US Eye Care Market to Witness Robust Growth through 2025
Surge in aging population
and increasing awareness towards eye health to drive United States eye care
market
According
to TechSci Research report, “United States Eye Care Market By Product Type
(Eyeglasses, Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating
(Anti-Glare, Anti-Reflecting, Others), By Lens Material (Normal Glass,
Polycarbonate, Trivex, Others), By End User (Hospitals, Specialty Clinics,
Others), By Region, Forecast & Opportunities, 2025”, the market is expected to undergo significant CAGR until
2025 owing to increasing demand of eye care products from aging population base,
which is highly prone to one or more eye related diseases and issues. United
States government’s effort on providing best healthcare facilities and focus of
various health organizations to spread awareness about eye health are some key
factors supporting the growth of eye care market in the country. Additionally, increasing
prevalence of ocular infections, dry eye and glaucoma in the country is further
accelerating the demand for eye care products as a preventive healthcare
treatment. United State also provides for favorable reimbursement for cataract
surgery and is witnessing increasing inclination of consumers towards eye care
products, which is expected to drive the eye care market growth in the coming
years.
Additionally, increasing usage of electronic devices
including smartphones has led to eye disorders in people of all ages across the
country. This has spiked the demand for eye care products such as corrective
eyewear and contact lens. Furthermore, unhealthy lifestyles and spike in
diabetes are spurring the demand for eye care products. Manufacturers are also
introducing new generation eye care products like new-age contact lenses, which
are made up of high-quality material like silicone hydrogel, which is
anticipated to fuel the market growth during the forecast period.
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The United
States eye care market is segmented based on product type, coating, lens
material, distribution channel and region. Based on product type, the market is
segmented into eyeglasses, contact lens, intraocular lens, eye drops and
others. Among them, the eyeglasses segment, particularly corrective eyewear witnessed
high growth in 2019 and is expected to further dominate the market until 2025
owing to the growing number of people suffering from myopia and hypermetropia. According
to the latest report of American Optometric Association (AOA), over 200.0
million Americans use a vision-correction device.
Based
on distribution channel, the United States eye care market is segmented into
retail stores, e-commerce, clinics and hospitals. Here, the e-commerce segment
is expected to witness fastest growth during the forecast period owing to the
growing preference of consumers to shop online as majority of these websites
offer huge discounts, free home delivery and virtual look check of the product.
The hassle-less shopping experience and availability of variety of products to
choose from are leading to huge growth opportunities for e-commerce sites
operating in United States.
Major players operating in the United
States eye care market include Alcon Inc, Allergan Inc, Novartis
Pharmaceuticals Corp, Essilor of America, Inc, Johnson and Johnson Vision Care
Inc, Hoya Corp Inc, Bausch and Lomb Inc, F.Hoffmann-La Roche, Abbott Medical
Optics Inc, CopperVision Inc, Merck & Co. Inc, Pfizer Inc., Luxottica USA
Inc. and Valeant Pharmaceuticals. The companies are investing on launching new
and innovative products to enhance their product portfolio. They are also
undergoing partnerships with optometrists and other health organizations to
promote their new products and spread awareness about eye care.
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“United
States is witnessing higher adoption of vision care products as a result of
growing awareness about eye health and high per capita disposable income. Additionally,
U.S. Food and Drug Administration (FDA) is increasingly working on approval of
new eye care products such as intraocular lens, which is a major boost for budding
manufacturers. Also, availability of vast range of products is compelling
consumers to adopt eye care products,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“United States Eye Care Market By Product Type (Eyeglasses,
Contact Lens, Intraocular Lens, Eye Drops, Others), By Coating (Anti-Glare,
Anti reflecting, Others), By Lens Material (Normal Glass, Polycarbonate,
Trivex, Others), By End User (Hospitals, Specialty Clinics, Others), By Region,
Forecast & Opportunities, 2025” has
evaluated the future growth potential of United States eye care market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in United States eye care market.
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