Jan. 23, 2024 — The Vision Council (TVC) has published its Market inSights 2023 report, revealing slight growth compared to 2022 as findings show consumers are purchasing optical products and services more frequently. Additionally, TVC has released its Consumer inSights Q4 2023 report to reveal U.S. consumers’ opinions and habits regarding vision correction, managed vision care, eye exams, prescription eyewear, reading glasses, and plano sunglasses.

According to the Market inSights 2023 report, the optical market is valued at $65.6 billion, an estimate that is based on a variety of newly incorporated and updated data sources such as consumer retail expenditure, patient billing and payment, and optical retail location, in addition to an updated consumer survey program.

The report also found that, in the U.S., 93% of adults regularly wear some form of eyewear, and there are about 44,850 brick-and-mortar optical retail locations.

TVC shares that its updated data sources have produced updated market estimates for previous years, including the following: For 2022, the combined value of the prescription markets has been adjusted to $45.9 billion, the combined value of nonprescription markets has been adjusted to $17.6 billion, and the contact lens market value has been revised to $10.94 billion.

Based on a survey of more than 15,000 respondents, the Consumer inSights Q4 report revealed annual exams were up by about four percentage points for younger generations in the fourth quarter of 2023 compared to the third quarter. Compared to a year ago, consumers are more frequently purchasing prescription eyewear that costs less than $100 out of pocket, and fewer consumers are spending more than $200 out of pocket for their prescription glasses. Most consumers who wear nonprescription sunglasses purchase a new pair about once every nine months.

The reports are available here as a complimentary download for members and for nonmembers to purchase.