Using modern research infrastructure, updated data sources, advanced analytics and a refined methodology, the Market inSights 2023 report estimates that the optical market is valued at $65.6 billion, demonstrating growth in the volume of eye exams and prescription eye care products sold, with a slight increase in sales compared to 2022. The Vision Council released this data on Jan. 23, 2024.
The 2023 market estimates are based on a variety of newly incorporated and updated data sources, including consumer retail expenditure data, patient billing and payment data and optical retail location data, along with an updated consumer survey program. Market estimates for 2021 and 2022 have been updated.
Vice President, Research & inSights at The Vision Council, Alysse Henkel, says, “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.”
2023 Key Takeaways
- The total optical market value for 2023 is $65.6 billion.
- There are about 44,850 brick and mortar optical retail locations in the U.S.
- 93% of adults in the U.S. regularly wear some form of eyewear.
Updated Market Estimates for 2021 and 2022
- The combined value of the prescription markets has been adjusted to $45.9 billion in 2022 after new data was added with methodology and survey adjustments.
- The combined value of the non-prescription markets has been adjusted to $17.6 billion in 2022.
- Contact lens market value has been revised to $10.94 billion in 2022.
The Vision Council also unveiled Consumer inSights Q4 2023, offering an in-depth look into U.S. consumers’ opinions and habits concerning vision correction, managed vision care, eye exams, prescription eyewear, reading glasses and plano sunglasses.
Consumer inSights Q4 2023 Highlights
- Annual exams were up by about four percentage points for younger generations in Q4 of 2023, compared to the previous quarter.
- Consumers are more frequently purchasing prescription eyewear that costs less than $100 out of pocket, compared to a year ago, while fewer consumers are spending more than $200 out of pocket for their prescription glasses.
- Most consumers who wear non-prescription sunglasses purchase a new pair about once every nine months.
This report sources its comprehensive data from The Vision Council’s most recent consumer survey, which engaged over 15,000 participants, representative of the U.S. adult population, during the fourth quarter of 2023.
Both full reports are available in The Vision Council’s Research Download Center as a complimentary download for members of The Vision Council, with a paid option for non-members to download. Detailed demographic data is also available in a special Market inSights+ edition.
The Vision Council’s Research and Analytics team will also present the findings from Market inSights 2023 during a webinar on February 8, 2024, at 4 p.m. ET. The session will include a presentation of the research findings as well as Q&A. Members of The Vision Council can register to attend here.
