North America Vision Care Market, by Product Type (Rx-Lenses, Frames, Contact Lenses, Non Rx-Sunglasses, Reading Glasses, Contact Lenses Solutions) By Distribution Channel (Retail Stores, E-Commerce, Clinics Hospitals), and by Country (U.S., Canada) 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), as highlighted in a new report published by Coherent Market Insights.
The advent of an increasing geriatric population and increasing vision-paired disorders is expected to provide lucrative growth opportunities for players. Thus, key market players are focused on adopting growth strategies such as partnerships, which will drive the North America Vision Care market. For example, in October 2022, VSP Vision, a vision care health insurance company, announced the acquisition of Professional Eye Care Associates of America (PECAA), a community of independent eye care professionals from Nautic Partners. PECAA looks forward to collaborating with VSP to deliver exclusive value, greater choice, and unmatched support to independent eye care professionals.
North America Vision Care Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a significant and immediate impact on vision care. Concerns have naturally turned away from non-fatal illnesses that only cause morbidity or disability, including eye disorders, due to the highly contagious nature, hospitalization rates, and mortality rates linked with COVID-19. COVID-19 has radically changed ophthalmic clinical practice at every level with the suspension or delay of optometric, medical, surgical, screening, and clinical trial activities. The necessity to balance patients immediate and long-term eye health requirements with the possibility that they will develop potentially fatal COVID-19 problems has had a big impact on eye services. For instance, in
North America Vision Care Market: Key Developments
Major players in the market are focused on product approval and launch to expand their product portfolio, which is expected to boost the growth of North America vision cancer market over the forecast period. For Instance, in July 2020, Hoya, which is a global optical technology innovation and a manufacturer of high-quality, high-performing eyeglass lenses, launches the latest light reactive technology. Sensity Fast is one of the fastest light reactive lenses, rapidly changing from dark to clear, eliminating that awkward in-between period that most other lenses have. Patients will enjoy a seamless experience moving from outdoors to indoors.
For instance, in January 2020, Mojo Vision Inc., a manufacturer of micro-LED technology lenses, announced that it is developed the Mojo Lens, the world’s first true smart contact lens which provides digital information to the wearer's retina while being connected to the surroundings.
For instance, in November 2020, Alcon, a pharmaceutical and medical device company, announced the continued momentum of its PRECISION1 one-day, silicone hydrogel contact lenses following strong reception by the U.S. Eye Care Professional (ECP) community.
In April 2022, Alcon, a pharmaceutical and medical device company, announced the launch of PRECISION1 for Astigmatism in Canada. The daily disposable, silicone hydrogel (SiHy) contact lenses are designed for astigmatic patients, continuing Alcon's mission to help people see brilliantly. PRECISION1 for Astigmatism, born from the water gradient technology of DAILIES TOTAL1, features the proven PRECISION BALANCE lens design for a stable lens-wearing experience.
Browse 30 Market Data Tables and 23 Figures spread through 120 Pages and in-depth TOC on “North America Vision Care Market”- Forecast to 2030, North America Vision Care Market, by Product (Rx-Lenses, Frames, Contact Lenses, Non Rx-Sunglasses, Reading Glasses, Contact Lenses Solutions) By Distribution Channel (Retail Stores, E-Commerce, Clinics Hospitals), and by Country (U.S., Canada).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/north-america-vision-care-market-3525
Key Takeaways of the North America Vision Care Market:
- The North America Vision Care market is expected to exhibit a CAGR of 4.5% during the forecast period. The collaboration with emerging key players offers lucrative growth opportunities for players in the North America Vision Care market. Over the course of the projected period, rising cataract prevalence is anticipated to drive market expansion in North America. Additionally, a growing geriatric population is anticipated to support market expansion. The market expansion of vision care products and equipment is impacted by people's lack of awareness of eye disorders such as glaucoma, macular degeneration, and others. For instance, in February 2020, Midwest Vision Partners, the people-focused integrated eye care platform whose goal is to partner with world-class ophthalmologists and optometrists to build the leading platform in the Midwest region partnered with Rosenbaum Eye & Laser Centre and its vision correction centre, Michigan Laser Eye Associates to offer medical and surgical eye care services.
- Among Distribution, the Hospital segment is expected to grow in the North America vision care market over the forecast period. For instance, in July 2022 Aequus Pharmaceuticals, Inc., a pharmaceutical company announced an exclusive distribution agreement with SCOPE Ophthalmic an European based eye care company with a focus on preservative-free therapies in ophthalmology. Under the distribution agreement, Aequus receive the Canadian commercial rights to 10 unique products of SCOPE’s portfolio of over-the-counter ophthalmology products including the OPTASE range of preservative-free dry eye products.
- Major players operating in the North America Vision Care market include 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.
