Dublin, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The "United States Vision Care Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
United States' Vision Care Market was valued at USD 9.18 billion in 2023, and is expected to reach USD 13.46 billion by 2029 with a CAGR of 6.76% during the forecast period.
The United States vision care market is a dynamic and expanding sector driven by several key factors. This market encompasses a broad range of products and services, including corrective lenses, contact lenses, eye exams, and surgical procedures. One of the primary growth factors is the increasing demand for vision correction due to a rise in eye-related conditions and disorders. According to data from the CDC, approximately 93 million adults in the United States are at high risk for significant vision loss, yet only half have consulted an eye care professional within the past 12 months. This is a critical issue, as early detection can often prevent or delay vision loss.
Additionally, the economic burden of major vision problems is projected to rise to $373 billion by 2050.With advancements in healthcare technology, there has been significant progress in both diagnostics and treatment options, enhancing the overall efficacy of vision care. The rising awareness about the importance of eye health and preventive care has led to more individuals seeking regular eye exams and timely interventions, contributing to market growth.
The market is characterized by a diverse range of players, from large multinational companies offering comprehensive vision care solutions to specialized firms focusing on niche products. This competitive landscape drives continuous innovation and improvement in vision care products and services. The market is experiencing growth due to favorable demographic trends, such as the aging population, which increases the prevalence of age-related eye conditions. The expansion of vision care insurance coverage has also made these services more accessible to a broader segment of the population, further fueling market demand.
The integration of advanced technologies, such as telemedicine and digital diagnostic tools, is also reshaping the market, providing new opportunities for both providers and consumers. These technological advancements enhance the convenience and accuracy of vision care, aligning with the growing consumer preference for efficient and effective solutions.
Key Market Drivers
- Increasing Prevalence of Eye Disorders
- Technological Advancements in Vision Care
- Growing Awareness and Preventive Care
Key Market Challenges
- Rising Cost of Vision Care
- Regulatory and Compliance Issues
Key Market Trends
- Expanding Vision Care Insurance Coverage
- Increased Use of Digital Devices
Regional Insights
In 2023, the Northeast region emerged as the dominant region in the United States vision care market. The Northeast region, which includes major metropolitan areas such as New York City, Boston, and Philadelphia, has a high population density and a significant concentration of healthcare facilities and vision care providers. The region's large urban centers are equipped with advanced medical infrastructure and specialized clinics, facilitating easy access to a wide range of vision care services. This extensive network of providers and facilities supports higher market penetration and adoption of vision care products.
The Northeast has a higher concentration of healthcare awareness and access compared to other regions. The prevalence of educational institutions and research facilities in this area contributes to increased awareness and emphasis on preventive eye care and advanced treatment options. This heightened awareness drives greater demand for comprehensive vision care services and products. The Northeast region benefits from a higher average income and insurance coverage, which supports the affordability and accessibility of vision care services. The presence of high-income households and comprehensive health insurance plans allows residents to invest in both routine and specialized vision care, including advanced technologies and premium products..
Key Market Players
- Rayner Surgical Inc.
- Alcon Vision LLC
- Carl Zeiss AG
- EssilorLuxottica
- Johnson & Johnson Services, Inc.
- Hoya Corporation USA
- Bausch + Lomb Corporation
- Cooper Companies, Inc.
- Menicon America, Inc.
- National Vision, Inc.
Report Scope
In this report, the United States Vision Care Market has been segmented into the following categories:
By Product:
- Prescription Glasses
- Contact Lens
- Intraocular Lens
- Others
By Distribution Channel:
- Retail Stores
- E-Commerce
- Clinics
- Hospitals
By Region:
- Northeast Region
- Midwest Region
- West Region
- South Region
Key Attributes
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $9.18 Billion |
| Forecasted Market Value (USD) by 2029 | $13.46 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | United States |
For more information about this report visit https://www.researchandmarkets.com/r/n7yml7
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