|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
24.85 billion
|
|
CAGR
(2023-2028)
|
6.50%
|
|
Fastest
Growing Segment
|
E-commerce
|
|
Largest
Market
|
United
States
|
Market Overview
North America Eye Care Market has valued at USD 24.85
billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 6.50% through 2028. The North America Eye Care Market is
a dynamic and rapidly evolving sector within the broader healthcare industry.
Comprising the United States and Canada, this market is characterized by a
focus on the prevention, diagnosis, and treatment of various eye-related
conditions and vision impairments.
The North America Eye Care Market has consistently
demonstrated robust growth over the years. The market's expansion can be
attributed to several factors, including an aging population, increasing
awareness of eye health, technological advancements, and the growing demand for
vision correction procedures. This market's growth trajectory is further fueled
by innovations in diagnostic tools, pharmaceuticals, and surgical techniques.
Key Market Drivers
Technological Advancements: Pioneering Precision
and Convenience
In the realm of eye care, technological
advancements have proven to be a driving force like no other. These innovations
have not only improved the quality of care but have also enhanced patient
experiences.
LASIK (Laser-Assisted In Situ Keratomileusis) and
similar procedures have gained widespread popularity. These treatments utilize
laser technology to reshape the cornea, correcting refractive errors like
nearsightedness, farsightedness, and astigmatism. Patients who undergo LASIK
often experience rapid visual recovery and reduced dependence on glasses or
contact lenses, leading to an improved quality of life. In an era marked by
convenience and accessibility, telemedicine has transformed the way eye care is
delivered.
Patients can now connect with ophthalmologists and
optometrists remotely, allowing for timely consultations and follow-ups without
the need for in-person visits. Telemedicine has been particularly beneficial
for individuals in rural or underserved areas, ensuring they receive expert eye
care services.
Aging Population: The Silver Wave of Eye Care
Demand
The North American population is aging, and with
this demographic shift comes an increased demand for eye care services. Aging
individuals are more prone to various ocular conditions, which has led to a
substantial rise in patient numbers,
Conditions like cataracts, glaucoma, age-related
macular degeneration (AMD), and diabetic retinopathy become more prevalent with
age. As the baby boomer generation continues to age, the demand for treatments
and surgeries to manage these conditions is steadily increasing. Eye care
professionals are addressing these needs through early detection, innovative
treatments, and surgical interventions.
Lifestyle Factors: Navigating the Digital Age's
Impact
In our digital age, prolonged screen time and
increased exposure to digital devices have brought about a unique set of
challenges for eye health:
Digital eye strain, often referred to as CVS, is a
common concern among individuals who spend extended hours in front of
screens.Symptoms include eye fatigue, dryness, headaches, and blurred vision,
all of which have contributed to a heightened awareness of the importance of
regular eye check-ups. Eye care professionals now emphasize the adoption of
healthy screen-time habits and the use of specialized eyewear to mitigate
digital eye strain.
Innovative Pharmaceutical Solutions: Advancements
in Eye Disorder Treatments
Pharmaceutical companies have made significant
strides in developing medications and therapies to treat various eye disorders,
expanding the range of available treatment options:
Anti-VEGF (Vascular Endothelial Growth Factor)
injections have revolutionized the treatment of retinal diseases such as wet
age-related macular degeneration and diabetic macular edema. These injections
slow down or halt the abnormal growth of blood vessels in the retina,
preserving vision and improving patients' quality of life.
Ongoing research has led to the development of more
effective glaucoma medications and minimally invasive surgical procedures. These
advancements help manage intraocular pressure and slow the progression of
glaucoma, a leading cause of irreversible vision loss.
The North America Eye Care Market is thriving due
to a confluence of factors, including technological breakthroughs, an aging
population, the impact of digitalization, and continuous advancements in
pharmaceutical solutions. These drivers collectively contribute to the growth
and evolution of this vital healthcare sector, ensuring that individuals across
North America receive the best possible eye care and vision-related treatments.
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Key Market Challenges
Access Disparities and Healthcare Inequality
Unequal access to eye care services and healthcare
disparities represents a significant hurdle in the growth of the North America
Eye Care Market.
Access to quality eye care services varies widely
across North America, with rural and underserved communities often facing
limited options for eye examinations and treatments. The high cost of eye care,
including eye exams, vision correction surgeries, and specialized treatments,
can be a barrier for individuals without adequate insurance coverage or
financial resources.
Health disparities related to ethnicity and
socioeconomic status can result in unequal access to eye care, leading to
delayed diagnosis and treatment of eye conditions. Impact: Healthcare
inequality can hinder the market's growth by limiting the potential patient
base and preventing timely intervention for eye-related issues. Addressing
access disparities is crucial for ensuring equitable eye care for all.
Regulatory Challenges and Insurance Coverage
Complex regulatory frameworks and insurance
coverage issues can pose challenges for both eye care providers and
patients.
The eye care industry is subject to stringent
regulations, including licensing requirements, safety standards, and quality
assurance measures. Compliance with these regulations can be time-consuming and
costly for eye care practices. Insurance coverage for eye care services can be
inconsistent, with some policies covering routine eye exams while others may
not cover vision correction procedures like LASIK or specialty treatments.
Patients may face limitations in choosing eye care
providers based on their insurance networks, which can impact their access to
preferred specialists. Regulatory challenges and insurance limitations can
create administrative burdens for eye care providers and financial barriers for
patients seeking specialized treatments. These factors can slow down the growth
of the market by affecting the affordability and accessibility of eye care
services.
Workforce Shortages and Retention
The shortage of skilled eye care professionals and
challenges in retaining them can impede the expansion of the eye care market.
There is a growing shortage of ophthalmologists and
optometrists in certain regions, particularly in rural areas. This shortage
limits the availability of eye care services in underserved communities. Attracting
and retaining eye care professionals can be challenging due to factors like
high educational debt, demanding workloads, and the need for continuous
training to stay updated with evolving technologies and treatments.
Workforce burnout is a concern in the eye care
industry, as professionals often work long hours and handle a high volume of
patients, which can lead to decreased job satisfaction and retention
challenges. Workforce shortages and retention issues can hinder the growth of
the eye care market by limiting the capacity to meet increasing demand,
especially in areas with a limited number of eye care specialists. Addressing
these challenges is crucial for ensuring a sustainable and thriving eye care
sector in North America.
While the North America Eye Care Market has
witnessed substantial growth, it faces challenges related to access
disparities, regulatory complexities, insurance coverage, workforce shortages,
and retention. Overcoming these challenges is essential for ensuring that all
individuals have equal access to high-quality eye care services and for
sustaining the market's growth in the long term.
Key Market Trends
Teleophthalmology and Remote Eye Care Services
Teleophthalmology, the practice of providing eye
care services remotely through telecommunication technology, has witnessed
significant growth in North America.
Teleophthalmology enables patients to consult with
eye care specialists from the comfort of their homes, reducing the need for
in-person visits. Eye care professionals can conduct digital screenings and
examinations to assess visual acuity, detect eye diseases, and monitor
treatment progress.
Teleophthalmology addresses access disparities,
extending eye care services to rural and underserved areas where
ophthalmologists may be scarce. Patients can receive postoperative care
instructions and follow-ups through virtual consultations, improving the
overall patient experience. This trend enhances accessibility, convenience, and
efficiency in eye care, contributing to the growth of the market.
Teleophthalmology also aids in early disease detection and management.
Personalized Vision Correction Procedures
Personalized vision correction procedures have
gained prominence in the North America Eye Care Market, tailoring treatments to
individual patient needs.
Advanced technologies, such as wavefront-guided
LASIK, map the unique imperfections of each patient's cornea, allowing for
highly customized vision correction. Phakic intraocular lenses (IOLs) and
refractive lens exchange (RLE) offer personalized options for vision
correction, reducing or eliminating the need for glasses or contact lenses.
Photorefractive keratectomy (PRK) procedures are
guided by corneal topography, ensuring precise reshaping for optimal visual
outcomes. Personalized vision correction procedures provide improved visual
results and higher patient satisfaction. This trend attracts individuals
seeking tailored solutions, contributing to the market's growth.
Innovative Pharmaceuticals for Retinal Diseases
The development and adoption of innovative
pharmaceuticals for retinal diseases are reshaping the landscape of eye care
treatments.
Anti-VEGF (Vascular Endothelial Growth Factor)
drugs continue to evolve, with new formulations and delivery methods improving
the management of retinal diseases like wet age-related macular degeneration
(AMD). Research in gene therapies offers promising potential for treating
inherited retinal diseases by targeting specific genetic mutations.
Implantable drug delivery systems, such as
sustained-release implants, provide long-term treatment options for retinal
conditions, reducing the need for frequent injections. These innovative
pharmaceutical solutions have transformed the outlook for patients with retinal
diseases, preserving vision and improving their quality of life. This trend
drives both research and market growth.
The North America Eye Care Market is experiencing
significant trends such as teleophthalmology, personalized vision correction
procedures, and innovative pharmaceuticals for retinal diseases. These trends
reflect the industry's commitment to improving patient care, accessibility, and
treatment outcomes while fostering growth and innovation in the eye care
sector.
Segmental Insights
Product Type Insights
Based on the category of Product, the Eyeglasses
segment emerged as the dominant player in the North America market for Eye Care
in 2022. The high prevalence of refractive errors in
North America. Refractive errors are the most common eye condition in the
world, and they can cause blurry vision at near, far, or all distances.
Eyeglasses are a common and effective treatment for refractive errors.
The
increasing popularity of prescription sunglasses. Prescription sunglasses offer
the same vision correction as eyeglasses, but they also protect the eyes from
harmful UV rays. The growing demand for stylish and fashionable eyeglasses.
Eyeglasses are now seen as a fashion accessory, and there is a wide range of
styles available to suit all tastes. These factors are expected to drive the
growth of this segment.
Coating Insight
Based on the category of Coating, the Anti-Glare
segment emerged as the dominant player in the North America market for Eye Care
in 2022. The increasing demand for eyeglasses with anti-glare coating.
Anti-glare coating reduces reflections from the surface of the lenses, which
improves vision and makes it easier to see in low-light conditions.
The growing awareness of the benefits of anti-glare
coating. Anti-glare coating can also help to reduce eye strain and fatigue,
which is especially beneficial for people who spend a lot of time on computers
or other electronic devices. The increasing availability of anti-glare coating
on a variety of lens materials. Anti-glare coating is now available on most
lens materials, including polycarbonate, Trivex, and high-index lenses. These
factors are expected to drive the growth of this segment.
Lens Material
Based on the category of Lens, the Polycarbonate
segment emerged as the dominant player in the North America market for Eye Care
in 2022. Polycarbonate lenses are lightweight and impact-resistant, making them
a good choice for people with active lifestyles and children.
Polycarbonate lenses are also relatively
affordable, making them a good option for people on a budget. Polycarbonate
lenses are available in a variety of lens materials, including anti-reflective
coating, UV coating, and blue light blocking coating. These factors are
expected to drive the growth of this segment.
Distribution Channel Insights
The Retail stores segment is projected to
experience rapid growth during the forecast period. Retail stores offer a wide
variety of eye care products and services, including eyeglasses, contact
lenses, eye drops, and eye vitamins. Retail stores are conveniently located and
have flexible hours, making them easy for consumers to visit. Retail stores
offer a variety of price points to meet the needs of different consumers.
Retail stores often have sales and promotions on
eye care products and services. These factors collectively contribute to the
growth of this segment.
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Regional Insights
United States emerged as the dominant player in the
North America Eye Care market in 2022, holding the largest market share in
terms of value. The U.S. boasts one of the most
advanced healthcare infrastructures globally, with a vast network of eye care
clinics, hospitals, and specialized facilities. Access to state-of-the-art
diagnostic tools and treatment options is readily available, attracting
patients seeking top-tier eye care services. The U.S. is a hub for medical
research and innovation, including eye care. Leading institutions and
universities conduct groundbreaking research in ophthalmology, driving the
development of cutting-edge treatments and technologies. Collaboration between
academia and the private sector fosters continuous advancements in eye care. The
U.S. consistently ranks among the top countries in terms of healthcare
expenditure, including eye care. The willingness of patients and insurance
systems to invest in eye health contributes to the growth of the market. Competition
among eye care providers and medical facilities in the U.S. encourages the
adoption of the latest technologies and treatments to attract patients. The
competitive landscape drives ongoing improvements in service quality and
patient outcomes. The aging population in the U.S. has led to a surge in demand
for eye care services. With age-related eye conditions becoming more prevalent,
the market has experienced sustained growth.
The Canada market is poised to be
the fastest-growing market, offering lucrative growth opportunities for Eye
Care players during the forecast period. Factors such as Canada has been
proactive in raising awareness about eye health and preventive care. Public
health campaigns and educational initiatives have encouraged regular eye
check-ups and early detection of eye conditions. Canada has been expanding its
teleophthalmology services to reach remote and underserved areas. Telemedicine
initiatives ensure that patients across vast geographical areas have access to
eye care specialists. Government support for healthcare infrastructure and
investments in ophthalmology research contribute to market growth. Publicly
funded healthcare systems ensure that a significant portion of the population
can access eye care services. Similar to the United States, Canada is
experiencing an aging population. This
demographic shift is driving an increased demand for eye care services,
including cataract surgery and glaucoma management.
Recent Developments
- In September 2023: The new Sunglass Hut flagship
store is located in Times Square and features state-of-the-art technology and a
wide selection of sunglasses from over 200 brands.
- In September 2023, BHC's Bausch +
Lomb division announced the disclosure of historical and pro forma financial
information with respect to the acquisition of XIIDRA. The disclosure includes
information on XIIDRA's revenue, profitability, and cash flow.
- J&J Vision is investing in new technologies
such as AI and machine learning to improve the development of new products and
services. For example, the company is using AI to develop new contact lens
designs that can better meet the needs of patients with different eye
conditions.
Key Market Players
- Luxottica Retail North America
Inc.
- Bausch Health Companies, Inc.
- Johnson & Johnson Vision Care, Inc.
- Alcon Laboratories, Inc.
- Hoya Vision Care North America
- CopperVision Inc.
- Menicon America, Inc.
- AbbVie Inc.
- Carl Zeiss Meditec AG.
- F. Hoffmann-La Roche AG: Genentech, Inc
|
By Product Type
|
By Coating
|
By Lens Material
|
By Distribution Channel
|
By Region
|
- Eyeglasses
- Contact Lens
- Intraocular Lens
- Eye Drops
- Eye Vitamins
- Others
|
|
- Normal Glass
- Polycarbonate
- Trivex
- Others
|
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the North America Eye Care Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Eye Care Market, By Product Type:
o Eyeglasses
o Contact Lens
o Intraocular Lens
o Eye Drops
o Eye Vitamins
o Others
- Eye Care Market, By Coating:
o Anti-Glare
o UV
o Others
- Eye Care Market, By Lens Material:
o Normal Glass
o Polycarbonate
o Trivex
o Others
- Eye Care Market, By Distribution Channel:
o Retail Stores
o E-Commerce
o Clinics
o Hospitals
- Eye Care Market, By Region:
o United States
o Canada
o Mexico
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the North
America Eye Care Market.
Available Customizations:
North America Eye Care market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
North America Eye Care Market is an upcoming report
to be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]