NORTH AMERICA VISION CARE MARKET ANALYSIS

North America Vision Care MarketSize and Trends

The North America Vision Care market is estimated to be valued at US$ 6.44 Billion in 2023 and is expected to exhibit a CAGR of 4.5% during the forecast period (2023-2030).

North America Vision Care Market – Driver

Increase in geriatric population

Due to increase in the age of the population, it’s become difficult to focus on objects placed nearby generally called presbyopia which is common in geriatric populations. Increase in the prevalence of technological advancements like nanotechnology to measure eye pressure for treating retina-based problems and aiding patients in speedy recovery from glaucoma.

Increase in adoption of lenses and increasing eye problems in youth

The adoption of contact lenses has also been driven by the increasing accessibility of vision care products and services and due to the increased work load among the youth and constant sitting in front of the laptops, PC and mobiles led to an increase prevalence of eye problems. With the expansion of e-commerce and online retail, consumers now have more options to purchase contact lenses and other vision care products, which has made them more accessible and affordable.

Figure 2. North America Vision Care Market Value (US$ Billion), by Country 2023

North America Vision Care Market- Regional Analysis

Among Country, U.S. is estimated to hold a dominant position in the North America vision care market over the forecast period. U.S. is estimated to hold 88.7% of the market share. The growing prevalence of the geriatric population and vision disorders directly impacts the increased demand for the vision care market. For instance, in March 2023, Alcon, a pharmaceutical and medical device company, announced plans to launch TOTAL30 for Astigmatism, the first-and-only reusable contact lens with Water Gradient material for astigmatic contact lens wearers.

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.

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.

North America Vision Care Market Report Coverage