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According to the latest research, the global Vision Insurance market size was valued at USD XX million in 2022 and is expected to expand at a CAGR of XX% during the forecast period, reaching USD XX million by 2028.
Vision insurance will often cover routine eye health expenses such as eye exams, contact lens fittings, contact lenses, and eyeglass lenses and frames and may provide a discount on LASIK procedures. The plan may cover the cost of these items in full, up to a preset limit, or it may require the policyholder to pay a flat fee or percentage fee to share the expense with the insurer.
Influence of COVID-19 Outbreak on Vision Insurance Industry Development
The raging COVID-19 has left the global economic environment in depression. The impact of COVID-19 on the Vision Insurance industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The impact on the Vision Insurance industry depends on the prevention and control effects of COVID-19.
COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The company's inability to conduct normal operations and sales has exacerbated the shortage of funds for SMEs and reduced the company's solvency. Some small and medium-sized enterprises are in trouble or even bankrupt.
Drivers
According to data from the United Nations, the global population of 60 years and over was 962 million in 2017, more than double the 382 million global elderly population in 1980. It is estimated that by 2050, the number of elderly people in the world will double again and is expected to reach nearly 2.1 billion. In addition, the start of the 30s will mark a turning point for demographics in the US, particularly for the elderly population, according to the US Census Bureau's 2017 National Population Projections. By 2030, every Baby Boomer will be age 65 or older, which means that 1 out of every 5 Americans will be of retirement age.
With the aging of the population, there is a growing market for eye care for the elderly. There are four main age-related eye diseases (ARED) that affect the elderly: glaucoma, cataracts, macular degeneration, and diabetic retinopathy. According to statistics, by the age of 65, one-third of Americans suffer from some form of visually impaired eye disease. The huge number of elderly patients with eye diseases is a potential market for Vision Insurance. Various Vision Insurance companies should actively design and launch Vision Insurance specifically for the elderly to increase their market share.
Limitations
There are a large number of companies in the industry and the competition is fierce. If the company cannot correctly grasp the market dynamics and industry development trends, it cannot further consolidate its dominant position and ensure its core in product research and development, market expansion, etc. There are market competition risks such as decline in business performance and decline in market share due to weakened competitive advantages. In addition, more and more competitors are entering the market, which means that competition in the industry will become increasingly difficult. If the players still provide roughly the same products or services, or at least few obvious differences; Or if the players continue to compete on price in Vision Insurance products, avoiding enhancing products with features that could increase costs, it will be hard for them to sustain the fierce market. Therefore, companies in the Vision Insurance market must increase their R&D activities in order to gain a competitive edge over other market players.
Companies that provide Vision Insurance services are mostly in developed countries, and labor costs are high and rising. For example, unit labor costs in the US non-agricultural business sector increased at an annual rate of 0.9% in the fourth quarter of 2019, which was lower than the initial estimate of 1.4%, while it was reduced by 0.2% in the previous quarter. Hourly wages increased by 2.1% (from the initial 2.8%), while productivity increased by 1.2% (from the initial 1.4%). In 2019, labor costs rose by 1.7%, reflecting a 3.6% increase in hourly wages and a 1.9% increase in productivity. The increase in labor costs has led to an increase in the operating costs of Vision Insurance.
Region Overview:
United States had the highest growth rate of all regions.
Company Overview:
VSP is one of the major players operating in the Vision Insurance market, holding a share of 17.09% in 2021.
VSP Vision Care (VSP) is a monopolistic vision care health insurance company operating in Australia, Canada, Ireland, the United States, and the United Kingdom. It is a doctor-governed company divided into five businesses: "eye care insurance, high-quality eyewear, lens and lens enhancements, ophthalmic technology, and connected experiences to strengthen the relationship between patients and their eye doctors."
Cincinnati, Ohio-based EyeMed Vision Care, the fast growing vision benefits company in the U.S., is dedicated to helping members achieve clear, healthy vision by giving them easy access to a diverse and expansive network of providers across the U.S. including independent eye doctors and national/regional retail setting providers like LensCrafters, Pearle Vision and Target Optical. EyeMed's client family is over nearly 20,000 strong and counts more than 60 million funded benefit members.
Segmentation Overview:
By type, Prescription Eyewear segment accounted for the largest share of market in 2021.
Application Overview:
By application, the Individuals segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Vision Insurance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Vision Insurance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Vision Insurance Market Report Include:
Market Size Estimates: Vision Insurance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Vision Insurance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Vision Insurance market
Segment Market Analysis: Vision Insurance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Vision Insurance market situations and prospects in major and top regions and countries
Vision Insurance Market
Vision Insurance Industry Chain: Vision Insurance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Vision Insurance Industry News, Policies by regions
Vision Insurance Industry Porters Five Forces Analysis
Key players in the global Vision Insurance market are covered in Chapter 2:
Aflac
Humana
Medical Mutual of Ohio
VSP
Equitable Holdings
Blue Cross
Ameritas
United Healthcare
MetLife
Aetna
EyeMed
In Chapter 6 and Chapter 9, on the basis of types, the Vision Insurance market from 2018 to 2028 is primarily split into:
Preventive Eye Care (eye exams)
Prescription Eyewear (eyeglasses and contact lenses)
Vision Correction Surgery
In Chapter 7 and Chapter 10, on the basis of applications, the Vision Insurance market from 2018 to 2028 covers:
Schools
Companies
Individuals
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Vision Insurance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Vision Insurance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Vision Insurance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Vision Insurance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Vision Insurance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Vision Insurance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Vision Insurance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Vision insurance will often cover routine eye health expenses such as eye exams, contact lens fittings, contact lenses, and eyeglass lenses and frames and may provide a discount on LASIK procedures. The plan may cover the cost of these items in full, up to a preset limit, or it may require the policyholder to pay a flat fee or percentage fee to share the expense with the insurer.
Influence of COVID-19 Outbreak on Vision Insurance Industry Development
The raging COVID-19 has left the global economic environment in depression. The impact of COVID-19 on the Vision Insurance industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The impact on the Vision Insurance industry depends on the prevention and control effects of COVID-19.
COVID-19 has a huge impact on the operation of the industry, of which the impact on SMEs is more obvious. The company's inability to conduct normal operations and sales has exacerbated the shortage of funds for SMEs and reduced the company's solvency. Some small and medium-sized enterprises are in trouble or even bankrupt.
Drivers
According to data from the United Nations, the global population of 60 years and over was 962 million in 2017, more than double the 382 million global elderly population in 1980. It is estimated that by 2050, the number of elderly people in the world will double again and is expected to reach nearly 2.1 billion. In addition, the start of the 30s will mark a turning point for demographics in the US, particularly for the elderly population, according to the US Census Bureau's 2017 National Population Projections. By 2030, every Baby Boomer will be age 65 or older, which means that 1 out of every 5 Americans will be of retirement age.
With the aging of the population, there is a growing market for eye care for the elderly. There are four main age-related eye diseases (ARED) that affect the elderly: glaucoma, cataracts, macular degeneration, and diabetic retinopathy. According to statistics, by the age of 65, one-third of Americans suffer from some form of visually impaired eye disease. The huge number of elderly patients with eye diseases is a potential market for Vision Insurance. Various Vision Insurance companies should actively design and launch Vision Insurance specifically for the elderly to increase their market share.
Limitations
There are a large number of companies in the industry and the competition is fierce. If the company cannot correctly grasp the market dynamics and industry development trends, it cannot further consolidate its dominant position and ensure its core in product research and development, market expansion, etc. There are market competition risks such as decline in business performance and decline in market share due to weakened competitive advantages. In addition, more and more competitors are entering the market, which means that competition in the industry will become increasingly difficult. If the players still provide roughly the same products or services, or at least few obvious differences; Or if the players continue to compete on price in Vision Insurance products, avoiding enhancing products with features that could increase costs, it will be hard for them to sustain the fierce market. Therefore, companies in the Vision Insurance market must increase their R&D activities in order to gain a competitive edge over other market players.
Companies that provide Vision Insurance services are mostly in developed countries, and labor costs are high and rising. For example, unit labor costs in the US non-agricultural business sector increased at an annual rate of 0.9% in the fourth quarter of 2019, which was lower than the initial estimate of 1.4%, while it was reduced by 0.2% in the previous quarter. Hourly wages increased by 2.1% (from the initial 2.8%), while productivity increased by 1.2% (from the initial 1.4%). In 2019, labor costs rose by 1.7%, reflecting a 3.6% increase in hourly wages and a 1.9% increase in productivity. The increase in labor costs has led to an increase in the operating costs of Vision Insurance.
Region Overview:
United States had the highest growth rate of all regions.
Company Overview:
VSP is one of the major players operating in the Vision Insurance market, holding a share of 17.09% in 2021.
VSP Vision Care (VSP) is a monopolistic vision care health insurance company operating in Australia, Canada, Ireland, the United States, and the United Kingdom. It is a doctor-governed company divided into five businesses: "eye care insurance, high-quality eyewear, lens and lens enhancements, ophthalmic technology, and connected experiences to strengthen the relationship between patients and their eye doctors."
Cincinnati, Ohio-based EyeMed Vision Care, the fast growing vision benefits company in the U.S., is dedicated to helping members achieve clear, healthy vision by giving them easy access to a diverse and expansive network of providers across the U.S. including independent eye doctors and national/regional retail setting providers like LensCrafters, Pearle Vision and Target Optical. EyeMed's client family is over nearly 20,000 strong and counts more than 60 million funded benefit members.
Segmentation Overview:
By type, Prescription Eyewear segment accounted for the largest share of market in 2021.
Application Overview:
By application, the Individuals segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Vision Insurance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Vision Insurance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Vision Insurance Market Report Include:
Market Size Estimates: Vision Insurance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Vision Insurance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Vision Insurance market
Segment Market Analysis: Vision Insurance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Vision Insurance market situations and prospects in major and top regions and countries
Vision Insurance Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Vision Insurance Industry Chain: Vision Insurance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Vision Insurance Industry News, Policies by regions
Vision Insurance Industry Porters Five Forces Analysis
Key players in the global Vision Insurance market are covered in Chapter 2:
Aflac
Humana
Medical Mutual of Ohio
VSP
Equitable Holdings
Blue Cross
Ameritas
United Healthcare
MetLife
Aetna
EyeMed
In Chapter 6 and Chapter 9, on the basis of types, the Vision Insurance market from 2018 to 2028 is primarily split into:
Preventive Eye Care (eye exams)
Prescription Eyewear (eyeglasses and contact lenses)
Vision Correction Surgery
In Chapter 7 and Chapter 10, on the basis of applications, the Vision Insurance market from 2018 to 2028 covers:
Schools
Companies
Individuals
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Vision Insurance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Vision Insurance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Vision Insurance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Vision Insurance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Vision Insurance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Vision Insurance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Vision Insurance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
