Focusing on Success: North America Vision Care Market's Striking 9.8% CAGR Journey Towards US$ 100.72 Billion by 2026

Future Market Insights delivers key insights on the North America Vision Care Market in a new publication titled Significant Capital Infusions from Key Industry Participants and Ongoing R&D Initiatives to Enhance Eyeglasses, Lenses, and Optical Products Manufacturing Processes are Bolstering Market Demand. Anticipated to achieve a growth rate of 9.8% throughout the projection period, the North American vision care sector is on track to achieve a substantial valuation of approximately US$ 100.72 Billion by the culmination of 2026.

According to Future Market Insights analysts, factors such as the rising prevalence of eye diseases leading to eye surgery procedures, an increasing geriatric population, and the introduction of new and advanced vision care products are major factors expected to fuel the revenue growth of the North America vision care market over the forecast period. Economic factors such as growing healthcare expenditure, increasing disposable income per capita, rising government support in developed economies, and favorable reimbursement policies are also expected to boost the growth of the North American vision care market over the forecast period. However, a rise in the costs of eye surgery and treatment and a risk of infection and vision loss may hinder the growth of the North American vision care market over the forecast period.

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Sales of vision care services have remained quite healthy in the U.S. market in recent years, making North America the most lucrative market globally. The North American vision care market revenue accounted to be US$ 37.1 Bn in 2015, with the U.S. accounting for the majority of the revenue share.

Segmentation highlights

The North American vision care market can be broadly classified into six product segments - Rx lenses, frames, non-Rx sunglasses, contact lenses, readers, and contact lens solutions - each with different applications.

-By product, Rx lenses accounted for higher revenue share in North America as compared to other product segments
-The Frames product type segment accounted for the second largest revenue share followed by the contact lenses product segment in 2015. The contact lenses segment is expected to register the highest CAGR of 12.4% during the forecast period
-By distribution channel, the retail segment accounted for a higher revenue share in the North American vision care market as compared to other distribution channels
-The Retail segment is expected to reach a market valuation of US$ 60.6 Bn by 2026, reflecting a CAGR of 9.8% over the forecast period
-The E-commerce segment is also expanding at a higher rate in the overall North American vision care market. This segment is expected to reach US$ 18.9 Bn by the end of 2026, registering a CAGR of 3.8% over the forecast period

Vendor insights

Key players in the North American vision care market include Johnson & Johnson Vision Care Inc., Valeant Pharmaceuticals International Inc., Novartis AG, The Cooper Companies Inc., SynergEyes Inc., Luxottica, Essilor International, and ZEISS International. Major market players are adopting different strategies such as partnerships and acquisitions to maintain and expand their market share. Recently in January 2016, Valeant Pharmaceuticals expanded its specialty lens business with the addition of Alden Optical Laboratories Inc. In 2016, Essilor International reinforced its expansion with independent eye care professionals in the U.S. with the acquisition of Vision Source.

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Key SegmentBy Product Type

-Rx-Lenses
-Frames
-Contact Lenses
-Non-Rx Sunglasses
-Reading Glasses
-Contact Lens Solutions

By Distribution Channel

-Retail Stores
-E-Commerce
-Clinics
-Hospitals

By Country

-U.S.
-Canada

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.