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Market

Facts and Figures

• In 1999, the size of the domestic U.S. optical retail market, excluding exam fees, totaled more than $16 billion.

• Of the total U.S. population of 273 million in 1999, about 165 million required some form of vision correction. Among this group, 87 million, or 32 percent of the population, purchased eyeware.

• The median age of eyeglass wearers was 35.3, with 49.1 percent of the eyeglass-wearing population 40 years of age or older. By the end of calendar year 2010, the median age will be closing in on 37. Demand for eyeware products geared specifically for the older segment of the market is likely to increase well into the new century.

• With the aging of the baby boomers, a trend which the U.S. Census estimates will result in a great increase in the 40-and-over segment of the U.S. population, the vision industry, like other healthcare industries, stand to benefit substantially. Many of today’s vision problems are age related. An increase in the elderly population creates more demand for vision correction. For example, as individuals enter their forties, they begin to experience presbyopia, a condition in which the eye loses its focusing power, requiring the purchase of some form of vision correction (which today generally means glasses).

• Technological innovation is responsible for growth in the more traditional lens industry, as well as in the cutting edge vision correction industry. Educated consumers are demanding more from their products today and the vision industry is attempting to exceed their expectations.

• For conventional optical products, "Worldwide, the vision care market has been estimated at $50 billion". Source: Warburg Dillon Read 1999

• The World Health Organisation estimates that 1 billion people worldwide need, but do not have access to, vision correction.

• Whereas wearership in US and Europe varies between 45% and 50% of population, comparable figures in Asia are 10% and in Africa, 5%. Source: ERC Statistics International.

• Ongoing company research clearly indicates that need for vision correction is remarkably consistent worldwide.

• Lack of vision correction services undermines literacy, productivity and earning power.

• There is huge demand, both individual and institutional, for vision correction products that overcome the limitations of existing healthcare and distribution infrastructures.