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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