Vision care market declines despite revenue growth in contact lenses
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The contact lens market was the only major optical market to grow, generating $4.42 billion in revenue for a 1.1% year-over-year increase despite an overall vision care market decrease of 14.2%, according to the Vision Council’s VisionWatch report.
“As 2020 comes to a close, the results of the Q3 reports reflect the many challenges faced by the vision care market this year in light of the COVID-19 pandemic,” Steve Kodey, senior director of industry research at The Vision Council, said in a press release. The Q3 report reflects data gathered from September 2019 to September 2020.
According to Kodey, frame unit sales also grew by 3.5% during that period, an increase that he said, “seems to reflect a change in consumer behavior as consumers were able to follow through with purchases that were postponed during the first and second quarter.”
Independent eye care providers, which make up the largest portion of the vision care community, saw a 13.2% decline in sales since September 2019, according to the report. However, the number of patients who made purchases after an eye exam from an independent eye care provider increased by 5% since March 2020.
Consumer behavior patterns will likely continue to be impacted. The release said about 4.8 million adults lost managed vision care insurance coverage, a decrease of about 3.7%.
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