Vision Council values optical industry at more than $65 billion in 2023
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Key takeaways:
- The Vision Council estimated the optical market’s value at $65.6 billion for 2023.
- The council reported there are about 44,850 brick and mortar optical retail locations in the U.S.
The Vision Council has released data valuing the optical market at $65.6 billion for 2023, indicating growth in the volume of eye exams and prescription eye care products sold.
According to a Vision Council press release, the organization’s Market inSights 2023 report — which pools data on consumer spending, patient billing and payment, optical retail locations and a consumer survey program — revealed there are about 44,850 brick and mortar optical retail locations in the U.S., and that 93% of U.S. adults wear some form of eye wear.
The report also revised market estimates for 2021 and 2022, adjusting the combined value of prescription and nonprescription markets to $45.9 billion and $17.6 billion, respectively, in 2022. The contact lens market value was adjusted to $10.94 billion.
“By issuing our market data estimates and forecasts across specific categories — including exams, frames, lenses, contact lenses, plano sunglasses and readers — The Vision Council is providing the industry with insights and sales trends to make informed business decisions and serve customer wants and needs,” Alysse Henkel, the council’s vice president of research and inSights, said in the release.
In addition, the council released its fourth-quarter Consumer inSights report, which showed that annual exams were up by about 4 percentage points for younger generations compared with the previous quarter, and that consumers are more frequently purchasing prescriptions that cost less than $100 out of pocket.
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