Nov. 15, 2024 — The Vision Council (TVC) has released its Market inSights Q3 2024 report, providing an overview of the $18.9 billion optical industry’s performance for the third quarter of the year. The report covers various sectors, including eye exams, eyeglasses, frames, lenses, contact lenses, readers, and plano sunglasses. 

“Compared to previous quarters of 2024, The Vision Council’s latest research shows a notable uptick in both the volume of prescription goods purchased and the value of these products and services, suggesting a strong back-to-school season for the industry,” says TVC vice president of research and inSights Alysse Henkel. “As more families prioritized prescription exams, glasses, and contacts this quarter, the nonprescription sunglasses market experienced a decline, as is expected with the changing seasons and cooler weather.” 

The volume of reading glasses sold increased from the second quarter of 2024 to the third quarter, but their overall market value declined slightly. This suggests that while more units were purchased, consumers favored lower-cost options compared to the previous quarter, TVC shares.

Key Findings from Q3 2024:

• More than 40 million boxes of contact lenses were sold.
• Prescription lenses generated $5.01 billion, leading the prescription market.
• More than 18 million frames were sold.
• Approximately 34 million patients underwent comprehensive eye exams.
• Plano sunglasses recorded a market value of $4.37 billion.
• More than 53 million pairs of reading glasses were purchased, reflecting increased volume but lower overall market value as consumers opted for budget-friendly options.

The data for the report was compiled from consumer retail expenditures, patient billing and payment information, optical retail data, and updated consumer surveys. The full report is available here as a complimentary download for members and for nonmembers to purchase.