An Incisive, In-depth Analysis on the North America Vision Care Market
This study offers a comprehensive, 360 degree analysis on the North America Vision Care market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global North America Vision Care market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Vision care is defined as the prevention or minimisation of threats to the eye or visual integrity. Vision care deals with both vision and eye related problems, and corrects refractive errors by prescription eyeglasses and contact lenses. With growing technology and population addicted to the digital world, vision care products are expected to grow in quality and quantity in the coming years. High investments from leading players of the market and constant research for improving the manufacture and supply process of eyeglasses, lenses, and other eye wear is clearly encouraging the sales in the market. In terms of revenue, the North America vision care market is projected to register a CAGR of 9.8% during the forecast period and is expected to be valued at US$ 100.72 Bn by the end of 2026.
An ageing population and increasing rate of chronic disorders in developed countries is expected to drive growth of the North America vision care market
Growth of the North America vision care market is primarily driven by increasing incidence of chronic diseases and a rise in the ageing population prone to eye disorders such as cataract, glaucoma, etc. The spread of hyperopia disorder is increasing at a significant rate in the elderly population. Around 50% of people aged above 65 years in the U.S. are suffering from hyperopic conditions. In addition, favourable reimbursement policies and increasing government support is expected to fuel market growth over the forecast period.
Increasing market share for vision care products from the mass retailers and e-commerce around the globe is owing to two major market drivers namely a rise in the number of eye infections and ever changing fashion statements leading to adoption of prescribed lenses, sunglasses, frames, advanced soft contact lenses, and digital lenses.
However, rise in the costs of eye surgery and treatment and a risk of infection and vision loss may hinder the market growth over the forecast period. Increasing disorder issues, complications during surgery, and diseases such as corneal ulcer are other factors expected to contribute reduced uptake of contact lenses (estimates of annual incidence in U.S range from 30,000 to 75,000). Corrective refractive surgery procedures (i.e. LASIK) is removing 500,000 patients annually from the 160 million vision correction population in the U.S. These factors are likely to restrict the growth of the North America vision care market over the forecast period.
By Product Type
By Distribution Channel
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Rx-lenses and Frames segments are expected to witness significant revenue growth during the forecast period
In terms of revenue share, the Rx-lenses product type segment dominated the North America vision care market in 2016 and is expected to dominate throughout the forecast period. The Rx-lenses segment is anticipated to be valued at US$ 18.6 Bn by 2016 end. The Contact Lenses and Frames segments are expected to witness relatively higher growth rates in terms of value in the North America vision care market over the forecast period.
Retail stores and E-commerce segments are anticipated to be valued at US$ 23.6 Bn and US$ 4.8 Bn respectively by 2016 end
Currently, the Retail segment accounts for a relatively higher revenue share, followed by the E-commerce segment. In terms of revenue share, the Retail segment dominated the North America vision care market in 2015 and is expected to dominate throughout the forecast period, registering a higher CAGR as compared to the E-commerce segment. The E-commerce segment is expected to witness relatively higher growth rates in terms of value in the North America vision care market over the forecast period. The Clinics segment is anticipated to be valued at US$ 7.3 Bn by 2016 end.
Both U.S. and Canada are expected to register a strong growth in the North America vision care market
In terms of value, U.S. is expected to be the dominant regional market by 2016 end and is expected to register a CAGR of 9.7% over the forecast period. Canada is also expected to be the fastest growing market in terms of revenue growth in the North America vision care market, registering a CAGR of 8.2% over the forecast period.
Key market players are consolidating their position in the market through mergers and acquisitions
Key players in the North America vision care market are Johnson & Johnson Vision Care Inc., Valeant Pharmaceuticals International Inc., Novartis AG, The Cooper Companies Inc., SynergEyes Inc., Luxottica, Essilor International, and ZEISS International. Major players in the market are increasingly entering into mergers and acquisitions to enhance their product portfolio, leverage market opportunities, and increase consumer base.
The report “Vision Care Market: North America Industry Analysis and Opportunity Assessment, 2016–2026” presents a 10-year forecast of the North America vision care market between 2016 and 2026. Our main objective is to offer insights on the advancements in the North America vision care market. Our comprehensive study demonstrates market dynamics that are expected to influence the current environment and future status of the North America vision care market over the forecast period (2016 – 2026). In this report, we have focussed on market performance and identified the drivers, restraints, and trends likely to influence the North America vision care market over the forecast period. We have also provided information on opportunities available for manufacturers and key players operating in the North America vision care market.
To assess market opportunities and to analyse market performance, we have divided the report into three categories based on market segmentation – by product type, by distribution channel, and by country – and have provided a comprehensive analysis of the North America vision care market in terms of market value and volume for the next 10 years. The report begins with an overview of the North America vision care market followed by an in-depth analysis of market dynamics and governing trends. The report discusses the market definition, followed by definitions of the different vision care product types. The market dynamics section includes our analysis of the key trends, drivers, restraints, opportunities, and macro-economic factors influencing the growth of the North America vision care market. The next section of the report analyses the market on the basis of distribution channel and presents a forecast in terms of value for the next 10 years. Next, the report analyses the market on the basis of countries and presents a comprehensive forecast in terms of value for the next 10 years.
In the final section of the report, we have included the North America vision care market competitive landscape to provide a dashboard view of key market players operating in the North America vision care market. We have also profiled the top market leaders and provided information on their short-term and long-term strategies, key offerings, and recent developments in the North America vision care market. This section also discusses the various factors shaping internal as well as external market competition.
While developing the market forecast, we have begun by sizing up the current market, which forms the basis for forecasting how the North America vision care market is anticipated to take shape during the forecast period. Given the characteristics of the market, we have triangulated the gathered data on the basis of various analyses based on both supply side and demand side drivers and various other dynamics of the North America vision care market.
Also, it is important to note that we have conducted the market forecasts not only in terms of CAGR, but we have also analysed the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities in the North America vision care market. The segments and sub-segments of the North America vision care market have also been analysed in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important to identify the many key trends governing the North America vision care market.
Another useful feature of our report on the North America vision care market is an analysis of all segments in terms of absolute dollar opportunity, usually overlooked while forecasting the market. Absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales perspective in the North America vision care market. Further, in order to understand key growth segments in terms of their growth and performance in the North America vision care market, we have developed a market attractiveness index to help providers identify real market opportunities.
Vision Care Market Reports - Table of Contents
1. Executive Summary
7. Assumptions and Acronyms Used
8. Research Methodology