Market Challenges And Opportunities

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 Trend s

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.