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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 involves products that help improve vision or treat eye diseases and injuries. This includes eyeglasses, contact lenses, solutions and inserts. Growing awareness about eye health and availability of advanced vision correction treatments are major factors contributing to the growth of this market. Increasing incidence of lifestyle diseases such as diabetes that can damage vision is another driver. Additionally, rising geriatric population who are prone to age-related eye issues also presents an opportunity in this market.
Market Dynamics:
A key driver for the North America vision care market is the rising adoption of customized vision correction options such as lens implants and refractive surgeries. Advancements in technologies such as LASIK and newer laser treatments have made vision correction highly effective and less invasive. This is encouraging more patients to opt for such procedures. Another driver is the increasing focus on preventive eye care. Growing health insurance coverage for vision correction in the region promotes regular eye checkups. This helps detect emerging issues in early stages. Additionally, rising income levels allow consumers to spend more on advanced vision care products and services. All these factors are expected to boost the growth of the North America vision care market over the forecast period.
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Segment Analysis
The North America vision care market is dominated by the contact lens segment which holds around 50% of the total market share. Contact lenses are preferred choice for vision correction among millennials and generation Z consumers in the region due to better comfort, convenience and style. The demand for contact lenses is further increasing with the rising trend of colored contact lenses among young population for aesthetics purpose.
PEST Analysis
Political: The vision care market is regulated by regulatory bodies like FDA which ensures the safety and efficacy of vision care products through approval process and guidelines.
Economic: High disposable incomes and rising health insurance coverage in major economies like US and Canada is fueling the demand for advanced vision care products in the region.
Social: Growing aesthetic consciousness and adapting western lifestyle has increased the adoption of contact lenses and vision correction surgeries for better appearance.
Technological: Introduction of novel technologies like multifocal contact lenses, lens material innovations and advances in LASIK surgeries are supporting the market growth.
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 among geriatric population and growing myopia cases among children. The market size for 2023 is estimated to be US$ 6.44 Bn.
Regional analysis
The US holds the major share of over 80% in the North America vision care market due to large consumer base, availability of advanced products and high adoption of vision correction treatments. Canada is the fastest growing market in the region attributed to improving public healthcare systems and rising healthcare investments.
Key players
Key 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. Players are focused on new product launches, collaborations and mergers to strengthen their market position.
