Report : North America Vision Care Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type (Eye Glasses, Contact Lens, Intraocular Lens, and Others) and Distribution Channel (Retail Stores, E-Commerce, Clinics, and Hospitals)
Eye Glasses Segment to Dominate North America Vision Care Market During 2020–2027
According to a new market research study on “North America Vision Care Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Distribution Channel” is expected to reach US$ 37,836.73 million by 2027 from US$ 27,519.42 million in 2020. The market is estimated to grow at a CAGR of 4.7% from 2020 to 2027. The report provides trends prevailing in the North America vision care market along with the drivers and restraints pertaining to the market growth. Growing funds for eye care research and increasing prevalence of eye diseases are the major factor driving the growth of the North America vision care market. However, demerits associated with contact lens hinders the growth of North America vision care market.
In case of COVID-19, North America is highly affected specially the US. In the last several years, the world observed several viruses such as H1N1, SARS, and others. Though, the severity of the coronavirus made the condition more difficult. Coronavirus disease (COVID-19) is a contagious disease affected by a newly discovered coronavirus. The World Health Organization has already warned in its 2007 report that infectious diseases are rising at a rate that has not been seen earlier. Physical distancing measures were implemented widely to reduce transmission, with large-scale lockdowns currently in North American countries. Further to reduce the spread, clinic visits and elective surgeries have been cancelled. According to a survey by Alcon Canada, two-thirds of Canadian population requiring vision correction (66%) are spending more time on computer, tablet, or phone screens than they did before the pandemic, and nearly one-third (31%) feel their eyesight has gotten worse. Moreover, as per the study of 1,000 Canadians requiring vision correction conducted by research firm Leger estimated that one-third (34%) delayed getting new contact lenses while another third (33%) delayed getting new glasses and around 40% were uncomfortable for visiting their eye care clinics during the COVID pandemic. These factors are likely to have tremendous impact on the vision care market.
The North America vision care market is segmented based on product type, distribution channel, and country. Based on product type, the market is segmented into eye glasses, contact lens, intraocular lens, and others. The eye glasses segment dominated the market in 2019 and same segment is expected to be fastest growing during forecast period. Based on distribution channel, the market is segmented into retail stores, e-commerce, clinics, and hospitals. The retail stores segment dominated the market in 2019 and e-commerce segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.
Alcon Inc.; Bausch Health Companies Inc.; Carl Zeiss AG; Cooper Companies, Inc.; EssilorLuxottica SA; HOYA Corporation; Johnson and Johnson Services, Inc.; Menicon Co., Ltd.; Rayner Intraocular Lenses Limited; and RODENSTOCK GMBH are among the leading companies in the North America vision care market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Mojo Vision and Menicon entered into a joint development agreement. Mojo Vision is developing Mojo Lens, the first true smart contact lens.
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