North America vision care service providers are increasingly investing in telehealth to support consultation and limited treatment operations for the duration of the pandemic.
The North America vision care market is expected to surpass a valuation of US$ 100 billion by the conclusion of the forecast period between 2016 and 2026. Lockdown restrictions imposed by governments across Canada and a number of states in the United States, coupled with guidelines to postpone non-urgent eye care cases has limited short term scope of growth. Recovery is likely to be steady towards 2021, with gradual relaxation of pandemic regulations in the region.
“The growth of the North American vision care services market can be attributed to the expanding population of patients suffering from conditions such as hyperopia, or myopia, many of whom are elderly. Also, spike in diabetes, poor lifestyle choices such as a constant exposure to electronic devices, will drive demand in the long term,” says the FMI analyst.
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North America Vision Care Market – Important Takeaways
- Optometrist vision care services in North America are witnessing fast growth, supported by state board regulations and better reimbursement coverage.
- Eyewear is projected to account for major revenue owing to a vast and growing range of options in terms of cost and design.
- Intraocular lens prescriptions are witnessing major growth in demand on the back of high number of cataract patients in the region.
North America Vision Care Market – Driving Factors
- Growing accessibility of eyewear such as spectacles and sunglasses from optician vision care services for functional and aesthetic value supports adoption.
- Efforts by market players into investing a number of distribution channels, for greater penetration particularly to rural areas is generating growth opportunities.
- Adoption of new eye care technologies such as laser ocular surgery devices contribute to market growth.
North America Vision Care Market – Leading Constraints
- Poor patient compliance, especially in rural areas is a major challenge for North American market players.
- Limited reimbursement options, especially in the United States hinders market growth prospects.
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Expected Impact on Market by Coronavirus Outbreak
The covid-19 outbreak is expected to pose challenges to players in the North American vision care services market. Healthcare professionals are forced to make significant changes to their operations to comply with social distancing rules. Demand for products in the eye care sector is likely to slump with postponement of appointments, coupled with prevailing economic uncertainties. Financial aid from governments for industry operators is likely reduce the impact of the crisis on the market in the short term. The risk of coronavirus transmission through eyes will remain a key concern in the months ahead.
Competition Landscape
Some of the top players operating in the North America vision care market are Zeiss International, Johnson & Johnson Vision Care Inc., Essilor International, Valeant Pharmaceuticals International Inc., Luxottica, Novartis AG, SynergEyesInc., and The Cooper Companies Inc.
Participants in the North America vision care market are investing in the awareness campaign for eye care and treatment options, to generate a larger potential consumer base in the region and to meet CSR objectives.
For instance, CooperVision has announced a social media and banner ads campaign promoting awarenss about the risks of digital eye strain. Alcon has set up a new program to showcase new innovations in terms of refractive and cataract surgery procedures. Further, Johnson & Johnson has launched a eye health campaign called Prioritize Your Eyes in the form of a webinar series.
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More on the Report
FMI provides in-depth insights on the North America vision care market. The market is segmented in terms of product type (Rx-lenses, frames, contact lenses, non-Rx sunglasses, reading glasses, and contact lenses solutions), and distribution channel (retail stores, e-commerce, clinics, and hospitals) across two countries (U.S. and Canada).
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