The Current State of the Optical Industry

May 5, 2019

Year after year, the optical industry achieves tremendous growth. According to Statistica, annual growth in the global eyewear market is expected to be robust over the next five years. Shifting consumer megatrends, transforming market structures and technological innovations are key drivers of this growth. Aging is one of the most significant global demographic factors impacting eye care. Additionally, increasing screen time among younger demographics may cause more serious issues than previously thought, supporting the need for preventive eye care.

Current data includes:

• By 2024, the global vision care market is expected to reach around $210.8 billion*
• The eyewear market in the United States achieved more than $32 million in 2019 and is expected to grow annually by 1.3%**
• The average eyewear revenue per person in the U.S. amounts to $98.12 in 2019**

MORE NEED AND AWARENESS

While a variety of factors impact growth in the optical industry, there are a few reasons for the rise in demand. More people are purchasing prescription sunglasses, and there are more genetic and environmental factors impacting how people see. The increase of technology usage, such as the popularity of smartphones, has been shown to negatively impact eyesight. There has been a noticeable rise in awareness among individuals surrounding the importance of eye checkups. This means that more people are aware of the need to protect their eyes, and many are being diagnosed with optical deficiencies, driving the need for more optical purchases.

AFFORDABLE, CONVENIENT EYE CARE ATTRACTS PATIENTS

As the optical market grows, eye exam and eyewear costs tend to decrease to keep up with market demand. My Eyelab offers 2 pair of eyeglasses for $59 and includes a free eye exam! With an increased focus on affordable, convenient eye care services and products, optical businesses like My Eyelab are adjusting their price points to meet customer demand. That’s why My Eyelab offers low prices on exams and eyewear while maintaining low costs.

Also, telehealth makes a difference in the growing number of available optometry businesses for sale. Consumers can now connect with optical professionals and consultants on screen. With a few easy clicks, they can easily order the appropriate eyewear to suit their needs and budget.

OWN A MY EYELAB FRANCHISE

Take advantage of this lucrative and fast-growing market. Become a My Eyelab franchisee. Contact My Eyelab today!