Vision Care Industry Statistics
Global vision care has never been bigger. It currently exceeds $70 billion worldwide and over $36 billion in the US alone. Why has it just exploded in the last decade? Simple. An aging global population is its number one driver. It brings an increased incidence of age-related eye diseases such as cataracts.
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There is also a rise in corrective eyewear as glasses have become fashionable again. If these are the statistics you are looking for to improve your marketing efforts, then hold on as we explore vision care.
Overview of vision care
Over 11 million children in the US need some type of corrective eyewear. Statistics like these show the expansiveness of the industry, which is only increasing every year. If we look at our predecessors, humans are now growing older and are exposed to elements damaging our eyesight, such as screens. Estimates that the number of blind and visually impaired individuals could double by 2030 sounds pretty accurate.
Common vision disorders and diseases
Before we look at the statistics for products and the numbers for the market, here is a quick breakdown of the common issues that are found in this sector.
- Refractive Errors: Anything from nearsightedness (myopia) and farsightedness (hyperopia) are included in this category. It is one of the most common issues and can be resolved with corrective lenses and refractive surgery.
- Cataracts: Due to an increase in aging individuals, cataracts are fast becoming the most common eye issue. It is caused by a clouding over the eye’s lens. Surgery is required to remove it.
- Age-Related Macular Degeneration (AMD): Another age-related issue that is on the rise for people aged 50 and older. There is no cure for this condition, but treatment can slow it down.
- Diabetic Retinopathy: 11.3% of the US population have diabetes. This translates to a total of 37.3 million people. Diabetic retinopathy is a complication of diabetes that comes from damage to the blood vessels.
Vision care products and services
Key statistics for vision care products and services are:
- Over 150 million Americans rely on some form of eyewear.
- $ 21 billion are spent by the public on frames, lenses and contacts.
- Over 16 million individuals have had laser eye surgery since 2000 accounting for another $2 billion.
Optometrists are experiencing a steady growth rate of 1% professional increase annually. Currently, there are 48,000 full-time optometrists in the US. While they are increasing, ophthalmologists remain constant at roughly 16,000 professionals.
An aging population has created more demand for medical eye care services. In 2016, individuals over 65 were only about 15% of the US population. It is projected that by 2030, this will increase to 21%. What does 21% look like? A total of 73.1 million people.
For eye care, this means 93% annual utilization rates, compared to 53% for the 16 to 65 age group. In numbers, it is 15 million more eye exams.
The market sector for vision care
Statistics for the eye care market at a glance:
- Current trajectory growth with a compound annual rate of 7.2%
- The market is valued at approximately $89.6 billion as of 2023
- These projections indicate an increase of reaching $178 billion by the end of 2023
The Global Market
North America and Europe are currently dominating the market due to the following factors:
- They have high levels of disposable incomes
- Well-established healthcare infrastructure
- Heightened awareness of eye health and maintenance
The Asia-Pacific region is emerging as the fastest-growing market. They are fueled by trends such as escalating healthcare spending. In time, this region might become an influential player.
Get more insights and useful vision care statistics with WebFX
Staying ahead with the latest industry data and marketing trends can help your business maintain relevance. Expert guidance from WebFX can give you decades of experience to get this knowledge. We have a track record of measurable success and provide a top-tier marketing service.
Vision care providers can expect us to connect them with their target market and reach their expectations. We have a reputation for driving outcomes for our clients and we would love to do it for your company.
To find out more about how we can reach your goals, contact us online or call us at 888-256-9118 to speak with one of our available strategists.
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