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Between 2022 and 2032, experts predict that the vision care market in the United States will steadily expand by more than 7% per year. So, the $89 billion domestic market will almost double and become a $169 billion domestic market.
These same experts expect the international market to expand even faster over the next ten years. The forces driving this growth, and how these forces affect vision care brokers, are examined below.
The anticipated growth is good news for vision care insurance brokers everywhere. It’s even better news for brokers who partner with a strong and stable company like Vision Care Direct of Oklahoma. Our vast network of employers, brokers, providers and members gives eye care brokers in Oklahoma, Arkansas, and elsewhere a great chance to take full advantage of this vision care market growth.
Increased Need
A combination of poor nutrition and advancing age is the one-two punch that should prompt more people to look for affordable and accessible eye care plans.
The old adage that carrots contribute to better eye health is accurate. Carrots and other foods rich in beta-carotenes and/or Vitamin A promote eye health. The same thing is true of foods with lots of antioxidants.
As the return-to-the-office trend continues, many people, especially those who work for large employers, will have less time and energy to prepare such foods. Instead, experts predict increased consumption of fast foods. Burgers and fries are deficient in many ways, especially with regard to nutrients that promote healthy, strong eyes.
By 2040, the over-65 population will almost double. These individuals are often healthy, except for their eyes. Age-related Macular Degeneration is a good example.
As mentioned, affordable and accessible eye care addresses these needs. In this context, affordability really means value. People are willing to pay for quality services, as long as those services are accessible. Eyecare brokers must offer customers plans that are easy to use.
Expansion of Vision CareCoverage
Every year, employers have a harder time attracting and retaining quality employees. A good vision care plan gives employers an edge.
Employees like working for companies that understand their needs. This connection encourages people to apply, accept offers, and refuse other employment offers. As outlined above, in the coming years, these needs include expanded vision care services.
Furthermore, these factors work together. The increased need for vision care services encourages more providers to enter the market. That entrance lowers prices and increases accessibility in the three major types of eye care that Vision Care Direct partners provide:
- Preventative: Many people don’t get simple, routine eye screenings. These exams help doctors get ahead of cataracts and other serious eye care issues. As people become more vulnerable to such issues, this area becomes more important.
- Glasses/Contacts: Most people with vision options choose eyeglasses or contacts. Both help people make statements about their individuality. We could include laser eye surgery in this category as well. More on this option below.
- Ongoing: As people get older, environmental conditions such as screen time, as well as the aging process, degrade their vision. So, most people who wear glasses or contacts need annual checkups to ensure that they’re seeing their best.
Only affordable and accessible vision care plans that cover all three areas take full advantage of the expanded vision care market.
Technological Advancements
Laser eye surgery is by no means the only area of technological eye care improvement. Eyeglasses production costs have dropped significantly in recent years. The same is true for contacts. Lower costs mean higher profit margins, which encourages more companies to grab a share of a growing market. The increased supply directly affects affordability and accessibility.
Back-end technology is improving as well. Next-gen smart eyeglasses may soon be widely available. This cutting-edge eyewear not only incorporates the latest medical technology. It also incorporates some advanced features, such as zoom and other capabilities. These improvements could prompt people with marginal eyesight issues to wear glasses or contacts, just so they can take advantage of the latest thing in eyewear.
Brokers who work with Vision Care Direct can easily offer these high-quality vision care products to their customers at competitive prices.
