Vision Insurance in the US - Industry Market Research Report

Vision Insurance in the US - Industry Market Research Report

Vision Insurance in the US

Although premium prices continue to grow, macroeconomic volatility resulted in a slight contraction of revenue through the end of 2023. Profitability was bolstered from cost efficiencies associated with high levels of enrollment for individual providers. However, slight fluctuations in the percent of the population enrolled in vision plans, coupled with a spike in unemployment during COVID-19 in 2020, caused revenue to shrink at a CAGR of 1.1% to an estimated $55.3 billion through the end of 2023, including an estimated 0.2% slip in 2023. Vision insurance providers provide coverage for routine eye exams and discounted pricing for eyeglasses, contact lenses and refractive surgery. While vision insurance is distinct from health insurance, many companies provide comprehensive policies that include both health and vision plans, causing a high correlation between health and vision insurance trends.

Vision insurance providers include companies that provide coverage for routine eye exams and other procedures, as well as discounted pricing for eyeglasses and contact lens purchases. Vision insurance is often a rider policy linked to broader health insurance.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares."