Seeing clearly: The increasing elderly population will boost industry demand

Over the five years to 2018, the Eye Glasses and Contact Lens Stores industry has exhibited marginal growth as a result of robust consumer spending and an increasingly aging population. Rising per capita disposable income brought about by increasing corporate profit and below-average inflation has resulted in a strengthening consumer base. In addition, the long-term trend of an aging baby-boomer population has lifted the healthcare sector as a whole. In turn, this consumer segment has grown over the five-year period, supporting demand for prescription eye glasses. As a result of these trends, IBISWorld estimates industry revenue to increase over the five years to 2018...purchase to read more.

Industry Statistics & Market Size
Revenue
$12bn
Annual Growth 13-18
1.7%
Forecast Growth 18-23
Profit
Employment
86,030
Businesses
15,326

Industry Threats & Opportunities

  • In addition to a diverse clientele, this industry benefits from the essential nature of prescription eyewear
  • Many operators are employing in-house optometrists to differentiate themselves
  • Rising competition from other eyewear retailers will incite many stores to consolidate
  • Industry Report - Industry Key Buyers Chapter

    The Eye Glasses and Contact Lens Stores industry is characterized by a moderate level of market share concentration. Typical industry establishments employ fewer than 20 people, with a marginal proportion of companies employing one to five people. However, the industry's top four players collectively account for an estimated 54.4% of total industry revenue in 2018, with Luxottica Group SpA (Luxottica), the largest player, making up over a third of industry revenue. The level of concentration has steadily increased over the past five years, due, in part, to strong merger and acquisition activity.Despite the presence of a few large companies, such as Luxottica, the majority of the industry remains fragmented through small retail chains and independent locations. The...purchase to read more.

    Additional Insights for the Eye Glasses & Contact Lens Stores Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Eye Glasses & Contact Lens Stores Industry are

  • Ability to control stock on hand
  • Ability to franchise operations
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and Number of adults aged 50 and older in the Eye Glasses & Contact Lens Stores industry impact industry performance..

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    What's in this report

    What is the Eye Glasses & Contact Lens Stores Industry?

    Establishments in this industry sell eye glasses, contact lenses, sunglasses, safety eyewear and optical accessories. These retail stores may also provide fitting and lens processing services. The industry excludes the manufacture of lenses, online and mail-order retail of optical goods and sales at optometrists’ offices.

    Industry Products
  • Nonprescription eyewear
  • Eye examinations
  • Contact lenses
  • Prescription glasses
  • Other optical goods
  • Industry Activities
  • Prescription eye glass retailing
  • Contact lens retailing
  • Sunglass retailing
  • Optical accessories retailing
  • In-house lens processing
  • Lens grinding
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • Number of adults aged 50 and older
  • Percentage of households with at least one computer
  • Federal funding for Medicare and Medicaid
  • External competition for the Eye Glasses & Contact Lens Stores industry

  • Current Performance
  • High-end market
  • Consumer behavior
  • Industry landscape
  • Changing demographics
  • Chart: Revenue Growth

  • Industry Outlook
  • Industry structure
  • Vertically integrated industry operators
  • Pediatric eye care
  • Table: Eye Glasses & Contact Lens Stores Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Eye Glasses & Contact Lens Stores Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Glasses & Contact Lens Manufacturing
  • Glasses & Contacts Wholesaling
  • Optometrists

  • Products & Services
  • Prescription glasses
  • Nonprescription eyewear
  • Contact lenses
  • Other optical goods
  • Eye examinations
  • Chart: Eye Glasses & Contact Lens Stores Industry Products and Services Segmentation

  • Demand Determinants
  • Insurance benefits and disposable income
  • Product innovation

  • Major Markets
  • Direct patient payments
  • Government programs
  • VSPs
  • Self-directed vision plans
  • Private medical insurers
  • Other
  • Chart: Major Market Segmentation for the Eye Glasses & Contact Lens Stores Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Depreciation and other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Eye Glasses & Contact Lens Stores

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Eye Glasses & Contact Lens Stores Industry

  • Industry Globalization
    Luxottica Group SpA, National Vision Inc., Visionworks of America Inc.,
  • Table: Luxottica Group SpA - financial performance
  • Table: National Vision Inc. - financial performance
  • Table: Visionworks of America Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Eye Glasses & Contact Lens Stores Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Eye Glasses & Contact Lens Stores Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of adults over 50 years old (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Astigmatism
  • An eye condition that causes a disturbance in the way that light rays are focused within the eye.
  • Autorefractor
  • A machine used in eye exams that measures how light is changed as it enters the eye.
  • Cataract Surgery
  • An eye surgery that involves removing all or part of the lens and replacing it with an intraocular lens implant.
  • Electronic Data Interchange (Edi)
  • The transmission of electronic documents between businesses from one computer system to another.
  • Optometrist
  • Individuals that earn a Doctor of Optometry degree, perform eye exams, write prescriptions and dispense eyewear.
  • Phoropter
  • An instrument containing various lenses used to measure the patient's eyeglass or contact lens prescription.
  • Point-Of-Sale (Pos)
  • A system used at checkout in retail stores using computers and cash registers to capture transaction data at the time and place of sale.
  • Slit Lamp
  • Used alongside a biomicroscope (a microscope used on the body) to magnify the eye and identify physical abnormalities.
  • Tonometer
  • Used to test for glaucoma in the eye, this instrument blows a small puff of air into the eye to test the pressure.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Eye Glasses & Contact Lens Stores Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Eye Glasses & Contact Lens Stores:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Eye Glasses & Contact Lens Stores market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Eye Glasses & Contact Lens Stores, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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