Optical markets continue slow growth
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Eyeglasses accounted for the largest share of vision correction at 55.6% of sales from June 2016 to June 2017, according to a press release from the Vision Council.
The VisionWatch report also showed growth across other areas of eye care as well:
Contact lenses revenue increased by 3.1% to $4.89 billion, with number of lenses purchased up 1.9%.
Sunglasses revenue increased by 1.9% to $4.21 billion.
Over the counter readers revenue increased by 0.7% to $885 million.
About 115 million adult eye exams were performed.
Independent optical outlets also showed growth, generating $18.3 billion in revenue over the past year and up 0.4% in dollar revenues. Sales of eyeglass lenses and frames make up most of the revenue, but eye exams are responsible for $4.22 billion.
Primary Care Optometry News Editorial Board member and private practitioner Karen F. Perry, OD, FAAO, commented on this report.
“Despite competition from optical retailers and trends in evolving online technology, independent eye care providers (ECPs) show stronger growth (0.4% over the past year) than the overall vision care industry (0.2% over the past quarter),” she said. “Although this is lower-than-expected revenue growth against the current markets, independent ECPs are strong in their ability to gain the loyalty and trust of the growing Baby Boomer segment by offering eye care services not available with online technology or through e-commerce.
“Doctor alliance groups tend to show greater increases year over year compared to the optical industry on average,” she continued, “partly due to volume discounts, marketing strategies, medical model and increasing optical sale initiatives. These include embracing the latest in technology, such as specialty multifocal contact lenses, scleral lenses and revenue-driving daily disposables. Specialty progressive lenses promote revenue at premium prices for premium quality – options not easily offered by lower end competitors.” – by Nancy Hemphill, ELS, FAAO, and Cassie Homer
Disclosure: Perry is a member of the PCON Editorial Board and Compulink’s director of professional relations and training.