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Eye Glasses & Contact Lens Stores in the US WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 1 Clearer vision: Favorable demographics and demand for luxury brands will drive growth IBISWorld Industry Report 44613 Eye Glasses & Contact Lens Stores in the US June 2014 Sarah Turk 2 About this Industry 17 International Trade 34 Regulation & Policy 2 Industry Definition 18 Business Locations 35 Industry Assistance 2 Main Activities 2 Similar Industries 20 Competitive Landscape 36 Key Statistics 3 Additional Resources 20 Market Share Concentration 36 Industry Data 20 Key Success Factors 36 Annual Change 4 Industry at a Glance 20 Cost Structure Benchmarks 36 Key Ratios 22 Basis of Competition 5 Industry Performance 23 Barriers to Entry 37 Jargon & Glossary 5 Executive Summary 25 Industry Globalization 5 Key External Drivers 7 Current Performance 26 Major Companies 9 Industry Outlook 26 Luxottica Group S.p.A. 11 Industry Life Cycle 27 National Vision Inc. 28 Highmark Inc. 13 Products & Markets 13 Supply Chain 32 Operating Conditions 13 Products & Services 32 Capital Intensity 14 Demand Determinants 33 Technology & Systems 15 Major Markets 33 Revenue Volatility www.ibisworld.com | 1-800-330-3772 | [email protected] WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 2 About this Industry Industry Definition Establishments in this industry sell and lens processing services. The industry eyeglasses, contact lenses, sunglasses, excludes the manufacture of lenses, online safety eyewear and optical accessories. and mail-order retail of optical goods and These retail stores may also provide fitting sales at optometrists’ offices. Main Activities The primary activities of this industry are Prescription eyeglass retailing Contact lens retailing Sunglass retailing Optical accessories retailing In-house lens processing Lens grinding The major products and services in this industry are Contact lenses Eye examinations Frames Prescription lenses and lens treatments Sunglasses Similar Industries 33911b Glasses & Contact Lens Manufacturing in the US This industry manufactures ophthalmic goods, including eyeglass frames, lenses and contact lenses. The industry also produces sunglasses and goggles. 42346 Glasses & Contacts Wholesaling in the US This industry distributes professional equipment, instruments and goods that retailers and optometrists sell or prescribe. 62132 Optometrists in the US Optometrists provide eye examinations to prescribe eyeglasses and contact lenses. They may also sell and fit prescription eyeglasses, contact lenses and sunglasses. 45411a E-Commerce & Online Auctions in the US This industry includes online retailers of eyeglasses, contact lenses and non-prescription eyewear. 45411b Mail Order in the US This industry includes retailers of eyeglasses, contact lenses and sunglasses via mail-order. WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 3 About this Industry Additional Resources For additional information on this industry www.aoa.org American Optometric Association www.nei.nih.gov National Eye Institute www.thevisioncouncil.org The Vision Council www.census.gov US Census Bureau IBISWorld writes over 700 US industry reports, which are updated up to four times a year. To see all reports, go to www.ibisworld.com WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 4 Industry at a Glance Eye Glasses & Contact Lens Stores in 2014 Key Statistics Revenue Annual Growth 09-14 Annual Growth 14-19 Snapshot $9.7bn 1.6% 2.5% Profit Wages Businesses $486.8m $2.3bn 7,403 Revenue vs. employment growth Consumer confidence index Market Share Luxottica Group 10 30 S.p.A. 15 5 49.5% 0 National Vision 0 −15 Inc. % change % change −30 9.5% −5 −45 Highmark Inc. −10 −60 8.8% Year 06 08 10 12 14 16 18 20 Year 08 10 12 14 16 18 20 Revenue Employment SOURCE: WWW.IBISWORLD.COM p. 26 Products and services segmentation (2014) 7.9% Key External Drivers Sunglasses Consumer Confidence Index 13.8% Contact lenses 32.4% Number of adults Frames aged 50 and older Demand from optometrists Federal funding for Medicare and Medicaid 17.2% Percentage of households Eye examinations with at least one computer External competition for the Eye Glasses & Contact Lens Stores industry p. 5 28.7% Prescription lenses and lens treatments SOURCE:SOURCE: WWW.IBISWORLD.COM WWW.IBISWORLD.COM Industry Structure Life Cycle Stage Mature Regulation Level Medium Revenue Volatility Low Technology Change Medium Capital Intensity Low Barriers to Entry Medium Industry Assistance Low Industry Globalization Medium Concentration Level Medium Competition Level Medium FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 36 WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 5 Industry Performance Executive Summary | Key External Drivers | Current Performance Industry Outlook | Life Cycle Stage Executive The Eye Glasses and Contact Lens Stores midforties to have issues seeing clearly Summary industry has exhibited growth due to at close distances. Furthermore, 60.0% strong demand for eyewear products from of industry revenue stems from sales of the burgeoning elderly population. While prescription glasses and frames, which many budget-conscious consumers have older individuals are more likely to use, lowered their demand for brand-name compared with younger demographics. eyewear and put off nonmedical eyewear During the five years to 2014, industry purchases, which has cut into revenue revenue is expected to grow at an growth, need-based demand for annualized rate of 1.6% to $9.7 billion, prescription glasses has buoyed the including 1.1% revenue growth in 2014. industry. Nevertheless, eye glasses and This increase can be attributed to a rise contact lens stores have grappled with in the number of optometrist visits, generating sales volumes in a mature which has caused more consumers to be market. Due to most potential consumers wary of changes in their eye already owning corrective lenses, new prescriptions, thus stimulating demand for eyewear from eye glasses and contact lens stores. Profit is The industry’s major market of senior adults expected to contract, from 6.1% of industry revenue in 2009 to 5.0% in will grow, driving industry demand 2014, due to high raw material prices, such as petroleum, which has made it sales have typically depended on changes more expensive for retailers to in an individual’s prescription or new purchase plastic lenses and frames. technologies, such as lowering individuals’ Over the five years to 2019, industry lens-related discomfort. However, while revenue is forecast to grow at an many individuals have received corrective annualized rate of 2.5% to $11.0 billion. eye surgery, which has constrained Many individuals will revitalize their demand for industry products, corrective expenditure on eye glasses and contact eye surgery does not correct presbyopia, lenses, particularly high-margin, brand- thus bolstering demand for prescription name eyewear. To attract time-strapped eyewear from individuals with age-related consumers, many eye glasses and contact vision impairment. lens stores will increasingly invest in The aging population has supported innovative technologies, such as lens demand for prescription eye glasses due measurement tools for stores that offer to age-related vision ailments, such as in-house ophthalmologists, optometrists presbyopia, which causes adults in their and licensed opticians. Key External Drivers Consumer Confidence Index Number of adults aged 50 and older As the Consumer Confidence Index rises, An estimated 88.0% of individuals aged 55 this trend typically reflects more and older require prescription eye glasses or consumers revitalizing their discretionary reading glasses. According to Prevent spending. As a result, more consumers Blindness America, the four leading eye will purchase high-quality, brand-name diseases that affect Americans are related to eye glasses and contact lenses. The age, which has stimulated demand for eye Consumer Confidence Index is expected glasses and contact lenses from this to increase over 2014, indicating a demographic. The number of adults aged 50 potential opportunity for the industry. and older is expected to increase during 2014. WWW.IBISWORLD.COM Eye Glasses & Contact Lens Stores in the US June 2014 6 Industry Performance Key External Drivers Demand from optometrists has been an increase in reports of continued Many patients that visit their optometrist eyestrain and vision complications. require some form of corrective eye glasses; However, while there is a lack of thus, growth in the number of optometrist definitive evidence that computer visits indicates an increase in the number of work affects eyesight, it ensures that potential customers for industry retailers. As people who suffer from a natural optometrists examine more patients, deterioration in eyesight are more demand for eye glasses and contact lenses is aware of the issue. With regular eye expected to increase in 2014. monitoring and eyesight tests, the understanding of the need for eyewear Federal funding for Medicare has increased. The percentage of and Medicaid households with at least one computer Government insurance programs, is expected to increase slowly including Medicare and Medicaid, fund a during 2014. significant portion of medical care in the United States. Although Medicare does External competition for the Eye not cover routine eye examinations, it Glasses & Contact Lens Stores industry covers the costs of cataract surgery as well Competition
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