Vision care is concerned with the prevention of or the reduction of any risk to the eyes or the integrity of vision. The market for vision care in North America includes an in-depth examination of a variety of topics, including market size and an overview of market segments including Rx lenses, frames, non-Rx sunglasses, contact lenses, readers, and contact lens solutions.
By the end of the year 2027, it is anticipated that the market for vision care in North America would account for a value of 110,648.3 million United States dollars.
North America Vision Care Market: Drivers
The rising incidence of cataracts is anticipated to be a primary driver of growth in the eye care market in North America over the course of the projected period. For instance, the number of individuals in the United States who have cataracts is predicted to reach 50 million in the year 2050, according to forecasts made by the National Eye Institute.
A further factor that is anticipated to contribute to the expansion of the market is the growing elderly population. For example, projections made by the United States Census Bureau indicate that the number of elderly people living in the United States would reach 77 million by the year 2035.
In 2019, the United States had the dominating position in the North American market for vision care, accounting for 88.7% of the market share in terms of volume. Canada was in second place.
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North America Vision Care Market: Restraints
It is anticipated that constraints on business practices and an adverse environment regarding insurance would impede the expansion of the industry. Because of employment regulations, unlicensed individuals and businesses are not permitted to hire optometrists. In addition, optometrists are unable to grow their businesses by adding new offices since branch office limitations hinder them from doing so. Under the terms of the Affordable Care Act, consumers do not receive complete coverage for vision insurance (ACA). On the other hand, the Affordable Care Act extends coverage to include pediatric vision treatment beyond vision screening.
In addition, the expanding use of e-commerce in business is anticipated to obstruct the development of independent optometry practices in the market, which will, in turn, obstruct the development of the market to a certain extent.
North America Vision Care Market: Opportunities
It is anticipated that market participants would have access to lucrative growth prospects if there is an increase in the number of individuals who are covered by health insurance.
In addition, people living in rural regions and those with lower incomes are at a greater risk for visual impairments in the United States than those who reside in metropolitan areas. As a result, market participants can concentrate their efforts on broadening their geographical presence in order to increase their market share.
The Rx-Lenses section of the North American vision care market had a value of US$ 23,914.0 Mn in 2019 and is projected to reach US$ 52,170.0 Mn by 2027 at a CAGR of XX% during the forecast period. In other words, the segment’s valuation in 2019 was 23.914.0 Mn dollars.
Market Trends/Key Takeaways
The expansion of the market is being fueled by the growing acceptance of eye care across various social media platforms in the form of reviews. On numerous social media sites including Pinterest, Facebook, Youtube, Instagram, and SnapChat, customers discuss their experiences with various vision care products.
Partnership tactics are becoming increasingly popular among market participants as a means to increase their overall market share. For instance, Midwest Vision Partners entered into a partnership with Rosenbaum Eye & Laser Center and its vision correction clinic, Michigan Laser Eye Associates, in February of 2020 in order to provide services in the areas of medical and surgical eye care.
North America Vision Care Market: Competitive Landscape
The leading companies in the North American vision care market are Novartis AG, CooperVision, Inc., Johnson and Johnson Vision Care Inc., Valeant Pharmaceuticals International, Inc., SynergEyes, Inc., ZEISS International, Essilor International, and Luxottica. Other major players include Valeant Pharmaceuticals International, Inc. and SynergEyes, Inc.
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North America Vision Care Market: Key Developments
In order to broaden their product offerings, the major market participants are concentrating their efforts on the approval and introduction of new products. For instance, the United States Food and Drug Administration (FDA) granted permission to CooperVision in November 2019 for their MiSight 1 day contact lens, which is intended to decrease the progression of myopia in children 8-12 years old.
To broaden their offerings, industry participants are also concentrating their efforts on the introduction of intelligent contact lenses. For instance, in January of 2020, Mojo Vision made the announcement that the company is working on the Mojo Lens, which will be the first real smart contact lens ever created.
|The market size value in 2023|
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of North America Vision Care Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global North America Vision Care Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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