-commerce is the fastest growing segment of the US vision care market,
driven by increasing internet penetration, rapidly expanding e-commerce
sector, strong logistics and supply chain networks, and increasing
number of benefits offered by online channels in terms of discounts,
free home delivery, virtual try-on features, 24/7 accessibility, and
customer reviews and ratings for eye care products.
Market Dynamics:
-- Growth Drivers: Increasing electronic devices and media usage time is a
prominent growth driver of the US vision care market. Increasing visual
demand of modern occupation, ongoing digitalization of educational
systems, exponential growth of digital gadgets, and proliferation of
mobile applications, social media platforms and digital entertainment
options, are associated with reduced blink rate, increased risk of
myopia development and rising number of people experiencing eye related
problems such as asthenopia, computer vision syndrome (CVS), retinal
degeneration, etc., resulting in eye fatigue, dryness, blurred vision,
and itching, burning, and a gritty sensation. For instance, according to
the Vision Council, at least 60% of American men and 65% of American
women reported symptoms of CVS due to increasing use digital devices.
Therefore, increasing electronic devices and media usage time will
continue create a positive demand for vision care products and services.
Further, the US vision care market has been rapidly growing over the
past few years, due to factors such as growing geriatric population,
expanding retail e-commerce, increasing incidence of chronic diseases,
supportive government policies, growing incidence of vision impairment
disorders, etc.
-- Challenges: However, the market growth would be negatively impacted by
various challenges such as increase in the cases of eye infection due to
contact lenses, rising constraints on business practices, presence of
counterfeit products, etc. The most common problem associated with
contact lenses is dry eye syndrome as reduced tear film stability and
increased evaporation due to lens wear can cause dryness, irritation,
and discomfort. Also, lack of awareness and improper handling & poor
hygiene practices when using contact lenses can cause irritation,
increasing risk of eye infections such as bacterial keratitis and fungal
keratitis, and rise in likelihood of developing different forms of eye
allergies, leading to discomfort, vision impairment, and potential
long-term consequences to overall eyes. Therefore, increasing number of
cases of eye infections is expected to negatively impact the demand for
contact lenses in the country, impending the growth of the US vision
care market.
-- Trends: The market is projected to grow at a fast pace during the
forecasted period, due to various latest trends such as integration of
artificial intelligence (AI) and machine learning (ML), ongoing
advancements in vision care, growing awareness of UV rays related visual
impairment, increasing number of innovations and product launches in the
market, growing preference for daily disposable contact lenses
(single-use), shifting focus from eye care to lifelong personal vision
care, etc. Prolonged exposure to UV radiation, particularly UV-B and
UV-C rays can increase the risk of developing a number of eye diseases &
conditions, such as cataracts, macular degeneration, pterygium, and
photokeratitis etc., leading to vision impairment and in severe cases,
even blindness. UV rays exposure can also lead to premature aging of the
eyes, increased damage to the cornea and conjunctiva, and greater
susceptibility to glare, which can cause visual discomfort, enhanced
difficulty in seeing objects clearly, and reduced visual performance in
certain activities. Therefore, growing awareness of UV rays related
visual impairment has been positively to the growth of the US vision
care market over the forecasted period of 2023-2028.
Competitive Landscape:
The US vision care market is relatively fragmented with increasing number of regional and local players catering to the vision care demand. The major players are increasingly engage in various research & development activities and initiatives to deploy new and more efficient products in the market and gain larger market share. For instance, on January 18, 2023, CooperVision Specialty EyeCare announced the launch of company's pioneering digital fitting tool, Visavy (pronounced Vee-SAH-vee) at 2023 Global Specialty Lens Symposium (GSLS), where the easy-to-use, web-based fitting software incorporates topography-guided algorithms to assist the design and selection of Paragon CRT orthokeratology contact lenses for myopia management.
Key market players profiled in the report include:
-- Alcon Inc.
-- ZEISS Group
-- EssilorLuxottica SA (Essilor of America, Inc.)
-- Johnson & Johnson Inc. (Johnson & Johnson Vision)
-- HOYA Corporation
-- Bausch + Lomb Incorporated
-- Cooper Companies Inc. (CooperVision)
-- Menicon Co., Ltd.
-- National Vision Holdings, Inc.
-- Rayner Group
For more information about this report visit https://www.researchandmarkets.com/r/gx828f
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